How Servicers Can Conquer the Mortgage Document Paper Trail: SitusAMC White Paper

The paper trail has never been more difficult to conquer for mortgage servicers. Documentation has surged since 2010, due to regulatory changes that followed the Global Financial Crisis. Loan files are larger and more complex than ever, and the tasks of onboarding, managing, organizing and sharing loan documents are increasingly onerous. 

“The speed and quality of loan boarding affect a servicer’s ability to fulfill borrower or client mandates, with the risk of reputational damage and regulatory scrutiny,” noted Mike Margolf, Managing Director, Secondary Market Technology for SitusAMC. “Moreover, missing documentation in loan files may require time and resources to cure.” Servicers face an array of other pain points that make operations inefficient, slow, costly and risky, he added. 

SitusAMC's new white paper, “Conquer The Paper Trail: 4 Considerations For Servicers When Choosing a Mortgage Document Management Technology System,” explores how a technology platform can help mitigate these issues, and bring much-needed structure and organization to loan servicing. The paper examines key industry challenges, and the benefits of the right technology platform, including the ability to: 

• efficiently organize and access mortgage documents, ensuring transparency and accessibility across a portfolio; 
• significantly speed review time by facilitating swift sharing and secure document access; 
• maximize profitability by streamlining procedures and minimizing costs; 
• improve operational efficiency and enhance accuracy in mortgage operations, helping to mitigate risk. 

“A document technology should be automated and purpose-built for the industry to improve quality and accuracy,” Margolf said. For example, SitusAMC’s Acuity document suite has a document classification engine powered by both optical character recognition (OCR) and artificial intelligence (AI) technology to recognize, learn from and extract data from mortgage documents. In 2024, more than 3.3 billion pages were processed by the application, which can recognize more than 500 document types and 1,100 data fields with greater than 90% accuracy. 

“Servicers should also seek a platform that is secure, but  flexible enough to support a diverse portfolio, and makes it easy and efficient to organize, view, share and update files,” Margolf added.    

Download our white paper, “Conquer The Paper Trail: 4 Considerations For Servicers When Choosing a Mortgage Document Management Technology System,” today. SitusAMC's Acuity document management, classification, and data extraction technology is purpose-built for the mortgage industry, powering loan origination, file review, servicing, and asset management. Learn more on our website.