First up, CoreLogic has integrated its CondoSafe condo project review tool with Encompass.
CondoSafe enables lenders to have a single, consistent, standardized review process, allowing them to determine eligibility earlier in the process, resulting in quicker approvals.
“Condo lending can often be a complex, frustrating and time-consuming process,” says Jacquie Doty, executive, product management, for CoreLogic, in a release. “CondoSafe takes the hassle out of condo lending for lenders – providing them with a single source for important association documentations along with a report that can help them spot any potential investor or GSE-eligibility issues.”
The CondoSafe report alerts underwriters to potential Fannie Mae, Freddie Mac, Federal Housing Administration, Department of Veterans Affairs or other investor eligibility issues. Alerts are delivered in an underwriting-friendly, standardized format, allowing lenders to more easily focus on areas that require more investigation.
There is a standard fee for each order – and important documents such as CC&R’s and insurance documentation can be obtained in an a la carte manner.
In addition, CoreLogic has integrated its OnSite property condition reports with Encompass.
The OnSite is a property condition report coupled with local market conditions and patent-pending features that are specifically designed to help institutions meet federal requirements when an automated valuation model (AVM) is used for mortgage lending purposes.
“Organizations are always looking for ways to gain efficiencies during the valuations process, particularly during the home equity lending process,” says Jonathan Nutting, senior leader, valuation operations, for CoreLogic. “As the first integration of its kind on Encompass, users will now be able to easily incorporate this solution into their existing workflows, saving them time and money in instances where an appraisal is not necessary.”
CoreLogic says it now has a total of 15 integrations with Encompass.