CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today launched FactCheck, the mortgage industry’s most complete income calculation and analysis solution. Designed to automate, streamline and standardize the entire income calculation and analysis process, FactCheck delivers more consistent results in a fraction of the time spent with traditional income calculation methods.
“FactCheck brings simplicity and consistency to a convoluted process,” said Barry Sando, managing director, Underwriting & Workflow Solutions for CoreLogic. “Calculating a borrower’s income has traditionally been a manual, time-consuming task characterized by inefficient processes and inconsistent results, leading to overly complex and drawn out experiences for both lender and borrower. With FactCheck, the income calculation and analysis of mortgage applicants is streamlined, standardized and automated, resulting in more accurate income calculations, reduced risk for the lender and a quicker time to close.”
FactCheck extracts borrower income data directly from source images and data sets. Once extracted, FactCheck automatically processes the borrower’s income information via a customizable rules engine, and allows underwriters to easily update calculations, document exceptions and track changes using a transparent audit log. The solution’s Document Inventory tool automatically identifies missing documents, and the Income Finder tool automatically flags potential sources of new income. By leveraging a fixed set of rules in a repeatable, automated process, FactCheck ensures that teams of underwriters are evaluating income the same way every time, increasing efficiencies and helping reduce compliance and buy-back risks.
“FactCheck improves the income analysis and calculation tasks for everyone involved – from loan officers and processors to underwriters, quality assurance and risk managers. It’s a solution that can add value across the entire mortgage underwriting chain,” said Sando. “And best of all, FactCheck is easy to implement and doesn’t require any IT resources. Users can be up and running the same day they sign up.”
For more information about FactCheck, visit www.corelogic.com/products/factcheck.aspx.
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 and 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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