The verification of loan documents can be daunting especially if there are high volumes with quick turnarounds. The challenge is to meet the timeframes of the deal and provide a comprehensive loan review against the Data Tape in order to assess risk. DocuNECT® eVerification is a cloud-based solution that provides an automated loan verification platform for multiple asset classes.

The Process

  • Secure File Upload – Loan documents can be downloaded directly from DocuSign, our secure upload tools, or via our API. Our system is constantly monitoring for files that have been uploaded.
  • Document Classification – The system can automatically identify document types and uses this information to determine the most efficient data extraction method.
  • Data Extraction – The system utilizes DocuNECT’s Discovery technology to automatically extract data from the loan documents. All data extracted is linked to the location in the document it was discovered.
  • Data Verification – Business rules are defined to automatically validate and verify the data against the data tape. Optionally, the solution can check for missing document type and missing signatures.
  • Diligence Workflow and Reporting – Exceptions found in the verification process can either be presented as a report, or in a workflow to help facilitate the resolution.

Benefits

  • 100% Loan Review – The eVerification solution verifies every loan and does not rely on a sampling plan that may miss critical issues.
  • Exception Management – If any exceptions are found a workflow task is created and they are reviewed by a specialist.
  • Fast Turnaround – Significant focus on an efficient process and the separation of the verification and certification allows for a very fast turnaround once certification is needed.
  • Process Transparency – Customers can log in at any time and monitor the process via the eVerification dashboard. Customers can optionally receive notifications of progress.
  • Verification Drill Down – Customers can drill down and analyze the results down to the loan level, and are able to review audit trails, extracted data and documents.
  • CAPTURE

    Capture documents from a number of different sources.

  • DISCOVERY

    Use business rules to classify documents and extract data.

  • DISTRIBUTION

    Consume the verified documents and extracted data.

  • MANAGEMENT

    Secure repository for managing documents.

  • RETENTION

    Manage the document retention and disposition process.