According to Titan's CEO Mary Kladde, the ability to normalize data is a critical component to effectively reconcile data between disparate systems.
"No two systems are created alike, and when you start comparing data, you often receive false-negative discrepancies because, for example, one system uses one field for address information, whereas another system breaks it down into multiple fields," Kladde explained. "In addition, many lenders use proprietary codes for certain types of information, like single-family versus SFR versus '1.' These fields must be defined in order to properly reconcile that data against another dataset. DRMS(TM) easily normalizes the data it analyzes so that you are comparing apples to apples."
Titan launched the original data reconciliation platform, mintrak(R), in October 2011 to assist lenders in meeting the processing and quality assurance requirements of MERSCORP Holdings, Inc. These were issued in response to changes made by the Office of the Comptroller of the Currency (OCC). In 2015, Titan launched mintrak2(R) with substantive platform changes to improve performance and scalability. DRMS(TM) takes the lessons garnered in Titan's MERS(R) work and broadens it to embrace additional opportunity and applicability in data management.
"Big data is on the horizon and will comprise the raw material for production and regulatory oversight in the mortgage industry. We, as an industry, need the technology to provide tools to manage the integrity of our data. DRMS(TM) is an important step in wrangling Big Data into meaningful, reliable and actionable data from any source," said Ruth Lee, EVP/CSO of Titan.
mintrak(R) received the 2012 Mortgage Technology "Fix-It Award" for providing "an effective solution to a specific industry problem, need, or channel."
Kladde added, "We expect DRMS(TM) to help tackle and manage the ever more sophisticated data comparison requirements at the servicing transfer and investor trade transaction level."
About Titan Lenders Corp.:
Denver-based Titan Lenders Corp. ( http://www.TitanLendersCorp.com/ ) was originally founded to meet the mortgage industry's increasing appetite for a variable cost solution to operational challenges. Today, that mission has expanded to include supporting strategic channel growth for lenders, servicers and investors evolving their businesses in an increasingly complex regulatory environment. As such, Titan's core offerings have expanded to include MERS(R) audit services, data reconciliation, document custody and whole loan purchase review.
Twitter: @TitanLenders #Mortgage
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NEWS SOURCE Titan Lenders Corp. :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by and Copr. © 2015 Send2Press® Newswire, a service of Neotrope®.