MORTGAGE & LOANS
MORTGAGE & LOANS
How Iron Mountain can help transform your Mortgage & Loan Services
The current mortgage landscape presents challenges to lender profitability.
Most lenders are trying to figure out how they can enhance the customer experience while reducing the existing cost structure. At the same time, a tighter regulatory environment requires expanded reporting and controls. Iron Mountain’s solutions in the mortgage and loan industry help lenders navigate these business challenges.
50 - 60%
Workload reduction achieved in commercial loan applications by digitally extracting data from thousands of document types and formats (Accenture)
25%
Reduced default rate for technology-based mortgage lenders (Review of Financial Studies)
23/29
2,700
Customer Success in Mortgage & Loan
The lending industry is facing change due to unpredictable and rapidly changing economic conditions. Today’s lenders must embrace innovation in order to stay competitive and meet customer needs. By integrating new technology with existing systems, Iron Mountain helps lenders on their digital transformation journey, enabling more efficient processes and reduced costs.
Mortgage & Loan Solutions Use Cases
Challenge:
Evolving workplaces are testing lender business continuity plans. Some sites are temporarily shut down, limiting remote employees access to physical loan files. Implementing proper social distancing measures to reduce employee risks can be difficult with limited real estate.
Capabilities:
Iron Mountain can process physical loan files and provide digital images to enable access by remote employees. Our storage capabilities can hold and help handle files until business as usual processing has returned. Let Iron Mountain be your trusted partner to help you sustain your business.
Value:
- improve your business continuity plan for backup loan processing
- reduce COVID-19 site exposure risk
CHALLENGE:
We recognize the substantial strain supporting the operations of a Doc Custody program has on your organization. With real-estate carrying huge overhead costs, resource allocation at a premium, e-notes creating variable physical decline, and unpredictable market conditions, taking that business function out of your direct business model has been viewed highly successful by both agency and non-agency organizations.
CAPABILITIES:
Iron Mountain can provide operational services on behalf of document custodians, allowing you to focus your resources and continue growing your business. We can support a large portion of your custodial operations as either a named or white label outsource vendor - with over 5 million compliant initial collateral certifications issued in 2021. Let Iron Mountain be your trusted partner to help you sustain your business.
VALUE:
- Iron Mountain is the outsourcing partner for many of the nation’s top custodians
- Paid In Full Releases managed for over 6.1 million loans per year
- Certifications compliant with agency guidelines and requirements
- Best in class document management operations and security
- Heavily invested in custodial document management technology to streamline workflows, expanded document custody reporting and industry leading physical storage
- Trusted independent content guardian of physical and digital assets
- Scaleable OpEx models that optimize cost, human capital and facility optimization through a potential decline in physical assets over time throughout the industry
Challenge:
Mortgage originators face the fluctuation of ever changing conditions accelerated by expanding borrower expectations, shifting interest rates, new product requirements and regulatory obligations, intense resource competition, and cost containment priorities. It is a challenge to manage each oncoming wave while gaining process efficiencies, real time reporting capabilities and scalability, as well as reducing fixed costs and regulatory risk exposure.
Capabilities:
Iron Mountain has best-in-class operations to digitize, process and deliver loan files to the next destination. Our solutions meet data validation requirements for all investors while matching the tightest timelines. Leverage Iron Mountain’s secure facilities and staffing to scale for unplanned volumes and future growth.
Value:
- improve operational efficiencies for loan securitizations
- reduce operational costs while meeting demand
- improve process scalability while working remotely
Solutions to Help:
Challenge:
The lending industry is preparing for a rapid increase in default rates due to COVID-19. Managing a large influx of collateral files for imaging, validation and disposition to an attorney can be difficult with limited access to real estate, hardware and staffing while most employees are working remotely.
Capabilities:
Iron Mountain can be the record keeper for mortgage servicers while default activities are in progress. Our solutions can scale quickly to inbound loan default packages image files and store those files in an active file room environment until files reach an attorney. Let Iron Mountain be your processing center for default document support.
Value:
- reduce investor fines
- meet strict state timelines for collateral disposition
- increase scalability with the ability to handle large fluctuations in inbound volume
- limit collateral file movement from default to liquidation
Solutions to Help:
Challenge:
During a loan purchase or sale, the buyer or seller must properly organize and process documents to meet contract requirements within a strict timeline. Documents requiring processing and movement can be in a physical or electronic format. With limited resources, digitizing large volumes of files and mapping images to taxonomies can sometimes be impossible.
Capabilities:
Iron Mountain has best-in-class operations to digitize and organize image information meeting contract requirements. Our solutions can meet the strictest timelines leveraging human-supervised machine learning to deliver near 100 percent accurate image classification results that map to your image taxonomies.
Value:
- meet strict timelines for image delivery and classification
- reduce overall Mortgage Servicing Rights (MSR) deal costs
Solutions to Help:
Challenge:
Low interest rates have driven mortgage refinancing to new highs, with recent data showing that 68%* of all home loans issued in Q1 of 2021 alone were for refinance mortgages. For loan originators, the flip side of this record growth is a need to accelerate Paid in Full Processing actions at unprecedented levels of volume and efficiency. Like many lenders, one top 10 loan originator had a major third-party post-closing firm handle this process, which involves obtaining necessary documents from the designated custodian, and then processing and sending certain documents to the loan originator and the mortgagor. But with document processing requests soaring to as many as 45,000 a month, costs skyrocketed, while speed and service levels from its third-party vendor started to decline. The lender risked not getting documents on time and missing deadlines that differ by state for recording the lien satisfaction in the land records, as well as getting discharge of mortgage documentation in the correct form to the mortgagor.
SOLUTIONs:
Iron Mountain works with 23 of the 29 GSE sanctioned custodians -- to not only securely store mortgage documents, but accelerate the certification process using AI and Machine Learning technologies so that the loans can be timely securitized and sold to investors. With confidence in that rich industry experience, the loan originator decided to put Iron Mountain in charge of its Paid in Full Process, with Iron Mountain working directly with their custodian to handle the process securely, efficiently and cost-effectively, end-to-end.
RESULTS:
- Saved 50% on Paid in Full Processing over the cost of its third-party provider
- Real-time reporting allowed end-to-end visibility into workflow to monitor and ensure documents were with the necessary parties and in the right format
- Secure chain of custody reduced risk and ensured compliance with various state mandates
Featured Mortgage & Loan Solutions
Information Management
Digital Transformation
Iron Mountain has numerous solutions specifically designed to help with the mortgage and loan industry’s unique business challenges.
Mortgage Servicing Rights
(MSR) Transfer
We’re here to help with this process, from imaging to content management through file reviews and due diligence, all while providing a secure chain of custody for these vital records.
Post - Closing
We can perform the entire post-closing operation and be the one-stop shop after a loan closes. This allows you to link your operational cost structure to top-line revenue, with a scalable model to support future growth.
Doc Custody
We can act as the custodian for your most critical loan documents, allowing you to focus your time and resources on continuing to grow your business.
Digital Mailroom For
Lending
Remote work is here to stay. Iron Mountain can help make all loan data available to remote employees. We process physical loan files and provide digital images to enable remote access.
Additional Resources
Contact Iron Mountain
Our Customer Support section can help provide you with the quickest answers to your questions, or feel free to contact us at your convenience.
Contact Iron Mountain
Our Customer Support section can help provide you with the quickest answers to your questions, or feel free to contact us at your convenience.