00:00At HousingWire, we know that staying ahead of the industry means having the right tools
00:10and technology at your fingertips.
00:12That's why we're bringing you Demo Day, a curated experience designed to showcase the
00:17latest and most innovative solutions in the mortgage and real estate space.
00:21I'm Alison LaForgia, Managing Editor of the Content Studio, and we're diving into digital
00:26tax onboarding decisions from CoreLogic.
00:29Digital tax onboarding decisions automates tax line setups during loan onboarding, leveraging
00:35closing data and customizable rules to reduce errors and streamline exception management.
00:41With clear audit trails and dashboard tools, it simplifies reporting, reduces manual work,
00:48and ensures accuracy, helping servicers ensure accurate tax line setup from day one.
00:54Joining us is Melissa Van Meter from CoreLogic.
00:58Melissa, take us through digital tax onboarding decisions.
01:02Hi, I'm Melissa Van Meter and I'm a Product Manager for CoreLogic's residential tax segment.
01:07I'm excited to show you a brand new product that will help increase the accuracy of your
01:11tax line setup on newly originated loans.
01:15Digital tax onboarding decisions was designed with the mindset that each client has a unique
01:19portfolio and not all new loans should be handled the same.
01:23It allows servicers to have customizable business rules tailored to their portfolio
01:27nuances to better serve their customers.
01:31Because there can be differences on how loans are originated in the tax line boarding process,
01:35our robust rules engine allows servicers to tailor the tax line setup process for unique
01:40scenarios.
01:42From there, you can quickly identify illogical situations needing attention so your tax lines
01:46can be built more accurately.
01:49Some examples of rules are 1.
01:51Investor rules.
01:52Does your portfolio have investor requirements that drive how the loans are originated and
01:57or rules around what is paid at closing?
02:002.
02:01State or agency nuances.
02:03Does your portfolio have pockets of loans that need to be handled differently due to
02:07where the loans are located?
02:093.
02:10Escrow balance compare.
02:11Does the opening escrow balance align with what was supposed to occur at the closing
02:15table?
02:164.
02:17Exemptions.
02:18Does the exemption on file apply to the former homeowner and not the current one?
02:23These are just some rules that can be built.
02:24It's all customizable.
02:26The result is more accurate tax lines that will prevent issues down the road, including
02:31ones that can lead to borrower complaints.
02:34Here's how it all works.
02:35New loans are passed daily to CoreLogic via an input file that the client sends.
02:41The input file contains key pieces of information such as the borrower, property address, closing
02:47date, investor, escrow balance, etc.
02:51CoreLogic uses this information to search for the corresponding property tax information
02:56and creates preliminary tax lines.
02:59The data elements from the input file and preliminary tax line information are passed
03:03through our rules engine, and if the information does not hit one of the required business
03:07rules, the tax lines are transmitted to the client's servicing platform.
03:12If the loan hits a designated business rule, it is presented in onboarding decisions for
03:17you to perform the validation of the tax line information prior to the tax lines being built.
03:22Let me show you more.
03:24Upon entering onboarding decisions, you'll be presented with a management dashboard that
03:30gives you a bird's eye view to where your inventory stands at that given day.
03:34You'll be able to see where your decisions are pending in the volume there.
03:38Decisions that are on hold, maybe you're waiting for a call back from the taxing authority
03:41or you're waiting on closing documents.
03:44Decisions have been submitted, decisions that have been completed, what's due today and
03:48what's due tomorrow.
03:49It also gives you a nice exception summary, and those exceptions are based on your tailored
03:54business rules.
03:56Down below you have your inventory list, and you can actually look at your inventory several
04:00different ways.
04:01You could look at it by due date, agency, state, or exception, and this just allows
04:06you to have your users go in in a way that's more meaningful to you if you want to work
04:10specific agencies, you can go look at those and drill into those.
04:14Or if you want to look at a specific state, today we're going to go in by due date.
04:22Once you go into your due date, you also have different options at the top to filter, which
04:27really just allows you to further drill down to what you might need to focus on at any
04:31given day.
04:32For example, if you have something coming into cycle, a specific agency that is going
04:36to be coming due to be paid, you might want to focus on those items first so you can filter
04:41on the agency.
04:43Or you can look at your items on hold or what's pending.
04:46This gives you your loan list, which shows you which items are pending, shows you just
04:50a quick high-level view of what your exceptions are, and it also tells you what's on hold,
04:56lists the agency codes and the states, and you can also sort on these fields.
05:02Once you go into the loan, you'll be presented with a lot of good information in one spot.
05:09This is really just to help the user and prevent from having to flex in between your servicing
05:13platform and onboarding decisions.
05:17This allows you to see it all in one place.
05:19So we have our borrower name and information, loan type, property type.
05:24And what you'll see in this example also, we roll up the exceptions into one order so
05:28that if you have multiple exceptions, you don't have to work the items twice.
05:32It avoids duplication.
05:34So you've got a nice holistic view of what actually needs to be done with the loan at this time.
05:39We have our parcel information.
05:41It allows you to update the tax line amount prior to the tax lines being built.
05:45So if you're in a closing document and you find that that amount needs to be adjusted to something
05:49different, you can do it right here, and you don't even have to go into your servicing platform
05:53to adjust it.
05:55If you're able to provide information from your origination system, the client provided
06:00closing information, date, and tax amount, that's very useful information, and we can
06:05actually use that to build your tax line more accurately.
06:09The tax line due date, if you find, again, if you're looking at your closing documents and you
06:14determine that the tax line either needs to be maintenance backwards to avoid a duplicate
06:18payment or forward, this will allow you to flex and change those dates there.
06:25We have our servicing amounts, which has key things like principal balance, escrow balance,
06:30your loan closing date, the agency details, and then the notes section here.
06:36This really is also customizable.
06:38This is based on the business rules you build, so it allows you to build your notes in a way
06:43that's more meaningful and can be placed in your servicing platform as you're working your loans.
06:49And then the last thing, which is one of my favorite things, actually, is the activity.
06:52We have a very, very robust user activity that shows you any time a change is made on a loan,
06:59it will tag it here, and you'll have a running list of the different activities somebody did as
07:04they're working the loan.
07:06That information, once you complete an order, all of it is retained in the system.
07:12So if any point in the future you want to look and see what occurred on a loan, who adjusted a tax
07:19line, or at what date they adjusted a tax line amount or a date, you'll have that history available to you.
07:27Overall, we're excited about digital tax onboarding decisions because it solves a big need we hear from
07:32our servicers, a way to customize their tax line setup and improve accuracy so they have fewer
07:38downstream issues.
07:40To learn more about it and get in touch with us, please visit our website at corelogic.com
07:45forward slash decisions.
07:47Melissa, thank you for taking us through this demo of digital tax onboarding decisions.
07:54Let's dive into some questions and explore the product further to see how it can support industry
07:59professionals in their day-to-day operations.
08:01So first, who is digital tax onboarding decisions built for?
08:07Any servicer, really.
08:09As long as a servicer can create an input file in one of our standard layouts and can accept an output
08:14file in one of our standard layouts, really anybody can use it.
08:19And what specific challenges does this product address for mortgage servicers?
08:26I think all servicers have experienced challenges with tax lines being boarded accurately on new loans,
08:32and the goal of our product is to increase that accuracy.
08:35Also, the look and feel of servicers' portfolios have changed over the years, and this will give them
08:40flexibility to shift and act quickly when their portfolio nuances change.
08:46Love being able to be agile in this type of marketplace.
08:50Now, is there anything like this that exists in the marketplace for servicers?
08:57Not with a level of customization, automation, and speed in which we can board tax lines.
09:02I think we've demonstrated here with this demo the customization portion, and as far as automation goes,
09:09anytime something is done manually, it leaves room for human error and potential bottlenecks where there's influxes of volumes.
09:16Interesting. Thank you so much for taking us through digital tax onboarding decisions.
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