Corelogic is automating some what it considers the most manual, time consuming and expensive underwriting processes—through a single interface—AutomatIQ Borrower. It’s a comprehensive underwriting solution designed to help lenders streamline workflows by digitizing, standardizing and automating borrower analysis and verification.

Corelogics has placed all of the borrower verification tools together into one interface. Clients will be able to order tri-merge credit reports as well as verifications of employment, income and assets. “Automating the underwriting process can save days, and that’s a value to lenders,” said Jay Kingsley, executive for credit solutions at CoreLogic. “The result is a reduced cost to originate, a better consumer experience and a faster time to close.”

The one-stop shopping eliminates the need to employ several borrower verification tools, from different vendors. Also, it provides a streamline way to help lenders improve their underwriting processes, generate efficiency, streamline processing, and help shorten turn times, and improve loan quality.

The AutomatIQ Borrower solution standardizes income analysis with a comprehensive suite of consumer data and verification services. By eliminating time-consuming manual tasks and workflow redundancies while helping to enable lenders to conduct reliable borrower analysis sooner in the process, AutomatIQ Borrower helps increase underwriter productivity and overall loan quality while reducing origination costs and time.

For regulatory purposes, an electronic audit trail is created and easily accessible, if a report is needed for a regulator. For instance, in a paper-based system, where there is a question about a borrower’s income, the underwriter had to trace back his steps and determined there’s a second income. With AutomatIQ, users can annotate a file, and explain that there was a second job, and the borrower’s income was adjusted to reflect that.