The CoreLogic Property Tax Estimator will be incorporated into ClosingCorp's SmartFees service
ClosingCorp has announced an integration with CoreLogic through which it will incorporate the CoreLogic Property Tax Estimator into its SmartFees service.
The company said the integration will enhance the accuracy of loan estimates (LE) in the origination process and provide better data to mortgage professionals. ClosingCorp, which provides residential real estate closing cost data and technology for the mortgage and real estate services industries, plans to make the integrated service available by the third quarter.
CoreLogic’s estimator offers comprehensive tax data on a specific property at the county, local, and other taxing agency levels. The tool is effective in estimating taxes in areas of the country that have caps on annual increases for existing homeowners and where the taxes can increase dramatically after a sale or transfer of ownership.
By incorporating these property tax estimates ClosingCorp’s with transfer tax, recording, title, settlement, appraisal, engineering, survey, and other fees early in the process, SmartFees can enable lenders to calculate the impact of property taxes on the borrower’s qualification and ability to repay as well as improve the onboarding process for servicers.
“Delivering estimated property tax is a logical extension of the ClosingCorp data set,” ClosingCorp CEO Bob Jennings said. “This addition to our core solution helps lenders further reduce compliance risk while raising quality, lowering turn times, and bringing efficiency to lenders in generating better disclosures and borrower expectations. It also ensures the borrower will have a much more transparent experience and can feel confident that the LE accurately reflects and sets expectations of actual tax costs, which was the original impetus of our company ten years ago.”
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