Ease the Transition of Mortgage Servicing Rights with Automated Workflow

The key to a successful transfer of mortgage servicing rights (MSR) is a smooth transition of the portfolio from one servicer to another. It’s a big feat, but not an impossible task. Automated workflow is an important tool to help decrease the risk, for both the customer and the servicer, of costly missed steps in the transfer process.

Receiving Data

As with many processes, it all starts with data. How the data is provided, the amount of data received, and the quality of data can differ greatly between servicers.  Manually adding this data from one system to another is time consuming and inefficient. 

Workflow automation software with a bulk file uploading feature will help you meet the challenges encountered with multi-system data entry. The technology does the work by validating the data and launching workflow systematically based on the results. The data drives the workflow automatically.

Keeping Watch

Workflow provides step by step controls throughout the lifecycle of the loan review. The controls standardize the processes providing easily accessible auditing capabilities for all servicing processes.  Dashboards that display key indicators such as volumes provide insight into what stage the loan is currently within. Any exceptions are alerted and loans currently on a trial or permanent modification are identified. This oversight and visibility drives efficiencies. 

Current processes lacking efficiency? Find out how to transform your workflow chaos into clarity. 

Managing Exceptions

Timing is everything with MSR transfers, especially when it comes to identifying exceptions. Incomplete or inaccurate data could cause missed payments, delay the loss mitigation process, or even unnecessary foreclosure notices for customers whose loans are part of the transfer. 

The CFPB has detailed expectations establishing, maintaining, and verifying the validation of the data being transferred from servicer to servicer. Business rules contained within workflow help to identify these loans quickly, and automatically trigger actions notifying those needed to remedy the problem. 

Communicating Change

Communication is a key component to the MSR transfer process. Failure to notify the customer when the servicing of their loan is transferred, can cause unnecessary issues for both the customer and the servicer.  Upon upload of the loan to the new servicer, workflow can trigger document generation tasks that send welcome letters to the consumer notifying them of the transfer. 

Once notified, workflow automation software with integrated customer portals can have customers sign up for accounts to receive real time updates and notifications on the process of their loan.  These portals provide consistent, open, two-way communication between the customer and the servicer throughout the life of the loan providing easy customer engagement and satisfaction.

Your organization may have its own loan validation and compliance rules engines that identifies exceptions. However, does it offer a way to manage the manual human centered review, analysis and resolution of the exceptions? 

A robust financial services workflow automation solution will transform the data into reportable actions, providing you the information needed to manage and oversee the output and activities to ensure quality due diligence.

Jane Mason, Founder and CEO

Jane has applied her vast experience (over 25 years) operating process-driven businesses to successfully redefine client-focused service. Jane has worked with expert programmers to apply cutting-edge web-based technology to automate complex processes in industries such as Financial Services, Healthcare and enterprise workflow. Her vision confirms Clarifire's trajectory as a successful, scaling, Software-as-a-Service (SaaS) provider. A University of South Florida graduate, Jane has received many awards related to her entrepreneurial skills.

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