Mortgage – CoreLogic uses analytics to help servicers mitigate risk
In the days of COVID-19 and the CARES Act, mortgage servicers are staying busy working with borrowers as they make decisions regarding the future of their homes.
To help vulnerable homeowners, servicers need to be able to identify and understand potentially hidden portfolio risks so preventive action can be taken to avoid potential losses. They need to ensure adherence to regulatory requirements and obtain required data for reporting in a timely manner. Integrating a flexible, client-specific solution that utilizes the most robust and comprehensive analysis available is critical.
CoreLogic’s Portfolio Insights & Monitoring Solutions combines a broad set of data – including public records, credit, tax and natural hazard – with leading analytics to create a one-stop-shop for servicers.
Portfolio Insights & Monitoring addresses portfolio risk and compliance by providing ongoing insights to specific changes in a servicers’ portfolio. By using these insights into triggers such as lien priority status, collateral valuation analysis, borrower credit analysis, hazard profiling and event risk, compliance managers can act quickly to mitigate losses and minimize risk.
“The ability to do comprehensive, multi-faceted monitoring and analysis at scale sets our Portfolio Insights & Monitoring Solutions apart,” said Catherine Castle, principal of Product Solutions, Advisory Management at CoreLogic. “Many of our competitors can only offer a small number of data points or more limited regional views.”
Portfolio Insights & Monitoring also supports borrower retention and cross-sell opportunities. Through an analytical approach, this product can identify borrowers that are at risk for early payoff or identify opportunities to expand a servicer’s existing relationship with the customer.
The suite is anchored by Clear 365TM and provides real-time portfolio monitoring so servicers can stay ahead of the curve when it comes to emerging threats and opportunities. Clear SnapshotTM is also offered and provides a single analysis on the health of a portfolio, merging credit and public record data for an enriched view.
“Many CoreLogic clients are utilizing Clear Snapshot to integrate the key data attributes needed for various ‘ad-hoc’ type decisions into one platform,” continued Castle. “Clear Snapshot delivers voluntary liens, collateral valuation and credit reporting information to achieve these efficiencies.”
Armed with these actionable insights, servicers are able to spend less time validating liens and more time making timely, informed decisions about new threats and emerging opportunities.
Portfolio Insights & Monitoring also has add-on options for Total Home Value, TrueStandings®, Tax Portfolio Monitoring, Flood Adequacy, TaxWatch®, Hazard Impact Reporting, Pre-Event Hazard Analysis, CoreLogic Real Estate Analytics Solutions, MLS Triggers, loan Payoff Solution and the company’s patented Propensity Models.
“While many offerings focus on just one aspect of portfolio servicing, leading to the need for multiple providers,” said Castle. “CoreLogic delivers a robust and comprehensive suite of solutions and analysis; not only identifying risks in a portfolio but highlighting opportunities as well.”
Due to the continuing economic challenges stemming from the COVID-19 pandemic, many anticipate an increase in portfolio risk and defaults in 2021. With CoreLogic’s Portfolio Insights & Monitoring, servicers can integrate key data attributes into one platform and experience significant advantages in terms of speed, cost, audits and compliance.
Catherine Castle, Principal of Product Solutions, Advisory Management
Catherine Castle leads the CoreLogic Solution Engineering Team within the Data and Advisory Solutions Product Team. Catherine is responsible for client engagement and solution consulting.