API marketplace Staircase has launched three tools to facilitate the transfer of mortgage servicing rights (MSRs) between mortgage lenders, servicers, and investors, the company announced.

The new tools are: 

  • Loan diligence, which enables companies to automatically classify documents, extract data, apply business rules, compare to the original servicer’s data tapes, and provide exception handling through an outsourcer;
  • Automated loan auditing, which identifies the value of key data elements and their location in the loan file; and 
  • Blockchain-based data sharing, which allows companies to manage the complexity of data access and sharing between their different partners.

These tools are part of Staircase’s low-code marketplace which automates complex technologies and makes them self-service for the U.S. residential mortgage industry. 

The company said in a statement that the rise in interest rates has prompted high demand and increased trading volumes for MSRs, which increase in value as rates go up, but the process of preparing, exchanging, and reviewing MSRs is often costly and prone to error due to the amount of manual work that is involved. 

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