The mortgage experience can be complex and time-consuming, and the smallest of errors could drastically impede the process. This clear need for a comprehensive suite of solutions that address collateral needs and streamline efficiency prompted CoreLogic to create Complete Collateral.
Complete Collateral, part of CoreLogic’s suite of Digital Mortgage Solutions, represents the realization that over the last few years the industry is moving at a pace that far exceeds minor improvements, or even significant improvements. It requires major improvements, reconsidering everything about the appraisal, title and hazard that goes into collateral underwriting and that’s where Complete Collateral comes in.
Complete Collateral serves as a single point of access for crucial property underwriting data. The solution allows users to only work on items that need a human to review and use data to automate everything that doesn’t.
This single underwriting system is built on automation and analytics and powered by the industry’s most reliable and current collateral data and insights. Complete Collateral 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.
Lenders need the ability to identify issues that can create risk and impact closing earlier in the process for a property, such as “red flag” title matters, valuation concerns, or even real-time natural hazard issues.
By flagging potential issues on the front end, lenders can reduce last-minute surprises and decrease the time to close. Leveraging the data allows lenders to increase automation and reduce costs while increasing consistency and quality. By applying intelligent automated workflow rules, Complete Collateral brings structure to what has traditionally been an unstructured process.
Complete Collateral simplifies the mortgage experience with data-enabled, exception-based underwriting workflow technology. By driving efficiency, this solution ensures housing professionals have more time to focus on other tasks, allowing a quicker turnaround in appraisal reviews and sign-offs.
It also helps underwriters identify and fast-track their verification of low-risk properties, enabling them to focus their resources more efficiently, leading to accelerated workflows and reduced costs.
While most underwriters can get through one or two loan files per day, after implementing Complete Collateral, clients have reported that their productivity has doubled so that their underwriters can complete three to four loans in a single day.
Additionally, Complete Collateral alerts lenders to higher-risk properties and potential red flags earlier in the appraisal process, which helps simplify origination workflows, reduce costs to close and improve overall loan quality.
Complete Collateral delivers the data and analytics lending clients need to validate property ownership, value, condition and hazards all on one platform. It not only saves them time but increases transparency at every touchpoint in the loan origination process, helping them build trust with the borrower. With this solution, housing professionals can centralize all collateral-related data needed to automate the decision-making process.
Product Snapshot: Complete Collateral provides lenders with the tools to deliver critical decisioning information for underwriters, creating faster decisions and greater confidence in outcomes.