The solution now allows users to make document-to-document data comparisons in addition to document-to-system data comparisons, the company says in a release.
As such, users can compare the data in key mortgage documents to any and all other documents associated with the loan file, regardless of the type of document.
“Managing investor and regulatory risk is paramount to lenders’ and servicers’ success in today’s mortgage lending and servicing environments,” says Ken Knudsen, head of consumer lending strategy, financial and risk management solutions for Fiserv. “It is of the utmost importance to Fiserv to provide technology solutions that enable the highest levels of accuracy and efficiency to help maintain loan quality throughout all stages of the loan manufacturing, selling and servicing processes. With the updated Comparalytics module within LoanComplete, our clients can rest assured that the highest level of due diligence has been completed regarding data comparison.”
Using LoanComplete, primary documents can be designated to serve as the main data source for comparison to other documents (secondary documents) in the same loan file. For example, information contained in the final documents can be used as the source data to verify that the information contained in the initial disclosures and application information is consistent, accurate and that the document sets are complete.
The document-to-document comparison feature further ensures the quality and consistency of the data in the loan file by flagging and addressing errors prior to the sale of a loan or servicing rights to an investor, significantly mitigating downstream investor repurchase risks, mortgage servicing rights transfer delays and regulatory compliance challenges, the company says.