has 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, Chief Executive Officer 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.”