Speed is critical to loan origination to ensure enough time for due diligence, to resolve any exceptions before they impact borrowers or create compliance issues, and to avoid funding delays.
A leading provider of technology and business services to mortgage lenders and servicers accelerated its loan review and boarding processes by 90 percent and achieved a 400 percent increase in staff productivity with an intelligent capture solution from ibml.
After a loan is closed, the documents are typically notarized and sent to a title insurance company or escrow agent for processing and quality control and review. This lending services provider digitizes and reviews loan packages on behalf of its clients. Among other things, the title insurance company must ensure that the borrower signed all of the necessary documents, and that the notary included a copy of the borrower’s photo identification. The lending services provider works with the title insurance company or lender to resolve any exceptions it uncovers, such as a missing notary signature.