CoreLogic has introduced a new portfolio-level lien analysis solution that helps mortgage servicers determine lien status, current equity position and the borrower's updated credit picture to drive compliance decisions.
The company claims the scalable solution provides a faster, lower-cost approach to sort first and second liens for risk management, compliance and loan modifications. It is already in use by several large servicers for portfolio analysis, as well as to make loan modifications, principal forgiveness and write-off decisions required by various consent agreements and by RESPA Reg X.
Corelogic says the solution is capable of evaluating very large portfolios in one to two business days. It can also 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 are still active, and which have been wiped out by foreclosures; whether additional liens have been added; and the hierarchy of current liens tied to the property.
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 can also assist in the preliminary decisioning on recommended treatments and likely outcomes.