CoreLogic Technology Automates Loan Mod Decisions and Fulfillment

""CoreLogic"":http://www.corelogic.com introduced its newest technology solution, ""IntelliMods"":http://www.corelogic.com/intellimods, to the market Thursday.
[IMAGE] The California-based analytics and business services firm says the new Web-based application will allow users to put more distressed homeowners into modified loans by automating decisions and fulfillment for both government and private investor programs.

CoreLogic explained that qualification cascades and parameters for the Home Affordable Modification Program (HAMP), as well as Fannie Mae and Freddie Mac's mod programs are embedded within the IntelliMods system. It automatically runs the necessary calculations to determine borrowers' loan modification eligibility and provides an audit trail of all decisions.

In addition, the application allows clients to build unlimited sets of investor and servicer-specific cascades. These cascades can be linked to flow from one waterfall to the next until modification terms are met or retention options are exhausted.

IntelliMods enables servicers to eliminate time-consuming manual calculations and allows them to process single loans or batch upload hundreds at a time, according to a statement from CoreLogic.

The company explained, once the user selects the modification profile (term extension, rate, or principal reduction), the application runs the loan or loans through the selected cascade, and delivers a decision within seconds.

[COLUMN_BREAK]

Once the decision is approved by the user, IntelliMods instantly generates the appropriate modification package, which can be sent to the servicer's production house for printing, assembly, and shipping or directly to FedEx for printing and overnight delivery to the borrower.

The system's FedEx option includes a pre-paid return envelope and incorporates the outbound and inbound tracking numbers into IntelliMods, allowing servicers to track the package process through recordation.

""Although servicers offered more than 1.7 million HAMP trial modifications in 2010, there are still millions of loans more than 90 days delinquent,"" said Scott Brinkley, CoreLogic's SVP of Outsourcing and Technology Solutions (OTS). ""As regulatory pressures and ‘second look' reviews continue to increase, there is still a significant need to speed the loan modification process and an even greater need to provide auditable, defensible decisioning.""

As a hosted, Web-based system, CoreLogic says IntelliMods requires minimal IT resource implementation. It is continually updated with the latest government program criteria, and records and maintains full audit trail data, including date, time, and name of user connected with each action and decision.

Internal quality control and regulatory compliance no longer require complex routines or time-consuming research - everything reviewers need is ready for immediate retrieval from the IntelliMods system, CoreLogic explained.

Sapan Bafna, OTS director responsible for IntelliMods at CoreLogic added, ""Servicers explained to us they needed better automation and workflow tools to handle demand. IntelliMods provides incredible lift to overburdened loan modification efforts by eliminating manual processes - with the added benefit of integrated document generation, delivery, and tracking.""

Bafna says IntelliMods can also be combined with other CoreLogic services - such as borrower outreach, data validation and augmentation, and recordation - to round out a servicer's loan modification solution.