CoreLogic Introduces PreQualPro™ to Help Mortgage Originators Streamline Front-End Decision Making
-- New Method Increases Pull-Thru Rates, Decreases Costs --
SACRAMENTO, June 13, 2006 – At the request of mortgage lenders, CoreLogic, the leading provider of mortgage risk assessment and fraud prevention solutions, has developed PreQualPro. PreQualPro is a pre-qualification value range tool designed to meet the needs of leading originators’ retail and HELOC groups. PreQualPro streamlines front-end decision making on client leads by quickly “qualifying” the validity and accuracy of the client estimated value.
PreQualPro is designed as a workflow prioritization tool to increase pull-thru rates and decrease fallouts by more effectively addressing the cost and time necessary to determine which leads have a “higher probability of closing” at the customer estimated value.
This new automated tool is a stand-alone system, which is implemented in front of an existing loan origination system. Currently, the only methods available to determine collateral value are aged tax data or more costly automated valuation models.
“This is a cost-effective method to eliminate the guesswork upfront by the loan officer or broker,” said Anthony Romano, executive vice president of CoreLogic. “PrequalPro provides a property value range along with a probability rating that the client’s estimate of value is accurate and, from a lender’s perspective, it gives the loan officer a good indication that, if he or she proceeds with a deal, the 1004 or AVM would be there to support the value.”
PrequalPro analyzes various market forces such as location and buying and selling patterns to determine the value of the collateral. It provides actual sale prices (not MLS list prices), and by considering nearby sales and market activity, also helps identify artificially inflated markets that a more expensive AVM might support.
“Before a loan officer spends a lot of time, money and energy working a loan it’s most effective to first determine the likelihood that a property will meet the muster of an appraisal before moving ahead with the application,” said Romano. “Many of our customers have been asking for this tool.”
About CoreLogic, A C&S Company
Sacramento, Calif.-based CoreLogic, A C&S Company, is the leading provider of collateral risk-analysis and management technology and services to the U.S. mortgage banking industry. Since 1997, the mortgage industry has relied on CoreLogic to enable risk management and workflow process support. Using CoreLogic technology, mortgage originators and investors are able to increase profitability and loan quality by making more informed lending and investment decisions. The CoreLogic suite of property information tools provides the data, comprehensive geographic coverage, ease-of-use and accessibility the mortgage industry needs. For more information about CoreLogic, visit www.corelogic.com.
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