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 millions of loans more than 90 days delinquent," said Scott Brinkley, CoreLogic senior vice president of Outsourcing and Technology Solutions, in a statement.
"As regulatory pressures and ‘Second Look’ reviews continue to increase, there is still a significant need to speed the loan modification process and an even greater need to provide auditable, defensible" processes.
Formerly the information solutions group of The First American Corporation, CoreLogic was spun off as an independent company last year. Headquartered in Santa Ana, Calif., CoreLogic has more than 10,000 employees globally with 2010 revenues of $1.6 billion.