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BUSINESS CHALLENGE

The lending industry is preparing for a rapid increase in default rates due to COVID-19. As defaults begin to increase, servicers will require additional collateral processing to prepare for foreclosure actions. Even with regulations in place for payment forbearance and late payment forgiveness, a servicer may want to perform precautionary foreclosure pre-processing activities, which are typically manual in nature and involve working with physical collateral files from the custodian.

This type of work requires space to store collateral for original loan documents. Investor requirements state the storage space must meet specific fireproof ratings and proper chain of custody must be followed to limit physical loan note losses when moving documents between a custodian, servicer and attorney.

AS MANY AS 30% OF AMERICANS WITH HOME LOANS — ABOUT 15 MILLION HOUSEHOLDS — COULD STOP PAYING IF THE U.S. ECONOMY REMAINS CLOSED

Source: National Mortgage News

WHAT IF YOU COULD

Exceed all processing timelines for default processing while also reducing operating costs
Quickly validate inbound documents
Properly store collateral files to meet investor requirements
Improve document chain of custody and reduce physical document movement

IRON MOUNTAIN’S DEFAULT DOCUMENT MANAGEMENT SERVICE

Iron Mountain’s Default Document Management Service lets you focus efforts on borrower satisfaction. Once you’ve notified your clients to redirect the loan packages, our team of experts receive and process the documents at our secure facilities.

KEY FEATURES

Route all documents to a dedicated, secure Iron Mountain facility
Digitize all documents that require processing using trusted chain of custody and records management best practices
Organize electronic images with detailed indexing that match all taxonomy needs
Meet strict timelines using an Agile environment that can scale to handle fluctuating inbound volumes
Deliver physical documents to all necessary parties, such as a custodian or an attorney

HOW IT WORKS

Iron Mountain scans and indexes each document while adhering to strict quality control standards to meet your document conversion requirements. By leveraging optical character recognition (OCR) technology through Google’s Cloud Vision API, the contents of your documents are then completely searchable by text or index.

We perform data validation based on investor requirements and send the loan documents on to their next destination whether it be to a custodian, into storage or to be shredded. Images and related data can be electronically delivered to your system of record.

WHAT YOU GAIN

With Iron Mountain’s Default Document Management Service, you can meet storage requirements, leverage a trusted provider to ensure documents are handled using proper chain of custody and records management best practices, and safeguard your organization against possible financial loss as documents move through the default process.

业务挑战

行业

数字服务

亚博电玩安全仓储及物流

云存储与迁移

资源

默认文档管理

现在就获得免费报价

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