Mortgage Lien Release Loan Servicing/Reconveyance
Revolution in Mortgage Residential & Commercial Mortgage Lien Release & Assignment Processing
VisiRelease® is a lien release mortgage software product for efficiently processing mortgage loan releases and assignment documents for lien residential loan mortgages and trust deeds.
The pressure on servicers to lower operational costs is tremendous. Visionet is stepping up to the challenge and helping mortgage clients lower the transaction costs. We are announcing the availability of our lien release product branded VisiRelease®. Visionet took a holistic approach to the development and designed VisiRelease® to align people, process and technology of a customer. VisiRelease® is architectected to deliver a productivity boost of 50% or higher.
The Challenge (Lien Release Mortgage Loan Servicing Software)
For the reconveyance department the clock starts ticking from the time the loan is paid-off; documents must be retrieved from the custodian, release must be prepared signed and witnessed, checks for recording fees prepared and final package sent out in less than 10 days in some states. The current process is mostly manual. A team of 20 people handling 15,000 releases a month is not unusual. The situation became worse during the re-finance boom. Like any manual intensive task the quality of the task is dependent on the person doing the job.
To mitigate this, Visionet set out to put a flexible technology driven discipline around the lien release process so that if task A is not done the follow on task will be held in a queue and management will be informed.
Solution / Mortgage Technology (Lien Release Mortgage Loan Servicing Software)
Using Business Process Modeling techniques the reconveyance process was translated into an optimized workflow consisting of automated, hybrid and manual tasks. This allows the supervisor’s to assign, monitor and measure workload at FTEs, Teams and departmental levels. Business Processes were automated, to pull, translate and populate existing information from upstream systems. Similar automation was designed to feed downstream systems.
Visionet’s team has refined the business process in an optimum way, starting from Payoff to Final Package Sent activity. This resulted in reducing the reconveyance time to the minimum allowed by the statues. The Management, Supervisor and User work queues are implemented to prioritize work and highlight exceptions.
A database driven Business Engine enables the users to define complex business conditions. These business conditions are associated with the relevant tasks to ensure verification at completion of each task. A powerful and flexible print engine is implemented for printing of release, assignments and lost notes, with or without electronic signatures.
VisiRelease® is an orchestration of task dependent workflow, rules templates and interfaces operating seamlessly under a queue management environment. Individual team members or whole teams can operate locally, near-shore or offshore. A 20 person lien release team could improve its throughput by 100%. The system could also be configured to right size a hypothetical 20 person lien release department to 4 in the US and 10 offshore, lowering the cost per loan release to $3.
VisiRelease® features ( Lien Release Mortgage Loan Servicing Software)
- Workflow driven by state regulations
- Escalation if task is not completed within due date
- Flexible templates for all states/counties for all document types (including Release, Lost Note and Assignments, Quit Claim, Transfer of Lien and UCC Form)
- Work Queues with automatic load distribution
- Flexible Rule Maintenance Automatic Validate of state business rules for lien release or assignment
- Automated generation of Paying Agent Information
- Handle C&E and Co-op business logic
- Digital Signatures capability for signers and witnesses
- Out of Compliance workflow with crashed due dates
- Suspend/Resume any Payoff Loan process in case of NSF, Short Payment, etc.
- Provide the capability to integrate with the new loan number in case of internal refinance loans
- Designed to use SER Comments for any crucial activity on Release Application
- Request and track document assignment from custodians
- Printing of cover letter and PF039 letters
- Regeneration of releases
- Integration with imaging system
- Interface with Title Company for sending research requests
- Interface with Title Company to load the data received from the Title Company
- Data exchange interface with Servicing System
- Load all data required for printing release from servicing/origination system
- Posting to Servicing System PIFM Tracking Screen
- Interface with document management group to get the recorded mortgage document, note Provide flexibility to outsource the satisfaction process to any outside vendor.
- Interface with Servicing Check Processing System for Request Check using file update facility (601 Transaction Code - "CORPORATE ADVANCE DISBURSEMENTS“)
- Interface with county website and force associate to check other sources and exhaust all options before ordering research to save research cost
VisiRelease® Value Proposition ( Lien Release Mortgage Loan Servicing Software)
- Target price per loan release to $2-$4 per release
- Real-time reporting – Executive dashboard for lien release
- Open source and easy to integrate
- Flexible pricing and support program
- Scalability, availability and reliability from ground up
- Reduce out of compliance ratio
- Rule based workflow to work on loans that have high penalties
- Provide better tracking and control for the lien release or assignment
- Reduced training cost for new FTEs
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