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LoanLogics released LoanLogics IDEA for MSR Transfer, a new solution that automates document processing and data extraction for mortgage servicers and banks when acquiring mortgage servicing rights.
Typically, MSR sellers have had difficulty meeting the delivery requirements of different buyers, which results in buyers having to spend extra time and effort when transferring loan documents and data into their servicing and document management systems, often keying in information and restacking documents manually, according to a press release.
According to LoanLogics, its IDEA for MSR Transfer normalizes document naming and stacking order across any number of sellers to streamline MSR acquisitions and creates an automated repeatable process to onboard loans into a buyer’s servicing system. Using highly accurate, machine learning-based automated document recognition (ADR) technology and automated data extraction (ADE), the solution can extract data from more than 700 data fields on more than 30 most common critical loan documents for MSR acquisition.
LoanLogics IDEA for MSR Transfer also includes critical document logic with over 100 tests that perform required document checks, document execution validation, document to data tape and document to document comparisons, an evaluation of document completeness, and more.
"In our view, there are no real standard processes in any aspect of MSR transactions," said Andrew T. Weber, founder and president of Marlin Mortgage Capital. "Our decision to leverage technology from LoanLogics was driven by a desire for efficient data and documents standardization, which simply was not available from other document processing vendors in the industry. As we scale our use of this product, we hope to amass an accurate data repository to power servicing analytics for monitoring and oversight with our partner, Procredio."
The company’s product roadmap includes the development of a seller portal that will facilitate counter-party communications. In addition, the product will be integrated with LoanLogics’ LoanHD loan quality management platform to support pre-purchase reviews and servicing onboarding audits.
