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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:

CoreLogic Launches New Valuation Solution To Help Lenders Reach More Consumers

CoreLogic has introduced Total Home Value for Consumers automated valuation model (AVM) solution. This is the latest addition to the CoreLogic Total Home Value AVM suite – AVMs that incorporate new technologies to help deliver more accurate values and are designed to specific business needs.


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Total Home Value for Consumers is an automated valuation model designed for mortgage lenders and online real estate information providers, allowing them to use their own website to provide consumers with the same AVM information used in the lending process. Since consumers often rely on third-party providers to get an idea of their home value, integrating this solution on their own sites will allow lenders to start their relationships with potential clients earlier in the process, potentially gaining new business and helping increase customer satisfaction.


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Total Home Value for Consumers is a part of the CoreLogic Total Home Value suite – a new approach to automated valuation models made to simplify your AVM selection process. Currently, AVMs are designed with broad applications meaning that businesses may be using AVMs that are not ideal for their intended purpose. With Total Home Value, you simply choose the solution that best fits your business case (Portfolio Monitoring, Marketing, Consumer, etc.), and you will get an AVM solution designed specifically for that need – no more guessing which AVM to use.


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“Total Home Value for Consumers is the latest in our ongoing efforts to transform the way AVMs are used and delivered,” said Ann Regan, executive, product management, Collateral Solutions for CoreLogic. “Mortgage professionals, Financial Services providers, and anyone looking to provide extra value for their customers, can now offer a high-quality AVM on their website, helping establish a relationship and building trust with potential prospects or existing users.”

CoreLogic Integrates 4506-T Direct With INTEGRA’s LOS Platforms

CoreLogic has announced that their 4506-T Direct Income Verification Solution is now available on INTEGRA Software Systems’ legacy Destiny Loan Origination System (LOS) and INTEGRA’s web-based EPIC LOS. When combined with the previously existing CoreLogic integrations of the Instant Merge credit report, Flood Determination services, LoanSafe Risk Manager fraud solution and the Mercury Network valuation technology platform, this new integration provides INTEGRA users with a more complete solution offering from a single provider.


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The IRS 4506-T form is used by lenders to retrieve tax return information to verify a potential borrower’s income. Featuring one of the most rigorous quality control processes in the industry, the CoreLogic 4506-T Direct service minimizes submission errors and decreases verification turnaround times with the IRS, helping reduce customer costs associated with income verification. CoreLogic can accept both wet and electronically signed 4506-T forms.


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“The inclusion of 4506-T Direct on INTEGRA’s Destiny and EPIC Loan Origination Systems 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. “Additionally, with this new integration, INTEGRA LOS users will now be able to better streamline their workflows with a more complete solution offering from a single provider.”


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INTEGRA Software Systems’ web-based EPIC, loan origination system, spans point-of-sale through post-closing and secondary marketing for lenders interested in efficiencies gained from automating every step of their loan workflow.

“Since 1996, INTEGRA Software Systems is proud of its commitment to bring the very best software tools to our customers,” said Jerry Pratt, president, INTEGRA Software Systems. “In an effort to constantly add value for our clients nationwide, we are pleased to expand our CoreLogic offerings with the availability of the CoreLogic 4506-T Direct solution.”

Early-Stage Mortgage Delinquencies Rise After Hurricanes

According to data from CoreLogic, nationally, 5.1 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in October 2017. This represents a 0.1 percentage point year-over-year decline in the overall delinquency rate compared with October 2016 when it was 5.2 percent.

As of October 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down 0.2 percentage points from 0.8 percent in October 2016. The foreclosure inventory rate has held steady at 0.6 percent since August 2017, the lowest level since June 2007 when it was also at 0.6 percent.

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Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next.

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The rate for early-stage delinquencies, defined as 30-59 days past due, was 2.3 percent in October 2017, down 0.1 percentage points from 2.4 percent in September 2017 and up 0.1 percentage points from 2.2 percent in October 2016. The share of mortgages that were 60-89 days past due in October 2017 was 0.9 percent, up 0.2 percentage points from 0.7 percent in both September 2017 and October 2016. The serious delinquency rate, reflecting loans 90 days or more past due, in October 2017 was 1.9 percent, unchanged from September 2017 and down 0.4 percentage points from 2.3 percent in October 2016. The 1.9 percent serious delinquency rate in June, July, August, September and October of this year marks the lowest level for any month since it was also 1.9 percent in October 2007.

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“After rising in September, early-stage delinquencies declined by 0.1 percentage points month over month in October. The temporary rise in September’s early-stage delinquencies reflected the impact of the hurricanes in Texas, Florida and Puerto Rico, but now the impact from the hurricanes is fading from a national perspective,” said Dr. Frank Nothaft, chief economist for CoreLogic. “While the national impact is waning, the local impact remains. Some Florida markets continue to see increases in early-stage delinquency transition rates in October, reaching 5 percent, on average, in Miami, Orlando, Tampa, Naples and Cape Coral. Texas markets such as Houston, Beaumont, Victoria and Corpus Christie peaked at over 7 percent in September, but are on the mend and improving in October.”

Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1.1 percent in October 2017, down from 1.3 percent in September 2017 and up from 1 percent in October 2016. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent.

“While the national impact of the recent hurricanes will soon fade, the human impact will remain for years. For example, the displacement and rebuilding in New Orleans after Hurricane Katrina extended for several years and altered the character of the city, an impact that still remains today,” said Frank Martell, president and CEO of CoreLogic. “The reconstruction of the housing stock and infrastructure impacted by the storms should provide a small stimulus to local economies. This rebuilding will occur against a backdrop of wage growth, consumer confidence and spending in the national economy which should continue to provide a solid foundation for real estate demand in the storm-impacted areas and beyond.”

Early-Stage Delinquencies Rise After Recent Storms

Data from CoreLogic shows that, nationally, 5.1 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in October 2017. This represents a 0.1 percentage point year-over-year decline in the overall delinquency rate compared with October 2016 when it was 5.2 percent.

As of October 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down 0.2 percentage points from 0.8 percent in October 2016. The foreclosure inventory rate has held steady at 0.6 percent since August 2017, the lowest level since June 2007 when it was also at 0.6 percent.

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Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next.

The rate for early-stage delinquencies, defined as 30-59 days past due, was 2.3 percent in October 2017, down 0.1 percentage points from 2.4 percent in September 2017 and up 0.1 percentage points from 2.2 percent in October 2016. The share of mortgages that were 60-89 days past due in October 2017 was 0.9 percent, up 0.2 percentage points from 0.7 percent in both September 2017 and October 2016. The serious delinquency rate, reflecting loans 90 days or more past due, in October 2017 was 1.9 percent, unchanged from September 2017 and down 0.4 percentage points from 2.3 percent in October 2016. The 1.9 percent serious delinquency rate in June, July, August, September and October of this year marks the lowest level for any month since it was also 1.9 percent in October 2007.

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“After rising in September, early-stage delinquencies declined by 0.1 percentage points month over month in October. The temporary rise in September’s early-stage delinquencies reflected the impact of the hurricanes in Texas, Florida and Puerto Rico, but now the impact from the hurricanes is fading from a national perspective,” said Dr. Frank Nothaft, chief economist for CoreLogic. “While the national impact is waning, the local impact remains. Some Florida markets continue to see increases in early-stage delinquency transition rates in October, reaching 5 percent, on average, in Miami, Orlando, Tampa, Naples and Cape Coral. Texas markets such as Houston, Beaumont, Victoria and Corpus Christie peaked at over 7 percent in September, but are on the mend and improving in October.”

Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1.1 percent in October 2017, down from 1.3 percent in September 2017 and up from 1 percent in October 2016. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent.

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“While the national impact of the recent hurricanes will soon fade, the human impact will remain for years. For example, the displacement and rebuilding in New Orleans after Hurricane Katrina extended for several years and altered the character of the city, an impact that still remains today,” said Frank Martell, president and CEO of CoreLogic. “The reconstruction of the housing stock and infrastructure impacted by the storms should provide a small stimulus to local economies. This rebuilding will occur against a backdrop of wage growth, consumer confidence and spending in the national economy which should continue to provide a solid foundation for real estate demand in the storm-impacted areas and beyond.”

Serious Delinquency Rate For Home Loans Holds

Data from CoreLogic shows that nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in July 2017. This represents a 0.9 percentage point year-over-year decline in the overall delinquency rate compared with July 2016 when it was 5.5 percent.

As of July 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent, down from 0.9 percent in July 2016 and the lowest since the rate was also 0.7 percent in July 2007.

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Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next.

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The rate for early-stage delinquencies, defined as 30-59 days past due, was 2 percent in July 2017, down slightly from 2.3 percent in July 2016. The share of mortgages that were 60-89 days past due in July 2017 was 0.7 percent, unchanged from July 2016. The serious delinquency rate (90 days or more past due) declined from 2.5 percent in July 2016 to 1.9 percent in July 2017 and remains near the 10-year low of 1.7 percent reached in July 2007. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate.

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“While the U.S. foreclosure rate remains at a 10-year low as of July, the rate across the 100 largest metro areas varies from 0.1 percent in Denver to 2.2 percent in New York,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Likewise, the national serious delinquency rate remains at 1.9 percent, unchanged from June, and when analyzed across the 100 largest metros, rates vary from 0.6 percent in Denver to 4.1 percent in New York.”

Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 0.9 percent in July 2017, down from 1.1 percent in July 2016. By comparison, in January 2007 just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent.

“Even though delinquency rates are lower in most markets compared with a year ago, there are some worrying trends,” said Frank Martell, president and CEO of CoreLogic. “For example, markets affected by the decline in oil production or anemic job creation have seen an increase in defaults. We see this in markets such as Anchorage, Baton Rouge and Lafayette, Louisiana where the serious delinquency rate rose over the last year.”