CoreLogic, a global property information, analytics and data-enabled services provider, launched a faster, lower cost, configurable, portfolio-level lien analysis solution for servicers to determine lien status, current equity position and the borrower’s updated credit picture to drive compliance decisions. This new solution is in use now by several larger servicers for portfolio analysis and to make loan modifications, principal forgiveness and write-off decisions required by various consent agreements and by RESPA Regulation X.
The solution is capable of evaluating very large portfolios in one to two business days. It also can be combined with additional property data reports to deliver “deeper dives” into property ownership, similar to what is provided in a full title report at a much lower cost to the servicer.
The solution combines public records data, valuation models and FCRA-compliant credit information to give servicers a more complete picture of the current status and viability of the loans in their portfolios. For example, it can determine:
- Which liens in a portfolio still are active, and which have been wiped out by foreclosures.
- Whether additional liens have been added.
- The hierarchy of current liens tied to the property.
- The current value and ownership of the property.
- The borrower’s financial picture.
Typically, the solution is used to create a “waterfall” that helps servicers and investors sort first and second liens to make modification and forbearance decisions. CoreLogic also can assist in the preliminary decisioning on recommended treatments and likely outcomes.
“Large servicers are continually re-evaluating their portfolios to make sure that they are complying with consent orders, national servicing standards and RESPA,” Senior Vice President, Market and Client Strategy & Product Marketing Steve Stein said. “Our new solution can quickly — and less expensively — help clients identify loans for various types of treatments, including modifications and write-downs, and deliver an updated risk profile at both the portfolio and loan levels.”