CoreLogic Debuts Third-Party Originator Portal Providing Bulk Loan Capabilities for Enterprise Lending Systems
October 22, 2012, Irvine, Calif. –
—New Technology Enables Integration of Compliance and Validation Controls and Allows Real-Time Originator-to-Lender Interaction—
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today announced the release of its Third-Party Originator (TPO) portal, developed by CoreLogic Dorado. Using this online loan processing system, correspondent clients and wholesale brokers can upload and lock multiple loans in a bulk transmission to an enterprise lending system (ELS) and then monitor those loans for conditions and approvals. TPO portal was designed as an interactive module to be used with the existing ChannelMaster® Enterprise Lending System (ELS). The enhanced technology also adapts to any existing ELS.
The TPO portal also allows clients to add information including documents needed to validate loan program eligibility and pricing, view a loan’s pricing history and refresh loan data. Once loans are submitted, TPO Portal helps users manage the loan pipeline and resolve open conditions. Checklists can be created to verify loans and to generate conditions when a loan shows a failed checklist item. The technology delivers integrated validation and compliance controls, and allows full visibility to expedite loans through the system before locks expire.
“TPO Portal is all about speed,” said Rob Carpenter, vice president of technology for CoreLogic Dorado. “While it’s not possible to fully automate third-party lending, this is a new technology providing an unprecedented level of efficiency and convenience. TPO Portal’s intuitive and simplified communication tools provide a top-down view of traffic, down to the loan-detail level. By increasing oversight and control, more loans can quickly move through the system.”
ChannelMaster ELS, first introduced in 2005, streamlines the way correspondent lenders manage loans as they travel through the pipeline from lead to funding. By organizing loans in a central hub, ChannelMaster ELS allows loan agents, processors, underwriters, closers, funders and others involved in the mortgage origination process to work on multiple loan files at the same time. The system also features intuitive origination lifecycle recognition ability, ensuring the processor completes required actions first and prevents noncritical actions from causing a loan to stall. This extends the reach of the workflow to streamline delivery for third parties.
“Historically, mortgage loan origination was anything but simple,” said Dino Lack, senior director, Product Management. “The process was often disjointed and inconsistent, with limited loan workflow transparency. TPO portal takes existing origination technology to another level, particularly when used in tandem with ChannelMaster ELS. No other product in this industry offers such a clean user self-service capability.”
Rollout of TPO portal is already underway with select CoreLogic Dorado clients, including Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank.
“We plan to use TPO portal as part of a new and improved processing solution for our broker and correspondent lending channels,” said Bob Lewis, president, Fifth Third Mortgage Company. “This technology will be instrumental in achieving our growth goals with clients in this channel.”
Additional ChannelMaster ELS Third-Party Lending modules are scheduled to be released in late 2012 and early 2013. For more information about the CoreLogic Third-Party Originator portal, visit www.corelogic.com/dorado/tpoportal.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Irvine, Calif., has approximately 5,000 employees globally. For more information, visit www.corelogic.com.
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