Automated Document Retrieval for Recording Confirmation

Client Need

A large lender was in need of recording confirmation services. Previously, it used an abstractor to retrieve the required mortgage documents, while paying a premium fee and experiencing a low match rate. Additionally, it frequently was unable to track the status of its requests, including which were received, pending or needed more information. With penalties looming, the lender sought a reliable document retrieval and recording confirmation solution that could minimize costs by increasing document hit rates, accelerating turn-around times, and provide online tracking.

Solution

First American CoreLogic provided the lender with a document retrieval progression path that retrieves documents electronically whenever possible and progresses to manual or field abstraction when necessary. The lender reduced its average per-case costs by 43%, and is now processing more than 1,000 cases per month. Additionally, the online tracking and reporting system allows the lender to review orders processed and pending.

Results

Automating the process increased operational efficiencies and reduced cycle time and related costs. The client has re-allocated the nearly $200,000 first-year savings to improved quality control and customer service.