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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

Our Numbers Tell the Story

~125 Billion
Loan Sale & Trade Support
500,000
Collateral Exception Cures
350
Trade Support FTE
50,000
Loans Re-Underwritten
50,000
Title Policy Management
25 years
Avg Staff Experience
300,00
Compliance Reviews
450,000
Collateral Files Reviewed

Why Mission Global

Mission Global is a single service solution for institutional clients buying, selling, managing or securitizing loans

Mission Trade Support Services
Collateral Document Management
Collateral file inventory and exception identification
Collateral exception risk grading
Collateral exception curing
Side letter management
Assignment and endorsement preparation and recording
Data Capture, Integrity and Validation
Review servicing system and files to capture missing or erroneous data
Third-party data validation and reconciliation (lien position to title searches)
Data validation via Mission systems testing Item
Title Review and Management
Review portfolio for missing title policies
Obtain title searches
Analyze and cure title deficiencies
Obtain new title policies where applicable
Credit and Compliance Reviews
Seasoned and new origination re-underwriting
Regulatory compliance reviews
Rebuttal or mitigation findings
Document exception clearing
Vendor Management
Obtain approval (vetting) of vendors to client standards and requirement
Engage vendors for support services (valuation, title, etc)
Manage all vendor work product and audit invoices
Settlement and Post-Closing
Prepare and deliver collateral files for closing
Assignment and endorsement preparation and recording
Assist client and investors with servicing transfers
Side letter management
Rep and warranty breach analysis, rebuttal and process management

Individual Contacts

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