CoreLogic Launches New Digital Title and Closing Solution
Industry-first solution helps mortgage lenders save time and reduce costs by eliminating time-consuming manual title processes
CoreLogic, a leading global property information, analytics and data-enabled services provider, announced the launch of its new digital Title and Closing Solution. This launch represents CoreLogic’s latest enhancement to Complete Collateral™, the company’s drive to deliver a single, end-to-end digital mortgage workflow to simplify, streamline, and orchestrate the entire collateral underwriting process. With its new digital Title and Closing Solution, CoreLogic is able to help lenders accelerate their existing title processes by automating dozens of manual steps – delivering a faster, less costly and more reliable origination workflow.
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Traditionally, mortgage lenders have had to manually re-key dozens of separate pieces of property information from PDF copies of title documents prior to closing a loan. Most lenders have paid teams of employees to review these documents and then re-type this title information into their loan origination systems (LOS). These manual processes are time-consuming, subject to data-entry errors and potential security concerns – all of which can delay a borrower’s closing date.
Recognizing a tremendous opportunity for process improvement, CoreLogic developed the mortgage industry’s first Universal Title Data Structure (UTDS) to source this data directly from the title agent’s production software in a standard, consistent format. The UTDS automatically digitizes, organizes and transmits over 350 individual data elements from title commitments, tax certificates, major endorsements and property reports. Rather than being locked in flat PDF documents, the UTDS releases the title data so that it can flow instantly and securely from the title provider directly to the lender’s LOS through CoreLogic’s Collateral Technology platforms. In this way, CoreLogic’s new Title and Closing Solution efficiently tracks and securely transmits all title order details instantly, replacing phone calls, faxes, and e-mail with an organized and centralized communication platform. By simplifying and accelerating the collateral underwriting process, CoreLogic’s new Title and Closing Solution also works to reduce potential wire fraud – and ultimately enhances the consumer homebuying experience.
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“Our clients have been blown away by the efficiencies this solution delivers,” said Glen Evans, Executive of Collateral Technology Solutions at CoreLogic. “By completely automating these manual processes, we are able to take significant time, touch and cost out of our clients’ workflows, and help them deliver an improved borrower experience. CoreLogic’s new Title and Closing Solution represents a major step on our journey toward Complete Collateral, CoreLogic’s drive to simplify the mortgage origination process by seamlessly orchestrating all of the collateral data and analytics needed to validate a property’s value, title, condition and hazard risks in one automated workflow platform.”