Despite significant technology investments, it actually takes longer and costs lenders more to originate a loan today than it did 10 years ago. AutomatIQ Collateral from CoreLogic helps lenders reverse these trends by delivering the data and analytics they need to validate property ownership, value, condition and hazards on one platform.
AutomatIQ Collateral, part of CoreLogic’s AutomatIQ Suite of Digital Mortgage Solutions, serves as a single point of access for crucial property underwriting data. The solution provides lenders with powerful collateral review tools and comprehensive property profiles that deliver critical decisioning information for underwriters, yielding faster decisions and greater confidence in outcomes.
Integrated and Intelligent Collateral Underwriting
AutomatIQ Collateral is a single underwriting system built on automation and analytics and powered by the industry’s most reliable and current collateral data and insights. The solution contains everything needed to make a collateral underwriting decision, with property profiles that turn complex valuation reviews into more focused tasks, powering more efficient underwriting reviews.
By applying intelligent automated workflow rules, AutomatIQ Collateral brings structure to what has traditionally been an unstructured process.
The system helps underwriters identify and fast-track their verifications of low-risk properties, enabling them to focus their resources more efficiently, leading to accelerated workflows and reduced costs.
At the same time, it alerts lenders to higher-risk properties and potential red flags earlier in the process. AutomatIQ Collateral helps lenders simplify their origination workflows, reduce their costs to close and improve their overall loan quality.
Users benefit from earlier indications and analysis of potential “red flags,” a variety of value analytics and real-time natural hazard information that impacts closings and their broader loan portfolios. The platform’s workflows can be configured to GSE requirements or any investor’s guidelines.
Powerful System Enhancements: Title and Payment Services
Recently, the CoreLogic Team implemented two significant solution enhancements to AutomatIQ Collateral: Title Services and Payment Services.
AutomatIQ Collateral’s new Title functionality integrates a lender’s title workflow on the same platform that they currently manage their collateral and valuation workflows. This seamless integration allows clients to merge what has traditionally been two separate processes requiring multiple portals and vendors into a single comprehensive collateral underwriting management workflow – accelerating the review process and simplifying their reporting needs.
The AutomatIQ Collateral payment functionality represents an elegant new solution at a critical relationship touchpoint. By allowing lenders and borrowers to make order-level, exception-based payments directly on the platform, the new functionality accommodates all transactional payment needs, including accepting digital borrower payments, generating invoices and disbursing appraisal fees via direct deposit. This comprehensive payment solution automates manual tasks and helps simplify accounting workflows, improving the overall user experience for all parties involved.
Implementation of AutomatIQ Collateral is simple. The solution is built on a platform that is integrated with all the major third-party loan origination systems, including direct integration with some of the nation’s largest LOS options.
Sage Nichols, Executive of Client and Business Development, CoreLogic Collateral Technology:
Nichols is responsible for driving organic revenue growth and thought leadership for the collateral platform technology sales team at CoreLogic.