First American Outsourcing and Technology Solutions, a First American Corporation company, has developed a new auditing solution designed to reduce the cost and risk of servicing, acquiring and selling adjustable-rate mortgage (ARM) portfolios.
First American says the solution identifies data issues with existing ARM portfolios and can scrub loan-pool acquisitions during the transfer and boarding process or as pre-sale due diligence. The new service can correct errors uncovered in the auditing process and re-post the changes to the servicer's system.
Specifically, the solution can re-amortize and repair loan files and customer histories and automatically generate corrected borrower loan statements, the company adds.
The solution, which the company describes as highly automated and scalabe, combines propriety ARM audit and quality control technology with flexible staffing models to provide tailored solutions for organizations of any size. Audits can be conducted 24 hours a day, six days a week and maintain a 99.97% data accuracy rate.
"By detecting errors at the front end of the sales process, they can be corrected prior to transfer and boarding, reducing cost and risk for the acquirer," says Scott Brinkley, executive vice president of First American Outsourcing and Technology Solutions. "Because our solution leverages technology and outsourced resources, we are able to significantly reduce costs and project time frames compared to traditional, on-site auditors."
SOURCE: First American Outsourcing and Technology Solutions