Simplifying Mortgage Document
and Loan Exception Tracking
OPUSx was specifically designed to address the world of mortgage document management. Federal bank examiners insist that a reliable Document & Exception tracking system is crucial in the management of a Loan Pool portfolio.
According to the Office of the Comptroller of the Currency’s Loan Portfolio Management Handbook missing, stale or improperly executed documents can “exacerbate problem loans and seriously hamper work-out efforts.” Loan servicing institutions may identify covenant violations late (missing documents, signatures, dates, etc), which could jeopardize its ability to enforce the loan agreement.
Many institutions capture data in less than efficient and oftentimes antiquated methods. Many have realized that they must be cautious when relying on spreadsheet-housed data, which can be prone to more manual and formula errors than if the data were captured in the core or other automated software systems. Therefore, the demand for OPUSx evolved.
Custodian Collateral & Exception Tracking:
As Custodians identify issues, the Mortgage Servicer can submit requests for the collateral documents through OPUSx. Special forms used for Mortgage Document Requests required by Ginnie Mae Freddie Mac or Fannie Mae can also be generated. Upon the return of the Collateral documents to the Custodian, OPUSx can generate special transmittals and maintain a record of these document transmittals.
Once the Custodian documents are received, OPUSx will record the receipt and all transfers of the documents.
Mortgage document exceptions can be imported directly into OPUSx from Custodian Excel reports and then assigned to specialist for resolution. Managers can monitor the document exception process and determine root causes of these issues.
OPUSx is a tool which will ensure that documentation remains valid and current throughout the loan term. Identifying documentation exceptions before the loan closes is obviously preferable, but sound loan administration and risk management is an ongoing process. OPUSx will allow the user to conduct post-closing reviews and periodic checks by developing tickler, or reminder, systems and by using automated systems to generate client emails, letters or phone lists.
OPUSx will help analyze patterns in document exceptions. Identifying patterns can point out problems in the origination process, which may prompt changes that can make loan approvals more efficient. Identifying patterns may also help single out staff or business units that need to strengthen documentation compliance. Isolating where a problem lies can be a key factor in determing productivity or bottom line ROI statistics.
The FDIC’s Risk Management Manual of Examination Policies says, “Weak loans manifest themselves in a variety of ways. Specifically, examiners may be able to identify potential problem loans during examinations by finding evidence of missing or inadequate collateral or loan documentation.” This means it’s critically important for financial institutions to work toward improving the document exception aspect of loan portfolio administration.
Let us show you how OPUSx Document Exception Tracking Software can provide the tool you need.
About OPUSx
OPUSx is an add-on module to the OPUS iNet tracking system. All features and functionality of the OPUS iNet system are inherited. OPUSxis ideal for banks, mortgage companies, loan servicing companies or any other institution which must efficiently track and manage documents and document exceptions/issues.
Legacy System Interface
OPUSx interfaces to legacy systems such as the loan servicing or loan origination system. These legacy systems can be configured to pre-populate OPUSx with loan content data (loan and borrower metadata) and also auto create expected files and documents. Interfaces to imaging systems can also automatically set documents as “Received” as they are scanned in. The OPUS Legacy Interface Module describes this process.
File and Document Tracking
Collateral and service (credit) files and their associated documents, can be received “in” and tracked throughout their servicing life. This can include tracking of these items to and from the custodian, investors and servicing. Correct location and a history of where these items have traveled will always be at your finger tips.
Document attributes, such as recorded, re-recorded, original, or copy can also be tracked for each key document. Users can also easily identify missing documents and create document exceptions.
Exception Tracking
Loan and document exceptions can be created manually or via custodian feeds. Each exception can be automatically assigned to Resolution Specialists based on user definable rules. Users can easily check their own queue for outstanding exceptions to be resolved or query exceptions based on their attributes.
Users can record resolution actions performed, comments and follow up dates for each exception. As exceptions are resolved, resolution codes and root causes can be tracked to determine paterrns which can ultimately be addressed.
