ClosingCorp has integrated CoreLogic’s Property Tax Estimator into its closing platform, the companies announced.
The companies said the new integration will improve the accuracy of loan estimates (LEs) in the origination process, and provide better data to mortgage professionals. The integration will be complete and the service will be available during this year’s third quarter.
“Delivering estimated property tax is a logical extension of the ClosingCorp data set,” ClosingCorp CEO Bob Jennings said in a release. “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,” Jennings added.
CoreLogic Property Tax Estimator provides comprehensive tax data on the specific property at the county, local and other taxing agency levels to more accurately populate the LE. CoreLogic said its solution particularly 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.
“ClosingCorp has a strong focus on quality and accuracy and we are excited to help further that effort,” said Nancy Langer, CoreLogic’s executive of real estate tax and payment solutions. “Lenders nationwide have specifically requested that we integrate with ClosingCorp to deliver a seamless process within the origination workflow and we’re pleased to be able to deliver our service through this highly reliable channel.”