""CoreLogic"":http://www.corelogic.com/, a Santa Ana, California-based provider of information, analytics, and business services, announced[IMAGE]
Tuesday the availability of WillCap, a new decisioning system that has the ability to predict distressed borrowers' willingness and capacity to make their mortgage payments, thus giving investors and servicers the ability to make more strategic loan modification, short sale, and liquidation decisions at both a loan and portfolio level.
""WillCap brings objectivity, transparency, and predictability to loss mitigation and default management,"" said George Livermore, group executive for data and analytics at CoreLogic. ""Servicers and investors can use this new solution to craft workable distressed loan treatments that can increase loan modification success, while significantly reducing losses.""
According to CoreLogic, WillCap is driven by innovative, behavioral technology that combines consumer credit,[COLUMN_BREAK]
property information, loan product information, and in-depth local real estate market information at the borrower level across a multi-million borrower database.
This technology, which is proprietary to the company, aims to provide deep insights to the drivers of borrower behavior by giving the user an information-rich, holistic view of the borrower and their individual circumstance, CoreLogic explained. The company said the use of this system allows a holder of distressed mortgages to craft loan treatment strategies to maximize both loan value and borrower retention.
CoreLogic said WillCap, which is already in use with several leading institutions, has a wide range of functions, ranging from distressed loan treatment and loan surveillance to loss forecasting and even portfolio-level loan-treatment strategy development.
According to the company, using this platform gives mortgage holders a variety of tools, including the ability to reduce defaults, including strategic defaults; determine where, when, and why to discount principal; increase borrower retention through loan modification; boost net returns on asset disposition; and promote credibility with regulators and other government-related entities.
WillCap was developed after an extensive review of more than 5 million loans, including more than 1.2 million loans that had been the subject to some form of treatment, such as a loan modification, short sale, or foreclosure. The system is offered as an application service provider service complemented by CoreLogic professional services.