CoreLogic’s Universal Title Data Structure digitizes the title process, reducing potential fraud
Today, title documents are sent between title vendors and lenders via email, third-party email and even fax machines. Once received, lenders employ teams to manually review these title documents and re-type details into their loan origination systems. These manual processes are time-consuming, subject to data-entry errors and potential security concerns – all of which can delay a borrower’s closing date. Recognizing a tremendous opportunity for process improvement, CoreLogic developed the mortgage industry’s first Universal Title Data Structure (UTDS) to source this title data directly from the title agent’s production software in a standard, consistent format.
CoreLogic’s UTDS automatically digitizes, organizes and transmits over 350 individual data elements from title commitments, tax certificates, major endorsements and property reports. Rather than being locked in flat pdf documents which have to be manually re-keyed, the UTDS releases the title data so that it can flow instantly and securely from the title provider directly to the lender’s LOS through CoreLogic’s industry leading Collateral Technology platforms.
In this way, CoreLogic’s Title and Closing Solution efficiently tracks and securely transmits all title order details instantly, replacing phone calls, faxes, and e-mail with an organized and centralized communication platform. By simplifying and accelerating the collateral underwriting process, CoreLogic’s enhanced Title and Closing Solution also works to reduce potential wire fraud – and ultimately enhances the consumer homebuying experience.
“Today, many consumers have to wait 45 – 60 days to close on their dream home,” said Michael Marino, Principal, Industry Solutions at CoreLogic. “By completely automating these manual title processes, we are able to take time, touch and cost out of our clients’ workflows, and help them deliver an improved borrower experience by getting consumers to the closing table faster.”
Over the past few years, the GSEs have been promoting the Uniform Mortgage Data Program (UMDP), through which they’ve focused on digitizing and automating manual aspects of the mortgage workflow and creating new data-backed processes. The title space has yet to be impacted by UMDP, but the CoreLogic UTDS will set the industry up for an expedited and smooth transition in that direction.
“Our Title and Closing Solution supports automated system-to-system ordering of title products, collaboration on fees for the Closing Disclosure, and a full process closing service which supports scheduling, distribution of documents and post-closing document delivery,” said Tasha Harville, Senior Product Manager at CoreLogic. “We are currently processing over 70,000 loans per month for top depository and non-depository lenders – and our clients have been amazed by the efficiencies this solution delivers.”
CoreLogic’s Title and Closing Solution represents a major milestone on the Company’s journey toward Complete CollateralTM, CoreLogic’s drive to simplify the mortgage origination process by seamlessly orchestrating all of the collateral data and analytics needed to validate a property’s value, title, condition and hazard risks in one automated workflow platform.
Michael Marino, Principal of Industry Solutions
Michael Marino is responsible for driving the company’s expansion within the title and settlement space.
Tasha Harville, Senior Product Manager
Tasha Harville is responsible for simplifying, automating and bringing CoreLogic’s digital Title and Closing Solution to market.
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