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Mortgage lenders traditionally had to manually re-key dozens of separate pieces of property information from PDF copies of title documents prior to closing a loan, according to CoreLogic. These manual processes are time-consuming, subject to data-entry errors and potential security concerns – all of which can delay a borrower’s closing date.
The company developed the mortgage industry’s first Universal Title Data Structure (UTDS) to source this data directly from the title agent’s production software in a standard, consistent format. The UTDS automatically digitizes, organizes and transmits over 350 individual data elements from title commitments, tax certificates, major endorsements and property reports, according to the release. Rather than being locked in flat PDF documents, the UTDS releases the title data so that it can flow instantly and securely from the title provider directly to the lender’s LOS through CoreLogic’s Collateral Technology platforms. By simplifying and accelerating the collateral underwriting process, CoreLogic’s new Title and Closing Solution also hopes to reduce potential wire fraud – and enhance the consumer homebuying experience.
"By completely automating these manual processes, we are able to take significant time, touch and cost out of our clients’ workflows, and help them deliver an improved borrower experience," said Glen Evans, executive of Collateral Technology Solutions at CoreLogic.