Streamlining mortgage QC with digital process management services
If you visit the Consumer Financial Protection Bureau (CFPB) website, it is evident that mortgage regulations are amended dozens of times each year. It might be possible for a mortgage lender, servicer, or other service provider to keep track of these regulatory amendments on their own, but this essential task is best left to organizations such as mortgage business process management (BPM) firms. BPM firms focus on managing these activities and possess the technological capabilities needed to drive effectiveness. With their help, mortgage companies can avoid serious business risk and be assured that their loan packages and other documents are fully compliant with all local and federal laws. Look for comprehensive service ranges The range of mortgage quality control processes performed by leading BPM firms span the entire mortgage cycle, including white-glove verification of mortgage information during initial loan package indexing, pre-funding and post-close audits, reviews of disclosed loan estimates, closing disclosures, and fraud reviews. Instead of relying on multiple service providers for these services, you can get better value by selecting a BPM partner capable of performing all the tasks you need. Moreover, choosing a partner that offers an onshore-offshore hybrid delivery model can also reduce your overall cost by 40% or more. Insist on a high-tech service provider To determine which BPM provider is right for you, it is critical to assess their technological capabilities. The most successful BPM firms complete the bulk of their tasks by leveraging highly efficient, accurate, and reliable digital technologies instead of manually evaluating loan documents against multiple lists of federal, local, and company-specific mortgage compliance rules. Technology-led firms use document capture and indexing tools to identify and sort documents, from which loan information is then extracted by optical character recognition (OCR) and machine learning software. After extraction, this information is passed through a business rule engine that performs multi-level compliance checks with efficiency, accuracy, and impartiality that no human worker can compete with.