Technology should solve real problems. For example, CoreLogic has launched PanoramIQ, an intelligent property solution that delivers a more complete view of property data with more current and reliable sources than public-record data alone. Utilizing a combination of public and proprietary property datasets, a unique property ID, machine learning and advanced analytics, PanoramIQ provides lenders, mortgage industry professionals and government entities with deeper, more accurate and complete property insights, allowing clients to make better decisions in a timely and efficient manner.
Using a proprietary methodology, CoreLogic is able to efficiently bring thousands of disparate property data sets together through PanoramIQ. Traditional sources of property information, such as public-record data alone, can often have gaps or fail to reflect the latest information on a property. By bringing together a variety of property data sources, combined with advanced analytics, PanoramIQ delivers an up-to-date, comprehensive view of a property.
“PanoramIQ brings a more complete and reliable source of property intelligence that fills gaps found in the traditional outdated systems. Based on an unmatched breadth of property information sources and sophisticated logic, CoreLogic is uniquely positioned to identify the most accurate sources of property data so clients have a more complete view of a property,” said Shaleen Khatod, executive, data and advisory solutions at CoreLogic. “As mortgage and refinance volumes continue to decrease, it’s important for those in the mortgage industry to have instant and reliable information on a property so they can identify high-quality leads and make timely and competitive underwriting decisions.”
According to CoreLogic research, 27 percent of property records nationally have gaps within public-record data. Additionally, 18 percent of property records nationally have data attributes that CoreLogic identifies as more accurate than public record alone. Unlike sources such as tax assessor information, which are typically updated annually, PanoramIQ relies on a variety of proprietary information sources to provide more up-to-date reports. PanoramIQ uses artificial intelligence to scan multiple sources of data, link the data to a unique property ID, analyze and interpret changes and updates and uses advanced analytics to identify the most reliable information. This extensive process enables PanoramIQ to be a more complete, current and compliant view of property data.
“When information on a property isn’t reported accurately, it can have costly effects for those involved in the process. For those responsible for mortgage portfolios, an error in data reporting can lead to poor lending decisions or missed opportunities,” said Sherrie Clevenger, principal, product management at CoreLogic. “PanoramIQ is designed to turn data points into sales, change how property data is analyzed and improve decision making. It’s about changing the way property data is analyzed, so we can help lessen the amount of errors and build trust back into the system.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.