Time spent on loans that don’t get approved is time better spent pursuing more promising applications and new business. Because your income depends on loans funding, you need to quickly determine whether the loan application is destined for success.
Those who work directly with the public serve as the lender’s sales force and generally work on commission. That means it’s important to morale as well as profitability to eliminate dead-end applications and boost the volume of those that show promise.
Inflated value in the borrower’s mind and stolen or fabricated borrower information can slip through the origination process, creating problems upstream. Lender costs continue to rise with each person who touches the loan. It’s not always easy to spot a problematic loan during the application process, yet it’s the most cost-effective time to do so.
Lenders must also be able to protect themselves against inexperienced or unscrupulous loan representatives who might intentionally or accidentally introduce risk into the system. Again, the earlier in the process lenders can detect risk, the less impact it will have on the bottom line.
First American CoreLogic provides automated tools to correctly assess collateral value and borrower and agent integrity during prequalification. By using our tools early in the loan cycle, you can ensure that the right loans move on to underwriting quickly, while others containing higher levels of risk undergo further scrutiny. Our automated tools offer proven accuracy, giving lenders a fast way to assess a potential loan’s quality with minimum resource investment. We designed our suite of applications to be accessible through the Web or integrated into an institution’s production system, providing a quick assessment of collateral, agent, and borrower risk right from the desktop. Within minutes of taking an applicant’s information, loan officers and account executives can identify problematic loans and concentrate their time and attention on those most likely to fund.
