CoreLogic Introduces Property Tax Estimator
Email Dan Smith
March 01, 2017, Irvine, Calif. –
—First Comprehensive Automated Source of Property Tax Estimates Improves Accuracy of Disclosures and Underwriting While Lowering Costs—
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced the availability of Property Tax Estimator, an automated solution designed to improve the accuracy of loan estimates (LEs) in the origination process, and to provide better data to underwriters and servicers. The solution is particularly effective in estimating taxes for new construction loans and in areas of the country that have caps on annual increases for existing homeowners, and where the taxes can increase dramatically after a sale or transfer of ownership.
Property Tax Estimator is designed to significantly increase the accuracy of LEs, reducing compliance risk and improving the customer experience. By delivering highly accurate tax data early in the process, Property Tax Estimator also helps underwriters qualify the borrower’s ability to financially support all mortgage costs, and improves the onboarding process for servicers. Additionally, it eliminates the need for any specialized skills required for data procurement and provides a consistent workflow process no matter the property, exemption status, county exception complexity, and loan officer tenure.
Today, underwriters and processors are spending time offline contacting local counties to determine tax estimates, calculations that can be streamlined to two minutes or less by Property Tax Estimator.
“The tax estimating process is critical to several stages of the mortgage cycle: disclosures, underwriting and servicing. Accurate tax estimates help deliver the right blend of quality, performance and efficiency required for optimizing the borrower experience while minimizing compliance risk,” said Kirk Randlett, vice president, Tax Service Operations at CoreLogic. “Property Tax Estimator brings the full value of CoreLogic data capabilities in an Electronic Data Interchange solution that can be integrated with a lender’s system.”
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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