Servicer Surveillance
The LMS Servicing Module allows clients to monitor the performance of mortgage loans. Through an automated assessment of servicing data, the module analyzes loan performance to identify and remedy both loan-level and systemic issues. The module also allows you to access third party systems such as pricing, analytics, risk management and property valuation tools, thereby enabling you to validate servicer data.
The key to loss mitigation is to apply technology consistently, identify and resolve issues, while maintaining an unbiased view on mitigating risk and lowering loan losses. Common architecture underlies all of our products, consisting of a comprehensive loan data model, tape cracking and reporting tools, a sophisticated workflow engine, and enterprise controls. This approach enables us to quickly deploy new products and system configurations that are adapted to specific segments of the industry.
Easy Boarding of New Servicers
The Servicing Module captures all seller- related information, existing servicer information, as well as interim servicing and transferring of servicing.
- Capture an assortment of information inclusive of contacts, financial statements, as well as maintain the seller-servicer contract related to each trade
- Define separate data formats for each servicer’s data feeds
- Easily create automated feeds from each servicer, without custom programming, using SSI’s LoanTalk integration server
Manage Monthly Servicer Updates
The Servicer Surveillance Module utilizes a comprehensive loan data model and a tape cracking tool which allows you to load reconciled servicing data and run remittance validations.
The Module is able to:
- Update P&I, balances, rates, payoff and delinquency status
- Perform shadow processing - create accruals for projected P&I on a loan-by-loan basis
- Review waterfall before applying updates to inventory
- Generate monthly remittance reconciliation reports by Servicer/Seller/CUSIP, etc
- Run customizable data edits, sanity checks, and red-flags in order to more quickly identify problems with servicer-provided data
- Manage and analyze state foreclosure and REO timelines.
- Track loan modification and Reverification of terms and calculations
- Perform cash flow analysis, interest rate verification and remittance reconciliation
- Access 3rd party data to validate servicer information
Analyze Loan Performance and Servicing Trends
Once remittances have been loaded into LMS and the data has been analyzed and approved, the remittances can be applied and analyzed. Historical data is retained at the loan level for use in tracking delinquencies, foreclosures, and other time-series analyses.
- Review loans that are delinquent and evaluate servicer’s collection efforts via collections notes and conversations with collectors
- Ensure that lapses in collection efforts are addressed
- Review attorney cost and time to foreclose
- Calculate maintenance costs and property disposition fees
- Review and manage mortgage insurance claims and other claims, investigate denials, ensure timely distributions
- Review servicer advances on delinquent loans
- Actively monitor the servicer through every step of the process and mitigate potential losses
