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OUTSOURCED MORTGAGE SOLUTIONS - Post-Closing & Quality Control |
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Challenge: Financial losses and non-performing loans have resulted in a marked increase in investor and agency scrutiny of purchased loans. As a result, investors are tightening requirements from sellers, leaving sellers at higher risk of purchase rejection.
Solution: Lydian Data Services offers certified post-closing and quality control services that not only increase the chances of first purchase success, but also help insure against fraud and reduce the risk of costly buy-backs. |
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Now lenders can proactively enhance their chances of first purchase success in selling their loans to secondary market investors and reduce the chances of having to repurchase a loan. With Lydian's post-closing and quality control services, lenders receive a certified compliance review and audit of closed loan files, so they can be sure they're presenting investment quality loans each and every time.
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Services
Post-Closing
Lydian's quality certified reviews and audit process provide the pro-active tools necessary in today's dynamic market without the overhead costs associated with an internal post closing staff. Investor and Agency heightened scrutiny of purchased loans has resulted in the tightening of Sellers with respect to repurchase and indemnification. Constant changes in regulatory compliance make Lydian's Post Closing Offerings instrumental in assessing risk and evaluating loan salability. Bankruptcies, Closings and Mortgage Frauds repeatedly have found their way into the headlines. The instability and vigilance displayed in today's marketplace solidifies the need for a reputable Post Closing Service.
Compliance and Enterprise Risk Management
Protect your investments with enterprise risk management and compliance screening early and often throughout the mortgage lifecycle. Lydian performs automated product and program eligibility reviews and verifies compliance with client and investor underwriting guidelines plus all state, municipal and federal regulations and licensing requirements. Lydian also offers automated fraud detection, including electronic identity and income verification services through the Social Security Administration and the Internal Revenue Service, and key partners that evaluate each and every loan for possible fraud, thereby greatly reducing the risk of loss. Lydian also performs desk reviews for the analysis of property valuation and checks for conformance to lender-defined program guidelines.
Quality Control Audit Services
Sell your loans more easily and reduce the risk of buybacks by obtaining the neutral third-party standard review and quality certification that investors, ratings agencies and regulators are looking for in today's market.
Bulk Loan Due Diligence
Identify quality issues within bulks of closed loans. Lydian audits closed loans, re-underwrites and reviews for fraud, collateral, credit, data integrity and compliance issues to provide analysis for a prospective buyer of loan portfolios or to assist an existing investor or loan servicing entity to proactively determine the risk of individual loans or pools of loans. Lydian's services include traditional Due Diligence Bulk Reviews as well as Early Payment Default ("EPD") Reviews and portfolio Servicing Surveillance. In addition, Lydian can "crack" tapes and receive documentation electronically in a variety of formats, saving the inconvenience as well as the expense of on-site visits and paper files
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Adding Technology to these Services
Technology makes Lydian's post-closing services and quality control audits hassle free, regardless of the lender's internal set-up. Thanks to Lydian's award-winning Mortgage Connectivity Hub, lenders can connect to Lydian's services directly from their own loan origination systems, selecting and sending loans from their system straight to the investor. Hard copy loan files can be scanned and sent electronically via Lydian's expert Imaging Solutions Group, or via Lydian's Data and Document Hub known as the Lydian Exchange Network, Lydian can receive imaged files from a number of document imaging and delivery partners.
Thorough Review of Loan Data Integrity, Compliance, Underwriting and Appraisal
Lydian's experienced personnel conduct a thorough review and audit of the credit and collateral package of each loan that includes an evaluation of each loan's data integrity, compliance, underwriting and appraisal. Comprehensive reports show how the loans ranked in each category, provide certification that each loan file was properly completed and executed, and reduce the risk of fraud violation.
Loan Data and Documents Match Reducing Buy-Backs
Lydian's InvestorExpress™ enables lenders to seamlessly transmit both loan data and imaged documents directly to investors in their specified electronic loan delivery format as well as in the “stacking” order required by secondary market investors. Combining our post closing and quality control services with InvestorExpress ensures that data and documents match, while ensuring that loans are funded quickly, thus eliminating the incidence of “buy-backs” resulting from low data integrity.
Additionally, via the Lydian Exchange Network, originators can have quick and seamless loan boarding to a variety of different loan servicing systems and third party servicing entities that all participate in the Lydian Exchange Network.
Lydian's outsourced post-closing services and quality control auditing can be expanded to include a full underwriting review and can be used in conjunction with Lydian's fulfillment services and other Lydian conduit offerings.
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