Titan Expands Mortgage Data Reconciliation Tool to Be Data-Agnostic
Titan Lenders Corp. has announced that it has expanded the capabilities of its data reconciliation platform mintrak2. Now known as DRMS (Data Reconciliation Management System), the system has been redesigned beyond its original MERS applications to normalize, compare and reconcile multiple datasets from a variety of sources.
According to Titan’s CEO Mary Kladde, the ability to normalize data is a critical component to effectively reconcile data between disparate systems.
“No two systems are created alike, and when you start comparing data, you often receive false-negative discrepancies because, for example, one system uses one field for address information, whereas another system breaks it down into multiple fields,” Kladde said. “In addition, many lenders use proprietary codes for certain types of information, like single-family versus SFR versus ‘1.’ These fields must be defined in order to properly reconcile that data against another dataset. DRMS easily normalizes the data it analyzes so that you are comparing apples to apples.”
Titan launched the original data reconciliation platform, mintrak, in October 2011 to assist lenders in meeting the processing and quality assurance requirements of MERSCORP Holdings Inc. These were issued in response to changes made by the Office of the Comptroller of the Currency (OCC). In 2015, Titan launched mintrak2 with substantive platform changes to improve performance and scalability. DRMS takes the lessons garnered in Titan’s MERS work and broadens it to embrace additional opportunity and applicability in data management.
“Big data is on the horizon and will comprise the raw material for production and regulatory oversight in the mortgage industry. We, as an industry, need the technology to provide tools to manage the integrity of our data. DRMS is an important step in wrangling Big Data into meaningful, reliable and actionable data from any source,” said Ruth Lee, EVP/CSO of Titan.
Kladde added, “We expect DRMS to help tackle and manage the ever more sophisticated data comparison requirements at the servicing transfer and investor trade transaction level.“
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