New CoreLogic tool automates the decision-making in loan mods
Analytics firm CoreLogic (CLGX) rolled out IntelliMods Thursday, a new Web-based application that aims to expedite the loan modification decision-making process. CoreLogic says the tool allows servicers to bypass manual loan modification calculations by submitting borrower profiles through IntelliMods, which is designed to determine a borrower's loan modification eligibility. CoreLogic touts the tool as one that "allows clients to build unlimited sets of investor and servicer-specific cascades." The application can process a single loan or a batch of loans at the same time, CoreLogic said. The tool takes into account government regulations and provisions related to loan modifications. The application is rolling out at a time when government officials are pushing for more loan modifications nationwide. "Although servicers offered more than 1.7 million HAMP (Home Affordable Modification Program) trial modifications in 2010, there are still millions of loans more than 90 days delinquent," said Scott Brinkley, senior vice president of outsourcing and technology solutions for CoreLogic. "As regulatory pressures and 'second look' reviews continue to increase, there is still a significant need to speed the loan modification process and an even greater need to provide audible, defensible decisioning." Some 11.1 million residential properties, or 23.1% of all U.S. homes, were in negative equity at Dec. 31, up from 10.8 million, or 22.5%, the prior quarter, according to CoreLogic data. Write to Kerri Panchuk.