The participation agreement will normally say that you have reviewed the loan documents and are going into this transaction with eyes wide open (to paraphrase). Your participation agreement should protect you from gross negligence but a general documentation error? That could be a court fight.
I've gone into too many participation relationships whereby something wasn't right in the file - documentation, flood, .... A preliminary review is the way to go, in my opinion.
Just working here until I get my letter from Hogwarts.