LoanLogics released LoanLogics IDEA for MSR Transfer, the company announced in a release.
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, the company said.
These time-consuming and labor-intensive processes drive up costs and create delays, which can impact a timely MSR transfer and the borrower experience.
LoanLogics 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, the company said. 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.
“In our view, there are no real standard processes in any aspect of MSR transactions,” Andrew Weber, founder and president of Marlin Mortgage Capital, said in the release. “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 counterparty communications. In addition, the product will be integrated with LoanLogics’ LoanHD loan quality management platform to support pre-purchase reviews and servicing onboarding audits.
“IDEA for MSR Transfer has the potential to revolutionize the MSR market,” Dave Parker, chief product officer at LoanLogics, said. “For too long, sales of servicing rights have been bogged down by wide disparities in how loan files are handled and exchanged. IDEA for MSR Transfer eliminates these bottlenecks and provides a consistent, faster and more cost-effective process for both counterparties. There’s nothing else like it.”