a leading provider of residential real estate closing cost data and
technology for the mortgage and real estate services industries, today
announced that it is enhancing its SmartFees® service by incorporating
the CoreLogic Property Tax Estimator. This service will help further
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 third quarter 2018.
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 loan estimate (LE). The solution is
particularly 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.
By incorporating Property Tax Estimator’s highly accurate property tax
estimates combined with transfer tax, recording, title, settlement,
appraisal, engineering, survey and other fees managed by ClosingCorp
early in the process, SmartFees can enable lenders to better calculate
the impact of property taxes on the borrower’s qualification and ability
to repay as well as improve the onboarding process for servicers.
“ClosingCorp has a strong focus on quality and accuracy and we are
excited to help further that effort,” said Nancy Langer, executive, Real
Estate Tax and Payment Solutions at CoreLogic. “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.”
“Delivering estimated property tax is a logical extension of the
ClosingCorp data set,” said Bob Jennings, CEO of ClosingCorp. “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 which was the original impetus of
our company ten years ago.”
For more information about this integration, visit www.closing.com/propertytaxestimator.
Headquartered in San Diego, Calif., ClosingCorp owns and operates the
premier source of intelligence for closing costs and service providers
in the U.S. residential real estate industry. Through innovative
solutions, progressive technologies and strong alliances, the company
delivers timely, accurate and transparent results that help optimize
closing processes and services for mortgage lenders, title and
settlement companies and real estate professionals. Clients rely on
ClosingCorp to help improve efficiencies and mitigate risk. For more
information, please visit www.closing.com.
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