Rules & Workflow Based Solution for Pre/Post Close Compliance

Making compliance manageable, predictable and measurable with Integrated OCR templates for minimal data entry

Bank of America automates its Correspondent Channel Q/C (Quality Control) with our enterprise regulatory compliance solution VisiLoanReview^®

VisiLoanReview^® is an enterprise class solution to facilitate quality control and compliance across all channels, ensure regulatory compliance, monitor doc-to data integrity, perform special loan audits and facilitate loan boarding. A fully integrated, state of the art high cost lending review and remediation module is also available.

You can bring data and documents from any production channel and take them all the way to loan boarding. Alternatively, you can board the loans, then run them through VisiLoanReview^® compliance solution engines, correct errors, and then update the servicing system.

VisiLoanReview^® is an enterprise regulatory compliance state of the art web, workflow and rules based system. Our compliance software (VisiLoanReview^®) works and is available today. Our marquee top twenty reference accounts have been running VisiLoanReview^® for over a year. OCR (Optical Character Recognition) technology to minimize manual data entry

• Data Integrity Checks
• Loan Boarding Compliance
• Predatory Lending Audits
• Document Compliance Audits

What VisiLoanReview^® (Compliance Solution) Can Do for You?

• Implements rules based compliance verification tasks for document review
• Provides a unified workflow mechanism that can be used remotely
• Proactive rather than a reactive approach (not like an after-the-fact audit function)
• Implements rules based data integrity validation
• Minimizes the number of data audits to remove redundancies
• Reduces secondary marketing fall outs through improved data and loan file audits
• Analyzes nature and type of errors to progressively improve source data quality
• Allows for upfront and complete imaging of loan documents
• Implements a solution for tracking and imaging trailing documents
• Integrated OCR technology to minimize manual data entry

Activity Based Costing and Management sciences are the backbone of VisiLoanReview^®

VisiLoanReview^® – A manifestation of the industry’s best compliance solution practices

The Post Closing Compliance process has two main components Statutory Compliance and Pre-Servicing Data Integrity. These two components and other process areas of the Post Closing process are briefly described here:

Statutory compliance

The statutory compliance review is carried out independent of the loan funding process by a separate staff to ensure integrity of the review process. The review is generally carried out by viewing a scanned image of the closing documents and then directed by a workflow. Major sub components of this review are as follows:

Workflow Based Orchestration

• Allows lending organization to deal with Post Closing Compliance issues.
• Distribute work among team members and collaboration tools to expedite and resolve issues.
• Facilitates correct data and maintains an audit trail that can be analyzed to reduce occurrences of errors.

Pre-Closing Integrity Assurance

• Loan production systems are well integrated with the loan origination, document production and servicing systems to reduce errors introduced when re-keying data in various systems.
• Interfaces with lender’s loan production system and those of the vendors to carry out various loan closing functions such as insurance, credit checking, wire transfers, appraisals etc.
• Ensures that loan information sent to the vendors is accurate and that no error is made in recording information received from vendors.

Change Control Mechanism in Production

• Any changes made to the loan documents necessitate a reprint and review of the loan documents by the fulfillment department.
• The addendum documents enable the lending organization to put in place a workflow to address and verify the changes. This ensures that the loan follows the required guide lines.

Pre-servicing – data integrity

• Ensures that the loan data-to-document integrity is reliable for sale to investors and/or for loan servicing.
• Audits 100% of the data coming out of loan origination system(s), bulk purchases and private label loans before they are packaged for investors or boarded into the loan servicing system(s). This ‘audit’ is mostly carried out by automated data validation processes and only the exceptions are manually reviewed.

Rules Based Data Integrity

• Automates data integrity verification process by defining validation rules. A workflow engine examine the exceptions identified by the validation system.
• Expedites the process by automating the mass audit process and driving exceptions to a critical audit team member.