CoreLogic Launches New Digital Title and Closing Solution
February 24, 2021
CoreLogic launched a new digital title and closing solution to deliver a single, end-to-end digital mortgage workflow.
With the solution, CoreLogic said it can help lenders accelerate their existing title processes by automating dozens of manual steps.
Traditionally, mortgage lenders have had to manually re-key dozens of separate pieces of property information from PDF copies of title documents prior to closing a loan. Most lenders have paid teams of employees to review these documents and then re-type this title information into their loan origination systems (LOS). These manual processes are time-consuming, subject to data-entry errors and potential security concerns.
Recognizing an opportunity for process improvement, CoreLogic developed the Universal Title Data Structure (UTDS) to source this data directly from the title agent’s production software in a standard, consistent format. The UTDS 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 securely from the title provider to the lender’s LOS through CoreLogic’s platforms. The solution tracks and securely transmits all title order details, replacing phone calls, faxes, and e-mail with an organized and centralized communication platform, according to CoreLogic.
“Our clients have been blown away by the efficiencies this solution delivers,” said Glen Evans, executive of collateral technology solutions at CoreLogic. “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. CoreLogic’s new Title and Closing Solution represents a major step on our journey toward Complete Collateral, CoreLogic’s drive to simplify the mortgage origination process by seamlessly orchestrating all of the collateral data and analytics needed to validate a property’s value, title, condition and hazard risks in one automated workflow platform.”
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