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Loan Boarding
Loan boarding refers to the process of accepting new loans into a servicing company’s systems.
While this might seem like a basic task to undertake, the truth is far from that.
This is because of the sheer volume of mortgages that are accepted by home buyers and home owners.
The high volume of loans require the use of software systems to manage them efficiently. So operators need to come up with efficient ways to enter new loan into their system and make the process as streamlined as possible with little room for error.
Mortgage servicing rights are often sold to service providers who charge a service fee for what they do. And loan boarding is one of the key tasks in which they have to get right.
Because if you think about it, software would manage monitoring of accounts very well… as long as loans are boarded correctly into the system.
Sometimes even a minor error in on-boarding can compounded by software.
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