PanoramIQ replaces “outdated” systems for lenders, mortgage pros
The often time-consuming process of collating property data has been given a modern makeover.
CoreLogic has announced a new product called PanoramIQ which, as the name suggests, aims to provide an all-round view of thousands of disparate property data sets, both public and proprietary.
Combined with machine learning and advanced analytics, the product enables lenders, mortgage professionals, and government entities to access deep, complete, and accurate property insights.
“PanoramIQ brings a more complete and reliable source of property intelligence that fills gaps found in the traditional outdated systems.,” said Shaleen Khatod, executive, data and advisory solutions at CoreLogic. “As mortgage and refinance volumes continue to decrease, it’s important for those in the mortgage industry to have instant and reliable information on a property so they can identify high-quality leads and make timely and competitive underwriting decisions.”
Data gaps
The use of both public and proprietary datasets is important as the firm’s research shows that 27% of public property records nationally have gaps within public-record data. And 18% of property records nationally have data attributes that CoreLogic identifies as more accurate than public record alone.
“When information on a property isn’t reported accurately, it can have costly effects for those involved in the process. For those responsible for mortgage portfolios, an error in data reporting can lead to poor lending decisions or missed opportunities,” said Sherrie Clevenger, principal, product management at CoreLogic. “PanoramIQ is designed to turn data points into sales, change how property data is analyzed and improve decision making. It’s about changing the way property data is analyzed, so we can help lessen the amount of errors and build trust back into the system.”
