CoreLogic announced last week the launch of a title and closing product, a digital platform designed to help lenders by automating dozens of manual steps.
It’s another push by CoreLogic toward an end-to-end digital mortgage workflow, and to simplify the entire collateral underwriting process.
Typically, underwriting takes hours of manual document processing with dozens of steps. Most lenders have paid teams of employees to review these documents and then re-type this title information into their loan origination systems.
“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,” said Glen Evans, CoreLogic executive of collateral technology solutions.
Evans said CoreLogic is grouping its title and closing system into Complete Collateral, the company’s analytics platform that streamlines collateral underwriting workflows through automation.
Here’s what lenders should look for in a title provider
HousingWire recently spoke with Susan Falsetti, managing director of Origination Title and Close at ServiceLink, about the state of the title industry.
Presented by: ServiceLink
Complete Collateral also includes the company’s Universal Title Data Structure (UTDS), which 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,” Evans said.
There’s been quite a bit of buzz on CoreLogic on late. CoStar Group made an offer to acquire the company last week for $95.76 a share, roughly 20% higher than the accepted offer Stone Point Capital and Insight Partners made earlier this month. By bidding over $95 a share, CoStar’s offer would value CoreLogic at $6.9 billion.
Under the terms of CoStar’s latest proposal, CoreLogic shareholders would receive 0.1019 shares of CoStar in exchange for each share of CoreLogic stock, representing a value of $95.76, Bloomberg reported.
CoreLogic could still remain independent, of course. Since last summer, the company has been fighting a public battle with investors who jointly own or have an economic interest equivalent to approximately 15% of CoreLogic’s outstanding common stock.
