Whether your firm is looking to sell or acquire mortgage-servicing rights (MSR), you shouldn't wait until after the transaction has been announced to get your ducks in a row.
Have you ever wondered about the origins of that seemingly nonsensical phrase? One theory has it originating in the boat-building trade: Ducks are enormous vises that hold the keel in place during construction. The first step for shipbuilders? Putting the ducks in a row to make sure the ship is perfectly straight.
So how can you get your firm in line to ensure a timely, cost-effective transaction? In general, in the case of MSR transfers, it helps to review some industry best practices regarding loan file management.
Here are some steps to consider before and during the transaction.
Step 1: Check your receipt. Compare the loan data with the loan documentation to validate that what you now have are actually the loans you purchased. By doing this, you're also confirming that you have originals of critical documents you may need to process default, foreclosure or even lien-release proceedings.
Step 2: Move hot files to the front of the line. For firms acquiring MSRs, identifying the files that are high priority-perhaps because of a greater risk of default, for example-allows you to address the most time-sensitive ones first. If you are selling the MSRs, you'll want to verify and track all high-priority files.
Step 3: Check your image. Even if the portfolio has been digitized, having the physical record to verify the information is a best practice. Verify that the image is readable. If it isn't, confirm that you have a physical document to back it up.
Step 4: Master the name game. Develop a consistent process for document naming and classification, whether you're imaging inactive documents for storage or active loans. Use the same classifications for imaged documents as you do for existing electronic ones.
Step 5: Stay on the trail. While most of the origination documentation can be easily compiled and transferred, the trailing documents can trickle in months after the loan closes. Trailing documents represent less than 10 percent of the entire loan file but can add 400 percent to the overall cost.
Step 6: Consolidate vendors. In a highly regulated environment like mortgage and loans, having reliable vendors can mitigate the risk. As discussed in our recent article, working with a trusted partner that specializes in MSR records management can:
Provide a secure and auditable process
Reduce onsite document storage costs
Better manage the loan-file lifecycle
These first steps may feel thankless at first, but getting them out of the way really will help you put your ducks in a row so your new records are shipshape.
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Whether your firm is looking to sell or acquire mortgage-servicing rights (MSR), you shouldn't wait until after the transaction has been announced to get your ducks in a row.
