STAIRCASE AUTOMATES THE TRANSFER OF MORTGAGE SERVICING RIGHTS

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Oct 11, 2022, 08:30 ET

New technology enables touchless MSR transfers, delivering faster, less costly transactions with improved accuracy

NEW YORK, Oct. 11, 2022 /PRNewswire/ -- Staircase, the company building an integrated, digital infrastructure to accelerate tech-enabled mortgages, has launched MSR Transfer, a new technology that automates and streamlines mortgage servicing rights (MSR) transfers and orchestrates transactions between the buyer and seller of MSRs.

While the market for MSR transfers is growing, most of the work done to verify data in the underlying documents is performed manually. It is expensive and prone to error. MSR Transfer eliminates the manual loan file review process while vastly improving loan file accuracy and freeing up staff to focus on other tasks. It leverages Staircase's Loanboarding product which uses machine learning tools to automate the ingestion of loan files and transform raw loan data into structured documents.

In addition to making MSR transactions virtually touchless, MSR Transfer gives users the ability to save all loan data on a blockchain—including the findings and resolutions—allowing for a better price when rights are sold. It also provides a full audit trail which eliminates the back and forth on searching for missing documents or disputing the source of truth.

"MSRs have become increasingly valuable as mortgage rates rise but the current process for transferring MSRs is manual, slow, and expensive," said Staircase CEO and Co-founder Adam Kalamchi. "By automating the process, MSR Transfer saves time and money for both parties by removing the high cost and error-prone work of reviewing loans manually."

Staircase MSR Transfer is available for $50 per loan transferred. For customers already using Staircase Loanboarding, the cost to use MSR Transfer is even lower as much of the work has been done upfront and has been updated in real time as loans age. Buyers of MSRs can also use Loanboarding to pull information from the seller's servicing system.

For more information about MSR Transfer, email [email protected].

About Staircase
Staircase is an API and low-code marketplace which automates complex technologies and makes them self-serve for the U.S. residential mortgage industry. Focused on providing automation for complicated mortgage functions, it allows for the integration and orchestration of all U.S. mortgage industry technology providers and enables all parties throughout mortgage origination, insurance, and servicing to easily communicate with zero friction. Staircase is based in Philadelphia, with employees in over 20 countries. For more information, visit www.staircase.co.

Press Contact:
Mary McGarity
Strategic Vantage Marketing and Public Relations
(203)260-5476
[email protected]

SOURCE Staircase