ReconTrust not only offers the typical services you would expect from a document custodian, but we also manage many other critical collateral-related services including: collateral processing (receipt of collateral and coordination with branches), imaging, and data capture. By centralizing your collateral processes with ReconTrust Document Custody (RT), we are able to customize a streamlined workflow that speeds the execution of your purchase, sale, repo/pledge or securitization strategies.
We have the capability of servicing both large and small accounts with the same level of detail. Each account has its own experienced relationship manager responsible for the overall program and the day-to-day activities. The relationship manager is involved in the early stages of the implementation and works closely with our clients to understand the specifics of their program.
We are one of the largest custodians in the industry and, as such, are accustomed to processing multi-millions of collateral files and trailing documents annually — up to 20,000 files a day. Due to the large volumes we process, we have an intense focus on our process and the use of IT. Our typical processing times include reviews performed within 24-48 hours depending on volume, trailing documents filed within 48 hours of receipt, and request for releases handled in 24-48 hours depending on client requests. In fact, we guarantee our service levels in writing – or you don’t pay.
Additionally, we have a dedicated document custody compliance group that is responsible for frequently reviewing each account and maintaining compliance with the program requirements. We have highly trained staff and utilize mandatory training programs to ensure that staff is kept up to date with processes, including data security, confidentiality, and compliance/regulations. Further, we embed QC processes in the daily operations of an account to ensure high levels of accuracy, compliance and service levels.
We utilize state-of-the-art technologies that can adapt to varying client processes and reporting requirements. We also have a dedicated IT team that is responsible for keeping up-to-date on new technologies and interfacing customized programs with our customers.
Our Web reporting ("CARD") system is updated hourly with the latest status of your portfolio and activities. We can easily customize reports or establish periodic transmissions of data and/or images. Images are also viewable over the Web and can be stored on our servers if required.
We not only have experience in residential mortgage collateral, but also commercial, automobile, and manufactured housing. We understand the needs of complex interim financing, capital markets and due diligence reviews as well as agency requirements.
ReconTrust Document Custody Services utilizes MBMS WinCMSS as our core processing technology. We have also developed additional systems and functionality to handle the expansive service offerings we provide our clients.
Our Web reporting system allows our customers to view the status of summary and individual collateral packages, to submit pooling schedules, release requests, and shipping instructions. Our web reporting system is updated hourly, and is available
24 x 7. Additionally, web reporting can also be accessed by other parties associated with the portfolio as our clients require. For instance, during the acquisition process, sellers can view and download their latest exception report to clear any critical exceptions.
Because our systems are developed and maintained by our in-house Document Custody IT staff, our customers have direct input into any report customization.
Further, we have advanced imaging technology that provides our clients with greater access, efficiency and flexibility in working with their portfolios. Our systems allow us to categorize exceptions based on our client's requirements, e.g. critical vs. non-critical.
ReconTrust is a member of the Countrywide Financial Corporation family of companies, a diversified financial services provider serving consumers and institutions primarily in the mortgage industry. We are a national bank regulated by the Federal Reserve and the Office of Thrift Supervision.
ReconTrust is structured so that it is separate from our affiliated mortgage company – this is to ensure our regulators and the investors we serve that we are truly independent. This structure is similar to many of our competitors.
We meet all of the requirements made by the Office of Thrift Supervision and are approved as a custodian by FHLMC, GNMA, FNMA, FHLB, and many private investors.
ReconTrust Document Custody Services has extensive experience processing MERS-related documents. Many of our clients assign their loans to MERS. We have been reviewing MERS loans and related documentation since 1999.
ReconTrust Document Custody Services has gained approval to utilize electronic releases from all of the agencies. This has proven successful in eliminating many of the steps involved with manual releases, such as printing release forms, placing them in files, and retrieving them after reinstatement.
We have experienced organizational and managerial capability. Our approach to new clients is consultative. As part of the process for bringing a client online, our team works to optimize your workflows and uses workflow diagrams to highlight areas where we can add value to your unique environment. Our team will work closely with your staff to assure that transition objectives are achieved. Our technical experts will spend the time necessary to ensure that we have a comprehensive understanding of your data and reporting requirements.
Please email us and we will be happy to provide customized solutions that will help you to reduce your costs, improve the flexibility of your portfolio strategies, streamline your workflows, and improve the accuracy of your transactions.