Global property information, analytics and data-enabled solutions provider CoreLogic announced it has launched FactCheck, a new income calculation and analysis solution.
According to CoreLogic, FactCheck is the mortgage industry’s most complete income calculation and analysis solution. The solution is designed to automate, streamline and standardize the entire income calculation and analysis process, the company said in a press release, adding that the solution delivers more consistent results in a fraction of the time spent with traditional income calculation methods.
“FactCheck brings simplicity and consistency to a convoluted process,” said Barry Sando, managing director of underwriting and workflow solutions for CoreLogic. “Calculating a borrower’s income has traditionally been a manual, time-consuming task characterized by inefficient processes and inconsistent results, leading to overly complex and drawn out experiences for both lender and borrower. With FactCheck, the income calculation and analysis of mortgage applicants is streamlined, standardized and automated, resulting in more accurate income calculations, reduced risk for the lender and a quicker time to close.”
So how does it work? In its press release, CoreLogic explained that FactCheck extracts the borrower’s income data directly from source images and data sets. Once extracted, FactCheck automatically processes the borrower’s income information through a customizable rules engine and allows underwriters to easily update calculations, document exceptions and track changes using a transparent audit log.
The company explained that FactCheck features a Document Inventory tool which identifies missing documents, as well as an Income Finder tool, which 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, the company said in its press release.
“FactCheck improves the income analysis and calculation tasks for everyone involved – from loan officers and processors to underwriters, quality assurance and risk managers. It’s a solution that can add value across the entire mortgage underwriting chain,” said Sando. “And best of all, FactCheck is easy to implement and doesn’t require any IT resources. Users can be up and running the same day they sign up.”