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OPUS PCA

OPUS Post Close Audit (OPUS PCA) addresses the workflow processes, which are required after funding and prior to selling of a loan pool.  OPUS PCA provides the back office functionality, which is the position between the Loan Origination system and the Servicing System.  Designed to be media agnostic, OPUS PCA will guide the user through the processes of Loan Review, Exception Resolution, Document Tracking and Pool Certification.

OPUS PCA accepts feeds from the Loan Origination (LOS) and the Loan Servicing System (LSS) and can link to third party imaging systems.  Feeds from OPUS PCA can also be sent back to the LOS or LSS systems.

OPUS PCA allows for customer customization to meet the specific needs of any correspondent lender, institutional lender or custodian.

Components of OPUS PCA include:

Loan Review  - This module steps the user through user defined document verification and allows the user to create exceptions and validate LOS and LSS data.

Exception Resolution – This module provides workflow queues and tracking of exceptions during the resolution process.

Document Tracking – Manages the receipt of all critical or annual documents.  Tracks document recording information and manages the transmittals to investors.

Pool Certification – Tracks the eligibility for pool certification based on open exceptions and missing documents.

Additional features of OPUS PCA include:

• Maintains US county information and fees. OPUS PCA ships with information (excluding fees) on over 3200 counties.
• Tracks loan expense and submits check requests for recordings.
• Includes mail merge for custom letters.  High volume letter generation can be automated to send via email as well.
• Includes P & I calculator and Amortization Schedule.
• Ability to create various inventory and productivity reports.

Loan Review Detail

OPUS PCA Loan Review provides the workflow process to review all loans as they are funded or purchased.  OPUS PCA will accept feeds from the LOS or LSS systems and will display all critical data fields required for the review process.

Key features of Loan Review functionality include:

• User definable loan review queues.  Work can be automatically routed to a review specialist based on rules such as loan type or origination county.  These queues are load balanced at the time of assignment.
• Exceptions can be created manually or automatically based on review questions.
• If images are available, OPUS PCA can display the image or link any 3rd party imaging system.
• User definable review questions.
• User definable LOS and LSS data fields to display.
• Corrected data can be saved and linked back to the LOS or LSS systems for correction.
• Batch updates allow for group re-assignment of loans
• Productivity reporting by review specialist.

Exception Resolution Detail page

OPUS PCA can accept loan exceptions from custodian feeds or those found in the loan review process.  These exceptions are routed, based on user definable rules, to an exception specialist for resolution.

Exceptions, which are to be handled by a third, party vendor or correspondent lender can be exported for email.  One may also allow correspondent lenders to review their exceptions via the OPUS PCA web based interface to their exception queue.

Key features of the Exception Resolution functionality include:

• Track follow-up dates, user definable action taken codes, and reference numbers.
• Add internal comments and view external comments from brokers, correspondents, title companies or other third parties, which may be part of the resolution process.
• Re-assign exceptions to other specialist or to custom exception queues.
• Specialist will have access to “read only” loan information, which contains all LOS and LSS data that has been provided through the OPUS PCA interfaces.
• Provide batch updates to large groups of exceptions.
• Exception queues can be viewed by a specialist or exception source (The actual source for resolution such as branch, county, title company etc.)

Document Tracking Detail page

OPUS PCA provides for document and file tracking for all loans.  Expected documents can be created when the loan is created in OPUS PCA and the document list can be based on rules regarding loan type.  As documents are received, they can be marked as received either individually or through batch receipt.

Document status can be marked and incorrect documents can generate exceptions.  Received documents can also be flagged to be part of transmittals to either investors or custodians.

Key features of the Document Tracking include:

• Track document (optionally, files also) receipt date, receipt by, current location.
• Add or remove documents on demand.
• Print document (or file) barcodes or header barcodes for imaging.
• Index documents (or files) based on user definable fields.
• Track document recording and re-recording information.

Loan Pool Tracking detail

Through the processes of Loan Review, Exception Resolution, and Document Tracking, OPUS PCA users can track the eligibility of a Loan Pool to be certified. 

Loans can be added to pools via feeds from the LOS or LSS system or can be added manually in OPUS PCA.  Users can view reports for pool level exceptions and missing documents and record certification information.