Even as lenders make significant investments in new technology and digital infrastructure, they continue to struggle with increasing costs per loan and time-to-close metrics. With AutomatIQ Borrower, CoreLogic recognized an opportunity to reverse these trends while also helping lenders improve their user experience.
In creating its AutomatIQ Borrower solution, CoreLogic aimed to provide one consistent, objective and transparent workflow that lenders could leverage to validate applicants from pre-qualification to closing.
AutomatIQ Borrower takes the current underwriting process – characterized by the ordering of point products in a rigid, step-by-step workflow – and reimagines it with a holistic digitized, automated and streamlined process. Automation and standardization are key components. By reducing manual work and running standardized workflows, human error and compliance risk are minimized.
Users appreciate that the income, asset and employment verification processes are simple to use, easy to understand and intuitively designed. For example, the automated Income Analysis solution features simple inputs that automatically extract borrower income data and processes it using GSE, FHA and Ability-to-Repay guidelines, as well as a lender’s own unique underwriting guidelines. Its intelligent interface allows users to easily update income calculations, note exceptions and document changes, and its AI functionality automatically flags new sources of potential income and identifies missing documents.
CoreLogic clients have praised the accuracy of AutomatIQ Borrower’s automated income analysis, with one user noting “how clever it is at analyzing the borrower’s data and identifying potential new income sources” on its own. And by moving the borrower analysis earlier in the underwriting process, AutomatIQ Borrower helps increase loan officer, processor and underwriter productivity, as well as overall loan quality.
Unlike other digital underwriting solutions, AutomatIQ Borrower is designed to help lenders accelerate ALL of the loans in their pipelines – not just the “easy ones” that can be verified digitally.
“It turns out this capability is pretty important to our clients,” said Keri Kramers-Dove, executive of Product Management for CoreLogic. “For example, like other providers, we offer instant employment verification. Unfortunately, 50% to 60% of a lender’s applicants cannot have their employment verified instantly – the borrowers are not in the system. As a result, many of our competitors stop here. But we don’t. We offer an integrated manual verification of employment option that automatically cascades, allowing us to verify every borrower, every time. And it’s Day 1 Certainty approved.”
AutomatIQ Borrower complements another CoreLogic solution called AutomatIQ Collateral, which provides lenders with all the collateral data and analytics they need to determine property ownership, value, condition and hazards.
Both are part of CoreLogic’s expanding AutomatIQ Suite of Digital Mortgage Solutions, which draws on the depth and breadth of CoreLogic’s data assets and analytic resources to unite separate borrower and collateral verification point products into one integrated and automated solution. With AutomatIQ Borrower, lenders can originate loans faster, with fewer steps and at a lower cost – all while improving quality and the user experience.
PRODUCT: AutomatIQ Borrower
SNAPSHOT: AutomatIQ Borrower helps lenders take time, touch and cost out of their underwriting workflows by streamlining the borrower validation steps from start to finish. Lenders are able to quickly and efficiently verify, identity, credit, employment, income and assets via a digitized, automated and standardized workflow.