CoreLogic has introduced Property Tax Estimator, an automated solution designed to improve the accuracy of loan estimates (LEs) in the origination process.
The solution is particularly effective in estimating taxes for new construction loans and in areas of the country that have caps on annual increases for existing homeowners, the firm says in a release. It’s also useful for estimating taxes in areas where they can increase dramatically after a sale or transfer of ownership.
Property Tax Estimator is designed to significantly increase the accuracy of LEs, reducing compliance risk and improving the customer experience. By delivering highly accurate tax data early in the process, the solution also helps underwriters qualify the borrower’s ability to financially support all mortgage costs, as well as improves the onboarding process for servicers.
Additionally, it eliminates the need for any specialized skills required for data procurement and provides a consistent workflow process, no matter the property, exemption status, county exception complexity and loan officer tenure.