TheMReport — News and strategies for the evolving mortgage marketplace.
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M R EP O RT | 35 PerfectDocs Provides for a Completely Paperless Process Anywhere eRecord Is Available O utsourcing or hiring in-house compliance experts are no longer the only options for servicers who need help han- dling lien releases and assign- ment of mortgage documents. With the use of PerfectDocs technology, virtually anyone can prepare, validate, execute, notarize, and even record these documents within minutes without compromising the in- tegrity or validity of the docu- ment. Nationwide Title Clearing (NTC) has invested more than 31 years of experience, knowledge, and technology into creating PerfectDocs, the first complete digital solution that provides both NTC and users with a "share-the-work" solution. PerfectDocs provides for a completely paperless process anywhere eRecord is available. From when the order opens to the Lien Release or Assignment of Mortgage being recorded, users never have to print a piece of paper or cut a check for re- cording. Instead, all execution is safely electronic while capturing the notary log for record-keeping and compliance. Benefits of PerfectDocs include: » Tech-enabled, anywhere, secure, digital platform » Satisfies DRBC requirements » Compliant with state/county regulations » Enables operational control to balance units, geographies, or loan types for in or outsource, without additional contracting » Built-in exception handling for full-service assistance by NTC professionals » Provides system-of-record for internal and external audits » Control and speed for urgent document production needs Data entry is a separate func- tion and can be completed with client staff or outsource partners. All management queues can assign work by difficult versus easy states. Quality inspection after data entry can be custom- ized to account for new employ- ees or experts with low error rates. Clients using PerfectDocs tend to take advantage of the hybrid model, which allows them to share the working environment. While clients complete orders from start to finish, they always have a safety net with NTC available to complete orders or pieces of orders with addition- al services. NTC can do the heavy lifting with recording paper releases where eRecord is not available by attaching cover sheets and recording fee checks, mailing recorded releases to bor- rowers, or handling the cancel- lations and mailing the original collateral. The PerfectDocs platform allows for use of NTC's full-ser- vice options, with the ability to transfer work to NTC for any reason the client needs, such as overflow, business continuity, or disaster recovery. PerfectDocs is fully compliant with state, county, and MERS regulations. NTC manages state timeframes for lien releases, data requirements, forms, and record- ing fees, so clients no longer have to be subject matter experts in that space for over 3,600 record- ing jurisdictions. Clients can manage work within the system by compliance deadlines or custom SLA re- quirements calculated at import. If an increase in volume becomes an issue, they're able to push orders to NTC to be processed to maintain overall compliance. And to simplify future auditing requirements, the PerfectDocs system hosts all information to complete the order, including a history of the order and an image of the recorded document. PerfectDocs is the only system backed by the same engine that successfully processes large num- bers of releases and assignments by NTC. Immediate state and county updates, as well as accu- rate recording fee calculations, drive NTC's county reject rate of less than .5%. SPONSORED CONTENT