Simplifying Mortgage Documents & Exceptions Tracking
When it comes to mortgage files, there is no such thing as a paperless office. Many key documents are in hard copy, and Fannie Mae, Freddie Mac and Ginnie Mae want them safe, secure, and readily available. OPUSx specifically addresses the Mortgage Document tracking and Custodian Exceptions for the mortgage serving company.
According to the Office of the Comptroller of the Currency's Loan Portfolio Management Handbook, missing, stale or improperly executed documents can "exacerbate problem loans and seriously hamper work-out efforts." Mortgage loan servicing institutions may identify covenant violations late (missing documents, signatures, dates, etc), which could jeopardize its ability to enforce the loan agreement.
Many institutions capture data in manual, antiquated, and oftentimes less than efficient methods. They are now realizing that they must be cautious when relying on spreadsheet-housed data, which can be prone to more manual and formula errors than if the data were captured in the core or other automated software systems. Document custodian requirements include proper tracking of all collateral documents provided to the mortgage servicing company. The demand for OPUSx evolved.
The FDIC’s Risk Management Manual of Examination Policies says, “Weak loans manifest themselves in a variety of ways. Specifically, examiners may be able to identify potential problem loans during examinations by finding evidence of missing or inadequate collateral or loan documentation.” This means it’s critically important for financial institutions to work toward improving the document exception aspect of loan portfolio administration.
was specifically designed to address the world of mortgage document tracking management. Federal bank examiners insist that a reliable Trailing Document Tracking & Custodian Exception tracking system is crucial in the management of a Loan Pool portfolio.
OPUSx integrates loan content from the mortgage loan servicing system with Custodian Exceptions Tracking and Collateral Document Tracking into one comprehensive system.