Executive Conversations is a HousingWire web series that profiles powerful people in the financial industry, highlighting the operations and the people that make this sector tick. In the latest installment, we sit down with Jay Kingsley, executive for credit solutions at CoreLogic, to talk about the disconnect between consumers' desire for a digital mortgage and the manual processes involved in underwriting — something CoreLogic is addressing with its AutomatIQ Borrower solution. 

Q. What is AutomatIQ Borrower and how does it differ from other underwriting solutions in the market? 

CoreLogicA. Much of the recent excitement and innovation around mortgage underwriting solutions has been focused on new front-end point of sale solutions designed to address the consumer's pain points in applying for a mortgage. These efforts have energized our industry around the concept of a digital mortgage and told consumers that getting a mortgage is simple, fast and easy, even though that’s not always the case.

Lost in all the excitement, however, is the disconnect between the digital consumer experience and the more fragmented, manual processes that continue to slow down and increase underwriting costs. While many investments are being made in pursuit of a digital mortgage, many complex and manual underwriting processes remain.

And that's where AutomatIQ Borrower comes in. By pulling all the disparate borrower underwriting tools together into one integrated solution delivered from one provider, AutomatIQ Borrower helps lenders streamline their current mortgage workflows by digitizing, standardizing and automating borrower analysis and underwriting. AutomatIQ Borrower helps increase underwriter productivity and overall loan quality while reducing origination costs and time.

Q. What problem does AutomatIQ Borrower solve for your clients?

A. When we ask our clients to describe their toughest challenges, we consistently hear two things: one, it takes longer than ever before to underwrite a borrower and two, the cost to originate a loan is higher than it’s ever been. So that’s where we set our sights. By digitizing, automating and streamlining the underwriting workflow, AutomatIQ Borrower is specifically designed to accelerate existing processes and reduce our lenders’ origination costs.

Q. Ok, but specifically, how does AutomatIQ Borrower accelerate existing processes and reduce origination costs?

A. As I mentioned a moment ago, the current borrower underwriting workflows are often fragmented and highly manual. Lenders are forced to rely on multiple vendors to deliver disjointed point products that don’t necessarily work together. AutomatIQ Borrower, on the other hand, takes those serial point products – income verification, employment verification, asset verification, income calculation etc. – and provides them into a single integrated solution from one trusted provider. It really takes what today is a disconnected process and turns it into a solution lenders can trust.

Bottom line, by automating and streamlining a loan officer’s workflow, a processor’s workflow, and an underwriter’s workflow, AutomatIQ Borrower helps increases their productivity and helps lenders drive origination costs down.

Q. Right, but lots of companies are racing to deliver the types of solutions that will help lenders create truly digital mortgages. How is CoreLogic uniquely positioned to deliver this solution?

A. CoreLogic provides connectivity across the mortgage ecosystem and has been a trusted provider of mortgage lending solutions by the nation’s top lenders for many years. Whether it’s our leading position in 4506-T or as a Tri-Merge Credit Report provider, or our innovations in borrower income calculation with FactCheck, we are already providing underwriting solutions to large and small lenders across the ecosystem. And now we can provide a more complete and integrated solution to these same lenders and help them address their top challenges – reducing origination costs and their time to close.

Q. What has been the reaction from clients (or marketplace)?

A. The reaction from our clients and prospects has been really positive. Many have said this directly addresses the pain points they are experiencing in terms of costs, efficiency and trust in their underwriting process. And we are really excited to continue to get that feedback as our roadmap evolves and we continue to automate more and more of the underwriting process.

Watch Jay Kingsley explain more about AutomatIQ Borrower here.