Rules & Workflow Based Solution

Loan Review Checklist

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

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

The proprietary VisiLoanReview is the most meticulously detailed yet manageable program available in the industry. It seamlessly facilitates quality control and compliance across all channels. Additionally, VisiLoanReview ensures regulatory compliance and monitors doc-to data integrity. With regards to loans, VisiLoanReview performs special loan audits and facilitates loan boarding.

A fully integrated, state of the art high cost lending review and remediation module is also available.

Our goal is to help our clients understand the full scope of the risks contained in a loan or a file. Through using VisiLoanReview on loans and files we are able to provide our clients with a wealth of information that is tailored to their specific needs.

VisiLoanReview is capable of handling any part of the loan process whether it be taking the documents from a production channel to loan boarding, or boarding the loans and then running them through the solution engines. In the latter, the loans are boarded, then they are through VisiLoanReview compliance solution engines, and then the service system is updated with any corrections.

VisiLoanReview® is an enterprise regulatory compliance state of the art product. It is a web, workflow and rules based system. Our compliance software (VisiLoanReview®) is fully functional and currently available. Our marquee top twenty reference accounts have all been running VisiLoanReview® successfully for over a year. OCR (Optical Character Recognition) technology is used 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
schematic_visiloanreview
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
  • Distributes 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 examines 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
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Additional Resources

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Webinars

Challenges in meeting the GSE mandate for uniform closing dataset (UCD) delivery
Date: September 20th, 2016 02:00 PM EST

Learn More & Register