Stearns Lending Selects CoreLogic to Accelerate Borrower Income Calculation and Analysis
Digital Mortgage Solution Increases Lender Workflow Efficiencies and Delivers More Consistent Income Calculations in a Fraction of the Time
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, announced that Stearns Lending, LLC, a leading independent mortgage bank, has successfully integrated CoreLogic’s income calculation and analysis solution. Stearns adopted the innovative solution to specifically help their teams of underwriters and loan officers automate, streamline and standardize existing mortgage origination workflows at scale — ultimately accelerating their processes, improving the customer experience and reducing their cost per loan.
“CoreLogic is grateful to work with forward-thinking companies like Stearns”
“The direct integration of CoreLogic’s digital mortgage solution into our LOS will create efficiencies for our underwriters and will support a consistent calculation of more complex incomes that will lower our overall risk with investors,” said Allyson Knudsen, Chief Risk Officer, Stearns. “At Stearns, our mission is to help our loan officers, underwriters and borrowers be successful. Our focus on improving the income calculation and analysis workflow had that objective in mind. We are happy to be working closely with CoreLogic to make this an integral part of our loan origination process, demonstrating our commitment to ensuring their success, as we incorporate the most innovative tools at our disposal.”
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CoreLogic’s income calculation and analysis solution features two customized view settings—one for loan officers and another for underwriters—providing different levels of detail to make it easier to guide the borrower through the process of qualifying income and perfecting documents. Loan officers are able to access reliable income calculations sooner in the process, reducing costly applicant fallout at later stages. As for underwriters, it automates and standardizes the income analysis process, delivering faster and more consistent income calculations across underwriting teams.
In addition, it automatically tracks all income exceptions and comments with its comprehensive audit trail, producing an investor-ready summary document that details all borrower income sources, calculations and underwriter rationales for each loan file.
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“CoreLogic is grateful to work with forward-thinking companies like Stearns,” said Jay Kingsley, executive for Credit Solutions at CoreLogic. “We believe that the automation, digitization and GSE acceptance of our digital mortgage solutions is critical to helping our clients reduce their origination time, touch and costs–while delivering the peace of mind that comes with rep and warrant relief.”
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