When a mortgage loan is transferred from one servicer to another, the complete set of customer documents – often referred to as a “tape” – needs to be securely moved and accurately integrated into the new servicer’s system. PrivoCorp’s Loan Boarding Audit (LBA) facilitates this process with a combination of advanced technology and manual expertise, ensuring a seamless and efficient transfer while maintaining data integrity and compliance.
PrivoCorp's Loan Boarding Audit Enhances Data Integrity for Flawless Servicing Operations.
Problems Faced by Servicing Professionals
Data Inaccuracies
Challenges in maintaining accurate and complete loan data during transfers.
Compliance Challenges
Difficulty maintaining up-to-date regulatory adherence causing financial penalties.
Operational Inefficiencies
Delay in closing time and ultimately affecting the borrower satisfaction.
Risk of Servicing Errors
Challenges in managing loan accounts effectively due to process gaps or operational inefficiencies.
Key Benefits of LBA
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Accuracy
The combination of automated technology and meticulous manual audits ensures every required document is transferred with precision. -
Efficiency
Advanced tech like AL & ML streamline the process, reducing time and effort. -
Transparency
Real-time dashboards keep stakeholders informed throughout the process. -
Compliance
Our expertise ensures that the transfer process adheres to industry regulations and standards.
Key Features of LBA
- Automated Data Validation: Ensures data integrity by cross-verifying loan details with system records, minimizing errors.
- Compliance Checklists: Customizable checklists aligned with industry regulations to maintain consistent compliance.
- Discrepancy Reporting: Generates detailed reports highlighting data inconsistencies for prompt resolution.
- Real-Time Dashboard: Provides a centralized view of audit status, discrepancies, and compliance metrics for easy tracking.
- Exception Management: Identifies high-risk loans and flags exceptions, enabling proactive issue resolution.
How LBA Works for Servicing Professionals
The Loan Boarding Audit Process
- Tape In: The prior servicer provides the customer document tape, which contains all the required information. This serves as the input for the transfer process.
- Split: The tape is uploaded to our platform, which uses advanced technology to split the data by document type. This categorization ensures that all files are systematically organized for further processing.
- Extract: Our intelligently tools extract relevant data from the documents, preparing it for the next stage. This automation reduces manual effort and minimizes errors.
- Audit: Once the data is processed, our platform prepares it for a Loan Boarding Audit. At this stage, our experts manually verify the completeness and accuracy of the transferred files. Any missing documents or discrepancies are identified, and detailed reports are generated.
- Dashboards: To ensure transparency and enable real-time tracking, we generate live status dashboards. These provide a clear view of the transfer progress and help stakeholders stay informed.
- Tape Out: After all verifications are complete, the processed and audited data is repackaged into a new tape. This is then securely transferred to the receiving servicer’s platform, ensuring a smooth onboarding process.
Find out how PrivoCorp can help in improving borrower experience and retaining them
Testimonials
“PrivoCorp’s team helped us improve the productivity across end to end fulfillment operations. Our response times to borrowers have also improved”
Martin
SVP Servicing Operations, Leading Sub-Servicing Firm
“Working with the PrivoCorp team has been a pleasure. They have been very responsive and knowledgeable”
Bob
Bob
Operations Head for a Mortgage Company