CoreLogic has launched FactCheck, an income calculation and analysis tool for the mortgage industry.
FactCheck, which is available immediately, extracts borrower income data directly from source images and data sets. The tool then automatically processes the income information via a customizable-rules engine. FactCheck allows underwriters to update calculations, document exceptions, and track changes using a transparent audit log.
The new offering features a document inventory tool, which automatically identifies missing documents, and an income finder tool, which automatically flags potential sources of new income. CoreLogic said the tool ensures that underwriter teams evaluate income the same way every time because of the fixed set of rules used in a repeatable, automated process. The company said this increases efficiencies and helps reduce compliance and buy-back risks.
“FactCheck brings simplicity and consistency to a convoluted process,” said Barry Sando, managing director for underwriting and workflow solutions for CoreLogic. “Calculating a borrower’s income has traditionally been a manual, time-consuming task characterized by inefficient processes and inconsistent results, leading to overly complex and drawn out experiences for both lender and borrower. With FactCheck, the income calculation and analysis of mortgage applicants is streamlined, standardized, and automated, resulting in more accurate income calculations, reduced risk for the lender, and a quicker time to close.”