Staircase, a mortgage tech company, on Tuesday announced the launch of MSR Transfer, a new program designed to automate mortgage servicing rights (MSR) transfers.
Additionally, the product will serve as a liaison to arrange transactions between buyers and sellers of MSRs. The end result is faster, less-costly transactions that are streamlined amongst mortgage professionals and consumers, the company said.
Staircase said the new program aims to do away with manual imputing of mortgage information and loan files. The MSR Transfer will complement Staircase's Loanboarding product, which uses machine-learning tools to automate loan files and convert raw loan data into structured documents. This is just another facet of mortgage tech that originators and homebuyers can take advantage of, Staircase said.
In addition to making MSR transactions virtually touchless, MSR Transfer gives users the ability to save all loan data on a blockchain. The software also provides a full audit trail that eliminates the back and forth on searching for missing documents, the company said.
"MSRs have become increasingly valuable as mortgage rates rise, but the current process for transferring MSRs is manual, slow, and expensive," said Adam Kalamchi, Staircase CEO and co-founder. "By automating the process, MSR Transfer saves time and money for both parties by removing the high cost and error-prone work of reviewing loans manually."
Staircase’s MSR Transfer is available for $50 per loan transferred. For customers already using Staircase Loanboarding, the cost to use MSR Transfer is even lower. Staircase said buyers of MSRs can also use Loanboarding to pull information from the seller's servicing system.
