CoreLogic, a provider of information, analytics and business services, launched the Assignment Validation Report to meet the growing need for mortgage servicers to quickly and efficiently identify the current mortgage beneficiary and document the chain of assignment prior to initiating a foreclosure. In response to regulatory and investor requirements recently mandated by multiple agencies, the Assignment Validation Report leverages unmatched access to a robust network of recorded residential document databases and a nationwide network of field abstractors that assist servicers with completing foreclosure referral packages. The report includes copies of the recorded mortgage, assignments and affidavits of lost assignment.
Servicers often begin the foreclosure process when a loan becomes 90-days delinquent, which currently represents approximately seven percent of all loans according to the latest CoreLogic MarketPulse Report. The Assignment Validation Report and document collection procedure can be initiated early in the foreclosure process to identify the recorded assignment chain, and indicate where assignments may be missing. Proactively identifying items that need final completion will help to avoid delays in processing the foreclosure referral, saving time and money.
“CoreLogic is committed to providing mortgage servicers the most comprehensive products and services to meet their evolving needs and challenges,” commented Arlene Hyde, senior vice president of Client Experience at CoreLogic. “As an industry leader, we make it a priority to thoroughly understand the latest regulatory foreclosure requirements and using our access to data, technology and expertise, we provide our clients with solutions to the regulatory challenges. The Assignment Validation Report is a great example where our innovation provides an efficient solution for our clients while helping them achieve compliance.”