Curative Services designed to minimize extraneous or duplicative diligence costs and maximize secondary market pricing
Curative Before, During and After Loan Acquisition
Curative – Buy-Side or Sell Side
– Custom prioritization of exceptions versus cost
– Recovery of recorded assignments, mortgages, note endorsements, and other collateral documents and compliance documents in a logical cost-minimizing order:
- Use of Client (or seller) internal applications
- Access to images either through client application or image upload to Mission Virtual Data Room
- County websites and other available resources
- Posting of recovered documents to Virtual Data Room for Client access
- Shipment of documents to custodian with notification to Client
– Curative action for missing documents
- For un-recoverable documents / requiring replacement, research necessary borrower, loan, and mortgage recording information sufficient to create documents
- Prepare transfer documents
- Research and locate appropriate party to obtain signatures
- Utilize proprietary Mission database of replacement third party signatories (for successor, non-existent, bankrupt entities)
- Recordation of documents
- Shipment of documents to custodian with notification to Client
– Interaction with the document custodians
- Research and interact on issues/questions related to exception coding on report
- Dispute invalid exceptions
- Confirm exceptions are clearing from custodial reports as expected after documents are shipped
Title Exception/ Lien Release / Title Clearing / Title Replacement
– Research existing lien recorded ahead of subject lien and title exceptions
– Determine if the lien is an active and superior lien or if paid off but not released / clear exceptions
– Obtain an executed release from the lien holder and submit release for recording
– Chase title policies / order replacements / cure missing but existing
Data Curing
Document to Data Review
OCR
– Intake data and imaged documents, OCR search, perform data edits, highlight gaps / anomalies
– Review / extract data from hard files, collateral documents, Iron Mountain images / files / microfich
Curative Recon During Acquisition Process to Make Bids More Competitive
Collateral Document Acquisition Review and Risk Assessment
– Risk assessment during bidding process based on the selling entitiy’s exception level collateral report
– Proprietary Collateral Management System (“CMS”) determines the materiality of the exceptions and the probability of cure
– Review to market or client-dictated standards
– Provide estimated cost to cure to increase client’s price / representations and warranties more competitive
– Competitive bidding price / allow client’s overall consideration for the portfolio
Collateral File Audit Compliance File Audit
– Conduct collateral file audits at seller’s custodian(s) or at the seller vault if seller self-custodians, conduct compliance file audits
– Review and inventory files, document exceptions to the client-approved document list (Note, Security Instrument, Title Policy, Assignments – chain of ownership, Endorsements, Riders, etc.)
– Produce both summary and detailed reports from the Mission review as well as a comparison to the seller-provided reports
Monitoring Seller Curative Efforts During Loan Sale
When a prospective seller is completing curative efforts during the loan sale, Mission monitors and evaluates the status and acceptability of cured documents and updates the risk assessment
Bailee Letter Management
Manage all aspects of obtaining or updating Bailee Letters on collateral files released to either servicer(s) or attorneys
| Curative – Buy-Side or Sell Side | – Custom prioritization of exceptions versus cost
– Recovery of recorded assignments, mortgages, note endorsements, and other collateral documents and compliance documents in a logical cost-minimizing order:
– Curative action for missing documents
– Interaction with the document custodians
|
| Title Exception/ Lien Release / Title Clearing / Title Replacement | – Research existing lien recorded ahead of subject lien and title exceptions
– Determine if the lien is an active and superior lien or if paid off but not released / clear exceptions – Obtain an executed release from the lien holder and submit release for recording – Chase title policies / order replacements / cure missing but existing |
| Data Curing
Document to Data Review OCR |
– Intake data and imaged documents, OCR search, perform data edits, highlight gaps / anomalies
– Review / extract data from hard files, collateral documents, Iron Mountain images / files / microfich |
| Collateral Document Acquisition Review and Risk Assessment | – Risk assessment during bidding process based on the selling entitiy’s exception level collateral report
– Proprietary Collateral Management System (“CMS”) determines the materiality of the exceptions and the probability of cure – Review to market or client-dictated standards – Provide estimated cost to cure to increase client’s price / representations and warranties more competitive – Competitive bidding price / allow client’s overall consideration for the portfolio |
| Collateral File Audit Compliance File Audit | – Conduct collateral file audits at seller’s custodian(s) or at the seller vault if seller self-custodians, conduct compliance file audits
– Review and inventory files, document exceptions to the client-approved document list (Note, Security Instrument, Title Policy, Assignments – chain of ownership, Endorsements, Riders, etc.) – Produce both summary and detailed reports from the Mission review as well as a comparison to the seller-provided reports |
| Monitoring Seller Curative Efforts During Loan Sale | When a prospective seller is completing curative efforts during the loan sale, Mission monitors and evaluates the status and acceptability of cured documents and updates the risk assessment |
| Bailee Letter Management | Manage all aspects of obtaining or updating Bailee Letters on collateral files released to either servicer(s) or attorneys |
