Kirk Randlett tells MPA why tax data is so crucial
With its Property Tax Estimator, CoreLogic offers the mortgage industry comprehensive real estate property tax data that helps lenders improve the closing process and the borrower experience. Kirk Randlett, a senior leader at CoreLogic, sat down with MPA to talk about recent developments at the company and how its tax estimators are helping the industry.
MPA: What’s new at CoreLogic’s Property Tax Services?
Kirk Randlett: There’s a number of new developments going on, but the Property Tax Estimator is one that’s particularly exciting. (W)ith the new lending estimate requirements that rolled out last year, lenders are required to complete an accurate lending estimate, and so there’s number of different factors that go into that. But trying to estimate or project real estate taxes is part of that. It’s been a very hit-or-miss kind of environment. There’s no good central spot to do it. Folks have to either access websites or different disparate data sources to really get to this information. Part of the other challenge is that … there’s 21,000 taxing authorities in the United States. So being able to go and access that information in a single spot is a real challenge. That’s one of the things that CoreLogic is uniquely positioned to solve for because of our data assets.
MPA: Why is accurate property tax data so important?
KR: A lot of lenders are focusing on the borrower experience, and part of this … is the estimating or the projecting of what the taxes are going to be. If you underestimate, then you get a shock at the closing table, I’d say, where all of sudden they’re going to have come up with more money to fund because someone made a mistake in the very beginning. Or if it’s in underwriting … and you don’t have the right information in there … they may qualify for a loan that they shouldn’t qualify for.
So having that accurate information is very important. But I have to say, if you ask me what the most important thing would be, I would say it’s the borrower experience. It’s that consumer experience associated with having the right information, not being caught off guard a year later.
MPA: How do CoreLogic Property Tax Estimators help the mortgage industry?
KR: So if we go back to something I said earlier, (there are) 21,000 taxing authorities in the United States. … Where we’re really trying to help change the mortgage industry is being a single source provider. So if you can go to one place for anywhere in the country and get the real estate tax information on that piece of property, CoreLogic is the one that’s uniquely positioned to do that. …. It doesn’t matter if the property is in Eastern Pennsylvania or in L.A. County. You go one place to get that information.
Related stories:
Report highlights property tax disparities
CoreLogic launches tax estimator for Ellie Mae mortgage solution
MPA: What’s new at CoreLogic’s Property Tax Services?
Kirk Randlett: There’s a number of new developments going on, but the Property Tax Estimator is one that’s particularly exciting. (W)ith the new lending estimate requirements that rolled out last year, lenders are required to complete an accurate lending estimate, and so there’s number of different factors that go into that. But trying to estimate or project real estate taxes is part of that. It’s been a very hit-or-miss kind of environment. There’s no good central spot to do it. Folks have to either access websites or different disparate data sources to really get to this information. Part of the other challenge is that … there’s 21,000 taxing authorities in the United States. So being able to go and access that information in a single spot is a real challenge. That’s one of the things that CoreLogic is uniquely positioned to solve for because of our data assets.
MPA: Why is accurate property tax data so important?
KR: A lot of lenders are focusing on the borrower experience, and part of this … is the estimating or the projecting of what the taxes are going to be. If you underestimate, then you get a shock at the closing table, I’d say, where all of sudden they’re going to have come up with more money to fund because someone made a mistake in the very beginning. Or if it’s in underwriting … and you don’t have the right information in there … they may qualify for a loan that they shouldn’t qualify for.
So having that accurate information is very important. But I have to say, if you ask me what the most important thing would be, I would say it’s the borrower experience. It’s that consumer experience associated with having the right information, not being caught off guard a year later.
MPA: How do CoreLogic Property Tax Estimators help the mortgage industry?
KR: So if we go back to something I said earlier, (there are) 21,000 taxing authorities in the United States. … Where we’re really trying to help change the mortgage industry is being a single source provider. So if you can go to one place for anywhere in the country and get the real estate tax information on that piece of property, CoreLogic is the one that’s uniquely positioned to do that. …. It doesn’t matter if the property is in Eastern Pennsylvania or in L.A. County. You go one place to get that information.
Related stories:
Report highlights property tax disparities
CoreLogic launches tax estimator for Ellie Mae mortgage solution
