SOURCECORP is a leader in the mortgage market. We provide mortgage bankers, financial institutions, the clients they serve and their business partners access to an extensive team of experienced industry professionals.
Our team joins forces with our mortgage customers to significantly impact operational efficiencies, improve time–to–market, reduce cycle time, and manage critical communications throughout the loan’s lifecycle.
Paperless Loan Origination
Collection and image capture of loan documents from origination through post–close point–of–receipt. Services include:
- Ingestion of documents via fax, mailroom or courier service
- Production control order entry and client validation
- File generation
- Document prep: scanning, indexing (document typing), QC validation, media creation and delivery to hosted repository or client imaging system
Functions support remote upload of trailing documents from branches/brokers. Additional services include data capture of select mortgage documents, image blowback and delivery to third party servicers and investors. Operation is large–volume capable with multiple production sites across the country.
In the Loss Mitigation area, SOURCECORP delivers a wide range of impactful solutions to leading mortgage institutions for the timely management and processing of non-performing mortgage loans. We have implemented a number of processes for currently overloaded Loss Mitigation Departments through the use of our proprietary FASTRIEVE web-based image repository and workflow solution.
Pertinent Loss Mitigation files are received by paper, mail or designated fax number, processed, converted to images, and uploaded into FASTRIEVE where they are classified and routed into relevant queues for processing by our mortgage client. These files consist of:
- Loss Mitigation Lead Documents: Lead files provided by our client’s Loss Mitigation team, comprised of several program classifications including loan modifications, short sale, and other programs.
- Condition Documents: Required documentation received during the loan modification program cycle, including required loan processor, counselor, underwriting, and quality control.
- Closing Documents: Additional loan documents necessary prior to closing a program for each file.
- Trailing Documents: Documents received some period of time after the closing of a loan modification.
Paperless Loan Review
Automated loan review process enabled by the electronic ingestion of seller or company image files, customized workflow and exception queues, deficiency and productivity reporting, and delivery to investors and third party systems.
Supports all facets of the origination, servicing and investor process. Capabilities include the receipt of loan files/documents and delivery to a hosted repository, 3rd party or in-house imaging systems. Examples include the delivery of legal descriptions to tax reporting servicers, loan files to servicers/investors and declarations to insurance companies. Inbound functions supported include “bulk” acquisition purchases by correspondent lenders and reclassification of loan file document types.
Post Close Audit
Post-close auditing process ensures that lender, investor and agency requirements are fulfilled. The process involves validating the accuracy of the data collected during closure. Customized question and answer screens automate the audit function.
Hosted electronic storage for multiple mortgage and loan document formats. Employs a web-based interface that allows users to securely and easily locate and retrieve documents. Electronic document hosting and queues-based workflow facilitate the loan origination, acquisition and servicing process– –from underwriting, loan approval and audit through image viewing, data exchange and client service processes. Customized applications include Origination, Correspondent Lending, Servicing, Investor Portal, Data exchange of Legal Settlement and Tax Documents.
Workflow based process that allows secure, web browser viewing and collaboration between sellers and investors on their purchase of “pools” of loans. With document annotation functionality, our solution provides for electronic delivery of purchased loans or simultaneous reassignment to another investor.
Deficient Document Tracking
FASTRIEVE-based workflow functionality supports communication via e-mail or work folders of delinquent and deficient documents associated with origination, correspondent or post close loan operations. Automated tracking of deficient loans and missing required documents is integrated into audit/due diligence processes.
- Paperless Mortgage Origination and Post Close Process