Current mortgage origination processes require several property tax procurement points before the closing of a purchase in order to satisfy regulatory requirements and homeowner information.
Unfortunately, many loan processors and underwriters perform these procurement activities through non-standard processes and databases, which may result in quality issues that create closing delays, loss of business, loss of productivity and homeowner dissatisfaction before and after loan closings.
CoreLogic recognized the need for a higher standardization process to acquire tax information prior to loan closings and developed Property Tax Estimator. The product enables the instantaneous procurement of property tax information for any new or existing property via XML call.
“With our unmatched access to data and proprietary estimation algorithms, we can deliver a 100% standard solution for use by loan origination officers and underwriters at any point during the closing process,” said Dominique Lalisse, principal of product management at CoreLogic.
The solution helps lenders streamline the closing process while managing client expectations by combining up-to-date tax information with the company’s proprietary estimation engine.
Property Tax Estimator delivers a comprehensive view of real property tax information for any specific address and even for new construction loans, increasing production for lenders.
“The key benefit of Property Tax Estimator is accuracy,” said Nancy Langer, executive of real estate tax and payment solutions at CoreLogic. “Clients appreciate the level of accuracy as it helps to ensure downstream efficiencies by starting the process with correct data.”
Loan officers can rely on the Property Tax Estimator to educate the borrower on property taxes and maintain transparency between the two parties.
But the product is not limited to these two audiences. In addition to loan originators, Property Tax Estimator assists Realtors, loan underwriting officers, closing agents, investors and servicing teams.
“Each group can leverage a standard, independent source of information to help calculate and prepare property tax estimates throughout the loan origination process,” said Langer.
The product brings the full value and capabilities of CoreLogic data in an Electronic Data Interchange (EDI) solution with an option to integrate with the lender’s system.
By facilitating the delivery of highly accurate data before closing, CoreLogic helps increase the accuracy of both the Loan Estimate and loan underwriting. This improved accuracy helps increase the quality of the closing and servicing experience.
PRODUCT: Property Tax Estimator
SNAPSHOT: Property Tax Estimator is a transaction-based product enabling lenders to instantly access comprehensive real property tax information for a specific property address at the time of loan application. It also allows lenders to monitor tax information throughout the origination process.