Are you risking penalties in the Lien Release process? Are you still sending Original Documents after Payoff to Borrowers? Should you be?
Understand nuances in lien release processing and discover potential cost-saving opportunities while ensuring compliance.
Mortgage Servicing in the United States presents unique operational challenges as many of its processes are dictated by state statute as well as federal rules or standards. The statutes governing lien release processing range from the requirement to prepare, record and send a copy of the recorded document to the borrower within a certain amount of time from payoff to requiring the borrower to formally request the release.
The purpose of this whitepaper is to provide background and context on lien release processing to highlight potential cost-saving opportunities for mortgage servicers. The analysis provided is based on industry experience with Bank and Non-Bank servicers.
A refreshed, operational risk review could lead to cost-saving opportunities and efficiencies as many statutes have been updated for E-recording and E-signing, eschewing the requirement for original documents.
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