Industry NewsMortgage

CoreLogic Web app automates loan mods

HAMP, Fannie, Freddie and proprietary programs supported

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Property information and analytics provider CoreLogic is offering a new Web-based application it says can help loan servicers streamline loan modifications.CoreLogic's IntelliMods application includes parameters and automated decision-making tools for Fannie Mae and Freddie Mac loan mods, as well as the Home Affordable Modification Program (HAMP). Loan servicers can also build decisioning tools for their own proprietary loan modification programs.IntelliMods eliminates the process of manual calculations and allows loan servicers to process single loans or batch upload hundreds at a time, CoreLogic said. User select a modification profile -- a term extension, rate or principal reduction -- and the application runs the loan or loans through the selected "cascade," or automated process, delivering a decision within seconds. A complete audit trail is created for each decision."Although servicers offered more than 1.7 million HAMP trial modifications in 2010, there are still ...