Wells Fargo and information services company CoreLogic partnered on real estate tax processing operations to enhance risk management, compliance and customer experiences in the mortgage servicing sector.
CoreLogic will manage real estate tax processing operations services for Wells Fargo Home Lending customers and oversee tax customer service via its Digital Tax Portal in order to drive payment accuracy, CoreLogic said in a news release.
A total of $152 billion in property tax payments were processed through the portal in 2021 and about 80% of U.S. mortgages are serviced by CoreLogic tax solutions, the company’s website shows.
According to CoreLogic, all applicable employees part of Wells Fargo’s real estate tax team have been offered a similar position at CoreLogic.
Wells Fargo Home Lending will transition its existing internal real estate tax processing operations — including most of the employees who are part of that group — to CoreLogic Tax Services, Wells Fargo said in an emailed response.
“We expect that most employees who are part of Wells Fargo Home Lending’s real estate tax services group will have the opportunity to become CoreLogic employees when the work is transitioned or to remain with Wells Fargo in their current or new roles. We can’t speculate about whether some employees may be displaced,” a Wells Fargo spokesperson said.
CoreLogic, owned by private equity firm Stone Point Capital, offers a national database covering real property and mortgage information. The data company’s clients include mortgage lenders, real estate brokers and property management companies.
CoreLogic recently rolled out an augmented reality-based property measuring and sketching tool to create home appraisal reports.
The tool “ScanToSketch” has been used to complete roughly 20,000 property sketches, and its data has been featured in more than 12,000 appraisal reports, according to CoreLogic.
In October, CoreLogic introduced a digital mortgage platform to streamline the mortgage process and improve efficiency for lenders.
The platform integrated digital mortgage tech provider Roostify’s digital mortgage solution with CoreLogic’s property data and workflow capabilities to offer a comprehensive digital mortgage experience.