Enhancements include new income calculation and analysis, automated asset verification
The AutomatIQ Borrower underwriting solution has been given an upgrade with some significant enhancements.
CoreLogic has announced today (10/25) that the updates mean faster mortgage originations and lower costs for lenders and an improved customer experience.
The features include new income calculation and analysis, automated asset verification and Fannie Mae Day 1 Certainty for verification of employment and income.
“AutomatIQ Borrower is all about flexibility, efficiency and trust,” said Jay Kingsley, executive, Credit and Borrower Solutions for CoreLogic. “We’ve built a comprehensive solution to help our clients accelerate every borrower verification. By eliminating time-consuming manual tasks and automating and standardizing the identity, credit, employment, income and asset verification workflows, we’re helping our clients take time, touch and cost out of every closed loan.”
Automated Income Calculation and Analysis
CoreLogic says that the user interface has been vastly improved, with detailed auditing trails and expanded reporting options.
Lenders are also able to conduct critical applicant income calculations and analysis earlier in the lending process, so that loan officers can reliably validate an applicant’s income during the pre-qualification phase.
Income calculation information can now be easily integrated into a point-of-sale system and the data can be delivered seamlessly to a lender’s loan origination system (LOS). The new application programming interface (API) functionality allows lenders to instantly access updated information throughout the lending process.
Instant Verification of Assets (VOA)
Consumers can now directly connect lenders to their financial institutions for real-time access to the consumer’s account information in an eligible verification report for Fannie Mae’s Desktop Underwriter® (DU®) validation service.
Borrowers can access documents in their mobile or desktop device.
Fannie Mae Desktop Underwriter Validation Service
From next month, CoreLogic will become an Authorized Report Supplier of verification of employment and income reports for the DU validation service.
Each step of the AutomatIQ Borrower VOE/I solution’s waterfall workflow verification – including Instant Verification, Automated Verification and Manual Verification – will be approved.
