Executive Says Trailing Documents Bedevil Servicers.

After consecutive years of record payoff and loan boarding activity, the difficulty of managing problems associated with "trailing documents" has become abundantly clear, according to Stewart Mortgage Information senior vice president Matt Kilboy.

Because of the heavy pace of refinancing in recent years, lenders have had little time to make changes designed to improve their processes for managing loan boarding, payoff and related activities.

"Everybody has been running so fast the past few years. Now, people have time to execute the ideas they have had," Mr. Kilboy told Mortgage Servicing News.

In fact, in some cases, borrowers are refinancing before their current mortgage loan has even been recorded in county land records.

Stewart Mortgage Information has created a platform to help lenders manage post-closing services. Mortgage Management Services, that platform, includes a "trailing doc solution."

That allows lenders to delegate responsibility for tracking down and obtaining "trailing docs" to Stewart. Once Stewart receives the data file, it accepts 100% of the responsibility for delivering the trailing documents.

Typical trailing documents include recorded security instruments, title policies, assignments, mortgage insurance commitments and loan guarantees.