Digital mortgage solution increases lender workflow efficiencies and delivers more consistent income calculations in a fraction of the time
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today 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.
“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.”
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.
“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.”
CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit corelogic.wpengine.com.
CORELOGIC, and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
Stearns Lending is the preeminent independent mortgage company with a unique strategy of investing in, building, and supporting great mortgage businesses. For 30 years, the Stearns platform has provided services in Wholesale, Retail, Joint Venture, and Private Label sectors throughout the United States, where licenses are held. In January 2021, Stearns Holdings, LLC announced it has entered into a definitive agreement to be acquired by Guaranteed Rate, one of America’s largest retail mortgage lenders. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2021.
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single-Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC, is located at 401 E. Corporate Drive, Suite 150, Lewisville, TX 75057. Company NMLS# 1854.