CoreLogic, an analytics solutions provider and a 2018 HousingWire Tech100 winner, recently announced it launched phase one of its new underwriting solution designed to help lenders streamline their current mortgage workflows.
The tool, AutomatIQ Borrower, is the first offering from the new AutomatIQ Suite of Digital Mortgage Solutions from the company.
AutomatIQ Borrower will digitize, standardize and automate borrower analysis and verification, pulling borrower verification tools together into one integrated solution delivered from a single provider, according to the company.
“Despite some recent notable improvements in consumer-facing point-of-sale solutions, underwriters are essentially following the same manual processes that they’ve followed for years," CoreLogic Credit Solutions Executive Jay Kingsley said. “Based on our industry-leading data resources and analytics expertise, CoreLogic is uniquely positioned to deliver this comprehensive digital underwriting solution that lenders need.”
AutomatIQ Borrower utilizes FactCheck, an income calculation solution, to eliminate time-consuming manual tasks and workflow redundancies, enabling lenders to conduct reliable borrower analysis earlier in the process.
“With regulatory changes, compliance requirements, competitive pressures and workflow complexity, it costs three times more to originate a loan than it did 10 years ago – and it takes longer,” Kingsley stated. “It’s about more than turning paper into data points. It’s about reimagining how a mortgage is manufactured and building confidence back into the underwriting ecosystem.”
The solution will overall help increase underwriter productivity and loan quality, reducing origination costs and time and increasing trust at each step of the borrower underwriting workflow, according to the company.
Earlier this month, the company also launched Property Tax Estimator, 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.