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Your Fast Track to Clean
Data

To avoid loss and maintain profitability in today’s
challenging mortgage market, servicers cannot afford to let
bad data find its way into their processes. That’s why
servicers focus on assessing loan data quality and making
necessary corrections early in the loan boarding process.
Assessing loan data quality typically requires servicers to
compare the electronic files and paper files they receive from
the sellers to make sure the information is consistent. Of
course, going through every single file and making necessary
corrections can be quite time-consuming.

For example, a servicer may need to confirm hundreds of
data fields that are located on dozens of screens within their
servicing system before it can start servicing a loan.
Locating all of the information that must be compared in the
servicing system can be slow and cumbersome. That’s why
technology solutions like LPS Desktop™ Data Validation
Module are creating impressive efficiencies and
allowing servicers to save time and money in areas like
these.

When servicers receive electronic loan files, they are
loaded into a servicing system like the LPS Mortgage Servicing
Package (MSP). These files have likely filtered through a
variety of processing systems prior to this point and, as a
result, the data may be compromised. Incorrect information
such as interest rates, first payment dates and prepayment
penalty terms can clearly affect servicing from a monetary
perspective, while details like name and address can impact
the servicer’s ability to service the loan at all.

For efficiency, servicers work from the electronic files;
however, the information on the paper files is deemed to be
most accurate. So, servicers need to look at the electronic
and paper files side by side to verify accuracy before moving
forward with their processes using the electronic information.
With solutions like LPS Desktop Data Validation Module, much
of that process is automated, enabling servicers to quickly
validate, edit and enter data as necessary. Servicers use the
module to identify which data elements they want to verify and
set up their related workflow commands. Then they scan and
upload the paper loan files into a document management
repository within the module. Through a direct interface to
their servicing system, the corresponding electronic loan
files are pulled into the LPS Desktop Data Validation
Module.

Once the electronic and paper files are available in the
LPS Desktop Validation Module, servicers pull up the data
elements from the electronic file and the matching digitized
document. Both sets of information are displayed on a split
screen. From there, servicers perform visual validation,
quickly comparing the data elements against the digitized
document image to confirm accuracy and make changes as
required. This single screen comparison enables servicers to
significantly reduce the amount of time required to validate
new loan data.

For servicers seeking an even greater level of automation,
the LPS Desktop Data Validation Module offers exception-based
processing. Exception-based processing classifies the
digitized documents and extracts the servicer-identified data
elements using OCR technology and human intervention. When
servicers opt for this type of processing, the system
automatically compares the extracted data to the data that was
imported from the servicing system. Only the data fields that
do not match up are routed to pre-determined queues for manual
handling.

Servicers can also utilize the LPS Desktop Data Validation
Module to simplify the data entry process even when
comparisons are not necessary. For instance, a servicer may
receive an ACH form that needs to be entered into the
servicing system. The split screen display showing the
digitized document and the data form in need of completion
enables the servicer to complete the data entry task more
quickly.

Regardless of how servicers choose to validate their
information using the LPS Desktop Data Validation Module, they
all benefit from the real-time servicing system updates the
module provides. With a direct interface between the systems,
servicers no longer have to wait a day or longer for changes
to be uploaded into their servicing platform. As a result, all
departments that access the servicing system are working with
the “cleanest” data available, reducing errors, improving
process efficiency and minimizing risk.

Servicers gain productivity and efficiency benefits because
this module helps them better manage critical and required
documents. Pre-determined workflows in the system assist them
with determining which document types they need to begin the
loan servicing process. This facilitates better communication
about critical and required documents and eliminates
duplicative efforts to track down such information.

Another benefit is that the LPS Desktop Data Validation
Module enables any employee to be trained on data validation.
Since intimate knowledge of the servicing system is not
needed, servicers can have employees up and running right
away, eliminating time and expense from the process.

Furthermore, the LPS Desktop Data Validation Module helps
servicers make better decisions regarding the loan files they
will accept in the future. The system analyzes the loan
information coming in from various sellers and provides
reports that reveal which sellers provide the “cleanest”
electronic data. With this information, servicers can opt to
work with sellers that provide better quality data up front,
greatly reducing the amount of clean up required by their
organization.

Inaccurate or incomplete information hinders any process
and fuels loss potential. Servicers must have an efficient way
to assess the quality of the loan data they accept and quickly
make corrections when necessary. The LPS Desktop Data
Validation Module provides the automation servicers need to
speed up the data validation process with the flexibility to
meet the unique needs of each organization.
For more
information on LPS Desktop Data Validation
Module click here, or contact Pam Beck-Janssen at
651-234-3698 or via email at mailto:[email-masked]

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