Secure web-based automated system to handle, monitor, control and integrate Puerto Rico’s mortgage industry’s processes to cancel mortgage notes upon debt pay-off.
Puerto Rico Note Management Services, Inc. (“PRNMS”) is a non-profit corporation whose primary aim is to provide a highly reliable, secure web-based web based automated system to handle, monitor, control and integrate Puerto Rico’s mortgage industry’s processe to cancel mortgage notes upon debt pay-off.
This innovative automated system, unique in Puerto Rico, was developed by Softek and implemented by virtue of laws and regulations set forth by the Commissioner of Financial Institutions of Puerto Rico (OCIF).
The automated system provides constant follow-up for the mortgage notes cancellation processes that take place as result of paying off a mortgage. The client has the opportunity to receive, by electronic mail, information about the process that will take place to satisfy his mortgage and the cancellation of his mortgage note through public deed. All authorized users provide and share the information required to cancel their mortgage notes.
Benefits of this automated system are:
- Effective mechanism to control cancellation processes associated with satisfied mortgage notes.
- Accurate term fulfillment measurement according to OCIF’s applicable regulations
- Authorized users obtain access to the system so they may fulfill their obligations and update each stage accordingly.
- Availability of properly digitized mortgage note processing documents.
- Clients remain informed of their note’s cancellation process status, and of when the actual Property Registry Office’s cancellation action takes place.
- Effective and uniform operational processes and controls.
- Expedites the note cancellation process between Institution and Notary.
- Allows electronic communication between the parties involved and tracks transactions for historical purposes.
- Each institution is able to create tailored measuring and quality assurance reports as needed and required.
- Audit process support through process’ audit trail