Irvine, California-based CoreLogic, a comprehensive comprehensive data, analytics, and services provider for the real estate and financial services industries, has launched a new compliance solution designed to offer servicers a more comprehensive way to analyze their mortgage portfolios.
According to an announcement, CoreLogic created the solution as a faster, cheaper, configurable way for servicers to check a number of factors related to a loan's status and viability, including lien status, current equity position, and the borrower's updated credit profile. The result is a platform intended to allow firms to easily render modification and forbearance decisions in a compliant way.
CoreLogic says the new solution is already in use at several large servicers, who have been able to evaluate some of their largest portfolios in one to two business days.
"Large servicers are continually re-evaluating their portfolios to make sure that they are complying with consent orders, national servicing standards and RESPA," said Steve Stein, SVP of market and client strategy and product marketing at CoreLogic. "Our new solution can quickly—and less expensively—help clients identify loans for various types of treatments, including modifications and write-downs, and deliver an updated risk profile at both the portfolio and loan levels."