Mortgage Recording Loan Servicing/Reconveyance
Revolution in Mortgage Residential & Commercial Mortgage Lien Release & Assignment Processing
Visionet presents servicers with VisiRelease as a solution to lower operational costs and boost productivity. This is a lien release mortgage software product that is skilled at efficiently processing trust deeds, mortgage loan releases and assignment documents for lien residential loan mortgages.
This software is designed to lower our mortgage client’s operational and transaction causes tremendously while maintaining quality and accuracy.
The Challenge (Lien Release Mortgage Loan Servicing Software)
The current lien release process requires many different processes and is done manually. It is typical to see a team of 20 people handling at least 15,000 releases a month.
The reconveyance department begins processing once a loan is paid off. Documents must be retrieved from the custodian, releases must be signed and witnessed, checks for recording fees must be prepared, and the final package must be sent out in a matter of weeks. This quality of this task is tethered to the skills of the person doing the job.
We offer an alternative process that is technology driven and specifically designed for the lien process. Our process is quick, efficient, and accurate. If a task is done perfectly then the process will continue, and if a task is done incorrectly it will require some review.
Solution / Mortgage Technology (Lien Release Mortgage Loan Servicing Software)
Through utilizing Business Process Modeling techniques we have translated the reconveyance process into an optimized workflow. Tasks are automated, hybrid, or manual. Supervisors are easily able to assign, monitor, and measure workload at FTES, team levels, and department levels.
These business processes are automated to pull, translate, and populate existing information from upstream systems. Similar automation has been designed to feed downstream systems.
Our team made the whole process, from Payoff to Final Package Sent, quicker, more efficient, and easily manageable. Various queues for management, supervisors, and users are implemented to prioritize work and highlight exceptions. Previously, this process has been conducive to reducing reconveyance time to the minimum allowed by the statutes.
Users have the ability to define complex business conditions through the database driven Business Engine. Each task is associated with a corresponding business condition to ensure accuracy. A powerful and flexible print engine is implemented for the printing of release, assignments and lost notes, with or without electronic signatures.
VisiRelease is a melding of task dependent workflow, rules, templates, and interfaces all seamlessly operating together. This is all controlled through a queue management environment that can be tailored to each client. In previous cases, a 20 member lien release team has improved its throughput by almost 100%. We also offer the option of maintaining a department of 4 in the US and 10 offshore, lowering the cost per loan release to three dollars.
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
Visionet offers a comprehensive range of solutions and services for mortgage and title firms. To learn more, please visit the Visionet Mortgage microsite.