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CoreLogic Integrates Income Calculation And Property Tax Estimator Services With LendingQB

CoreLogic announced that their FactCheck income calculation and analysis solution and Property Tax Estimator report are now available on the LendingQB Loan Origination System (LOS). When combined with the previously existing CoreLogic integrations on the LendingQB LOS, Instant Merge credit report, Flood Determination services, LoanSafe reports, income verification and valuation solutions, these two new integrations provide LendingQB users with an end-to-end underwriting solution from a single provider.


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FactCheck extracts borrower income data directly from source images and data sets. Once extracted, FactCheck automatically processes the borrower’s income information via a customizable rules engine, and allows underwriters to easily update calculations, document exceptions and track changes using a transparent audit log. The solution’s Document Inventory tool automatically identifies missing documents, and the Income Finder tool automatically flags potential sources of new income. By leveraging a fixed set of rules in a repeatable, automated process, FactCheck ensures that teams of underwriters are evaluating income the same way every time, increasing efficiencies and helping reduce compliance and buy-back risks.


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Property Tax Estimator is designed to significantly increase the accuracy of Loan Estimates, reduce compliance risk and improve the customer experience. By delivering highly accurate tax data early in the process, Property Tax Estimator also helps underwriters qualify the borrower’s ability to financially support all mortgage costs and improves the onboarding process for servicers. Additionally, it eliminates the need for any specialized skills required for data procurement and provides a consistent workflow process no matter the property, exemption status, county exception complexity, and loan officer tenure.


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“The inclusion of FactCheck and Property Tax Estimator on LendingQB continues our mission of providing mortgage professionals with the most comprehensive suite of products on the most innovative platforms in the industry,” said Kevin Mullins, principal, business development for CoreLogic. “With these new integrations, LendingQB users will now be able to better streamline their workflows with an integrated end-to-end underwriting solution from CoreLogic.”


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LendingQB is a software system that consolidates all aspects of mortgage lending into a single, fully integrated platform. From loan origination to funding, LendingQB is an end-to-end system that leverages the power and cost-efficiency of web-based computing for a smoother, more efficient mortgage lending workflow.

“CoreLogic has always been tremendously supportive of LendingQB. They’ve constantly strived to utilize our Open API to give lenders innovative products to originate loans with ease,” said Tim Nguyen, CEO and co-founder of MeridianLink. “The addition of the FactCheck and Property Tax Estimator tools has successfully created a full suite of innovative products providing our current and future clients with an end-to-end underwriting solution from a service provider we all trust.”

CoreLogic Offering Instant Shopping For Property Data

CoreLogic announced the availability of data and reports within the CoreLogic Store—a self-service, e-commerce portal providing instant access to leading property data and analytics from CoreLogic. Through the CoreLogic Store, small businesses and other industry professionals can obtain a variety of reports on properties, comparable sales, document images, automated valuation models and more without a long-term commitment.


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Because small businesses rely on data to stay competitive in the real estate industry, they often turn to free sources that may publish imprecise or outdated information. The CoreLogic Store aims to combat this by offering all real estate professionals—from agents to contractors to investors—the ability to obtain industry-leading, trusted data to make smarter business decisions and drive their bottom line.


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“At CoreLogic, we’re dedicated to helping businesses of all sizes succeed within the real estate industry,” said Shaleen Khatod, executive, Data & Advisory Solutions at CoreLogic. “The CoreLogic Store is a unique opportunity for small businesses, helping them gain a competitive edge by increasing access to trusted data and reports. And with new reports added to the Store on an ongoing basis, users know they’re getting the most up-to-date data available.” 


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The CoreLogic Store provides nationwide information on properties, covering approximately 99% of U.S. residential properties. In total, the Store offers insights on more than 150 million residential and commercial parcels. CoreLogic utilizes data from a variety of sources, including public record, FEMA, county documents and other proprietary sources.


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The following reports can be accessed via the CoreLogic Store:

  • Property Details Report
  • Comparable Sales Report
  • Transaction History Report
  • Foreclosure Activity Report
  • Voluntary Lien Report
  • Legal & Vesting Report
  • Total Home Value for Originations AVM
  • Most Current Transfer Document
  • Most Current 1st Mortgage Document
  • Assessor Parcel Maps

Reports on the CoreLogic Store start at only $3 and are available for instant download. 

CoreLogic Launches New Fraud Risk Score Model

CoreLogic announced its newest version of the Fraud Risk Score Model— version 4.0. Delivered within the LoanSafe product suite, the new model accounts for recent changes in mortgage fraud trends while leveraging new data assets. 


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Drawing experts from more than 30 top financial institutions, this year’s Mortgage Fraud Consortium was held in San Diego, California, and featured speakers from the FBI, Fifth Third Bank, Cognizant, Fannie Mae, Freddie Mac and more. The event revolved around the theme of current fraud trends and what they mean for the future market. Program discussions ranged from procedures to improve fraud detection to the impact eroding housing affordability has on fraud risk to how law enforcement officials are working to identify and combat the latest fraud schemes. Additional insights included case studies and best practices to help improve mortgage fraud prevention practices.


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“This year’s Mortgage Fraud Consortium was another success, providing leading industry professionals with the opportunity to learn about the latest mortgage fraud trends while collaborating on ways to reduce future risk,” said Bridget Berg, principal, Fraud Solutions at CoreLogic. “According to our latest research, the country has seen a 10 percent increase in fraud risk from Q1 2018 to Q1 2019. This continual increase reinforces the need for this annual event and we’re proud to continue helping mortgage loan providers mitigate risk and fight back against fraud.”


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During the event, CoreLogic shared details of the LoanSafe Fraud Manager roadmap and announced version 4.0 of its Fraud Risk Score Model. Integrated into the LoanSafe solution, the updated model provides more transparency into how the Fraud Risk score is calculated through an integration of alert predictive of fraud risk. The updated score was designed based on feedback from CoreLogic clients and will help make lenders more efficient in their fraud detection practices, ultimately saving them time and money. The latest version of the Fraud Risk Score will be released in the summer of 2019.


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CoreLogic is a global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years and providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. 

Partnership Streamlines Home Equity Loan Valuations

CoreLogic has integrated its OnSite property condition reports on the Ellie Mae Encompass all-in-one mortgage management solution. OnSite is a property condition report coupled with local market conditions and patent-pending features that are specifically designed to help institutions meet the Federal requirements when an Automated Valuation Model (AVM) is used for mortgage lending purposes.


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“Organizations are always looking for ways to improve efficiencies during the valuations process, particularly during the home equity lending process,” said Jonathan Nutting, senior leader, Valuation Operations, for CoreLogic. “As the first integration of its kind on Encompass, users will now be able to easily incorporate this solution into their existing workflows, saving them time and money in instances where an appraisal is not necessary.”


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OnSite is designed to help lenders comply with federal guidelines surrounding the verification of the physical condition of a property. In some home equity lending situations, OnSite can be leveraged with an AVM in lieu of an appraisal. All Onsite reports use a patent-pending algorithm to create an objective overall condition rating that supports the lender’s valuations processes.


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This integration also allows users to access OnSite Plus – a property condition report for situations where a licensed real estate broker or agent is required to gain access to a property, or when a local expert is needed.


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OnSite joins 15 other CoreLogic products currently integrated in the Encompass platform, including CondoSafe condo lending solutions, Instant Merge – the nation’s most popular 3-bureau merged credit reporting solution, flood determinations, Property Tax Estimator, LoanSafe Fraud Manager, LoanSafe Risk Manager, appraisal management services via Mercury Network, Merge Plus credit supplements, 4506-T Direct, FinalCheck LQI Compliance, automated valuation models, SSN Verification and several services within the Ellie Mae Total Quality Loan.

CoreLogic is a property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services.

Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific.

CoreLogic Launches New Automated Valuation Solutions

CoreLogic has launched the Total Home Value for Marketing solution. This is the latest addition to the CoreLogic Total Home Value suite – a suite of Automated Valuation Models (AVMs) that incorporate new technologies to help deliver more accurate home values for specific business needs.


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Total Home Value for Marketing is an AVM solution designed to help direct marketers, marketing firms, financial institutions, mortgage companies, home insurers, or any organization seeking to maximize their marketing return on investment, by leveraging property-level valuation insight. By helping to reduce customer acquisition costs through refined customer segmentation, enhanced list yield, and the highest hit-rate of any Total Home Value AVM, Total Home Value for Marketing can help maximize a firm’s prospecting capabilities.


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Total Home Value for Marketing is a part of the CoreLogic Total Home Value suite; a new approach to automated valuation models that simplifies the AVM selection and budgeting process. Many AVMs on the market today are designed for broad applications. As a result, businesses may be using AVMs that are not designed to support their specific use case. With Total Home Value, simply choose the solution that supports a specific business case (Originations, Risk Management, Portfolio Monitoring, Marketing, and Consumer), and you will receive an AVM solution designed specifically for that need. This provides a level of consistency in valuations across the loan lifecycle as all Total Home Value solutions are built on a common model technology.


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“Total Home Value for Marketing is part of our ongoing effort to transform the way AVMs are utilized within the mortgage and related industries,” said Ann Regan, executive, product management, Collateral Solutions for CoreLogic. “With a high hit-rate that does not unduly sacrifice accuracy, this solution ensures that any business looking to target specific clients based on home value, be they mortgage lenders, credit card providers, or auto dealers won’t leave any viable prospects on the table or misjudge the value of collateral at the outset. 


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Total Home Value for Marketing is available in a Standard version that delivers truncated values, and a Premium version that delivers similar precision as AVMs used during risk management. 

CoreLogic Launches Enhanced Title And Closing Solution

CoreLogic has launched an enhanced title and closing solution for lenders incorporated into the industry standard Collateral Management System (CMS). The solution maximizes workflow efficiency around activity related to procuring title insurance, facilitating fee collaboration and streamlining closing tasks between lenders and all loan associated vendors.


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The Title and Closing Solution within CMS offers a seamless integration into TitlePort, which is a CoreLogic service provider facing platform providing connectivity to settlement agents and title providers to digitally accept orders and correspond with lenders via messaging or document transfer in a secure portal, eliminating email and providing compliance and peace of mind. The CMS and TitlePort workflow integration supports a standardized process, improves vendor relationships and communication while reducing closing turn time


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The cost and time invested in building and maintaining a vendor panel can be a burden for lender institutions to consistently ensure all practices are compliant and secure. The CoreLogic Solution within CMS supports vendor growth management through a digital invitation tool, powered by Vendor Headquarters (VHQ), for any size vendor, whether a lender managed panel or borrower chosen. The solution offers the ability to send requests to collaborate with your organization on TitlePort, manage the status of those requests and automate the boarding process into the CMS platform while maintaining a reportable trace of all activity.


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The Title and Closing Solution’s Fee Collaboration tool allows a lender digital platform to collaborate directly with settlement providers as early in the process as possible to more quickly and accurately provide final fees. The collaborative fee worksheet reduces the back-and-forth lag and inaccuracies by providing one document that both parties work within and review in real-time. The worksheet uses comparison visibility to aid in being able to quickly identify recent changes to speed up approval. Configuration capabilities allow exact fees to be recorded rather than estimates to increase client satisfaction at closing, and downstream work.


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“We couldn’t be more excited about this opportunity for lenders,” said Glen Evans, executive of Valuation Technology Solutions at CoreLogic. “Our Title and Closing Solution delivers lenders a comprehensive view into the title procurement, fee disclosure and closing package workflows, maintains a reliable and reportable audit trail within the system, and provides title and closing vendors with seamless connectivity to their lender clients’ platforms.”

For lenders who are currently part of the Collateral Management System (CMS) family, this solution is integrated into their CMS tool kit. The solution brings an established vendor panel, as CoreLogic has partnered with several national Title and Closing providers, including the big four underwriters.

CoreLogic Introduces HMDA Check

CoreLogic has launched its new HMDA Check solution. CoreLogic HMDA Check combines optical character recognition (OCR) data extraction with a rules engine that helps automate the HMDA auditing process. This allows lenders to increase efficiencies, improve data accuracy, reduce costs and remain compliant with HMDA requirements.


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The Home Mortgage Disclosure Act, or HMDA, requires covered financial institutions to provide mortgage data to the public to combat housing discrimination.


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CoreLogic HMDA Check is designed to expedite the Loan Application Register (LAR) data collection and submission process by automating review and validation procedures before submitting to the Consumer Financial Protection Bureau (CFPB). The new solution inspects more than 30 different loan origination document types for more than 100 HMDA reportable fields, including loan features such as loan term, interest rate, and borrower information. Then HMDA Check validates the LAR data, immediately highlighting discrepancies for the lender to support his or her HMDA reporting needs.


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Visually reviewing loan source documents against a LAR submission can take hours and the process is prone to error, making it expensive for lenders. By automating this process with HMDA Check, lenders can speed up the loan review process, increase consistency, and help identify discrepancies. Further, the new solution is configurable so the rules and reports produced can be adjusted to match a lender’s specific policies and documents.


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“Discrepancies between source loan documents and the LAR can potentially result in penalties from the CFPB, as well as set a more challenging examination process,” said Cres Hay, senior leader, Product Management at CoreLogic said. “HMDA Check helps lenders meet regulatory industry requirements by integrating OCR and validation technologies into one place, revitalizing a once manual, labor-intensive process. The fully-automated solution ends the ‘stare-and-compare’ analysis method and helps lenders focus their resources more efficiently.”

A New Way Of Looking At Things

The same-old, same-old isn’t going to advance the industry. We need to think differently about things. For example, CoreLogic has introduced its Total Home Value suite of AVMs. The Total Home Value AVM suite incorporates new cascade methodologies designed to help simplify AVM selection and provide optimal performance levels and delivery options for specific business needs.


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The Total Home Value product suite is a new approach to automated valuation models – made to streamline AVM selection process. Currently, AVMs have broad applications; meaning businesses must decide which AVM to use. In some cases, they may be using AVMs that are not ideal for their intended purpose. With the CoreLogic Total Home Value suite, users simply choose the solution that best fits their business case.


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“Total Home Value represents a sea change in the way the mortgage industry views AVMs,” said Ann Regan, executive, product management, Collateral Solutions for CoreLogic. “With targeted audiences for each solution, multiple delivery options and simplified pricing structures, we continue to develop solutions that help our clients conduct business more efficiently.”


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Total Home Value AVM solutions are currently available for portfolio monitoring, consumer-facing, origination, collateral analysis and marketing, with additional solutions to follow before the end of 2018.

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CoreLogic To Acquire Symbility

Symbility Solutions Inc., a global software company focused on modernizing the insurance industry, announced that at a special meeting of security holders, Symbility security holders voted in favor of the proposed transaction pursuant to which CoreLogic, Inc.  (“CoreLogic”) will acquire, through a wholly-owned subsidiary, all of the issued and outstanding common shares of Symbility by way of plan of arrangement under Section 193 of the Business Corporations Act (Alberta) (the “Arrangement”). The Arrangement was approved by the Symbility securityholders eligible to vote at the Meeting as follows:


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In respect of all votes cast by shareholders and optionholders voting together as a single class, the Arrangement was approved by 99.5 percent of the total votes cast; 


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In respect of all votes cast by shareholders only, the Arrangement was approved by 99.6 percent of the total votes cast; and 


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In respect of all votes cast by shareholders of Symbility other than those required to be excluded by law, the Arrangement was approved by 99.2 percent of the total votes cast.

Completion of the Arrangement remains conditional on approval by the Court of Queen’s Bench of Alberta, the TSX Venture Exchange and certain other closing conditions customary in transactions of this nature. Subject to obtaining such court approval, and the satisfaction or waiver of all other conditions precedent to the Arrangement, it is anticipated that the Arrangement will be completed before year-end.

Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY brings smarter thinking to property insurance. The company’s strategic services team, Symbility INTERSECT empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence.

How Do Underwriters View Mortgage Lending?

CoreLogic surveyed 275 underwriting professionals. What are the top workflow challenges underwriters face today? Some stats on their answers to questions like this are revealed. Highlights include:

>>96% of underwriters said accessing applicants data from one source would save them time


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>>73% said that providing borrowers with a real-time status of their loan would their job easier


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>>56% of underwriters need more than 30 days to complete one loan file


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Here’s what else the survey revealed: