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Underwriting 

Situation
Your daily challenge is to process the greatest possible number of files without letting quality standards slip.   As the first line of defense, you are responsible for protecting the company against risk, and conversely tasked to condition files rapidly and in large volume.  In an era of rampant mortgage fraud, when investors are more closely scrutinizing pools before purchase, the pressure continues to intensify.  In addition, changing market conditions no longer ensure escalating prices will cover minor collateral valuation discrepancies, which may now expose your institution to even greater risk. 

As you go through the data, you’re looking for risk coming from three directions—collateral, borrowers and mortgage brokers or agents.  Identifying errors or fraud from each direction requires accurate data, the right tools to pull and assess information, and a constant eye for red flags that may be risk indicators.  

Executive view
With 90 percent of Wall Street secondary market investors using First American CoreLogic tools to assess collateral risk, you need to ensure each underwriter conditions every file thoroughly and according to policy. Underwriters are individuals, so you face a constant challenge of maintaining consistent decision making across the organization.  Even though you’ve established a well-considered, succinct policy guiding risk tolerance, you must be able to ensure all underwriters stick strictly to policy guidelines.   

Solution
First American CoreLogic delivers the speed necessary to increase production, while also reducing your exposure to an undesirable level of risk.  Using our automated tools, underwriters can quickly spot inflated values and the probability of fraud while maintaining a high volume of processed files.  With a few clicks, we help underwriters obtain an accurate value snapshot, a correct borrower evaluation, and a reliable assessment of the agent’s track record.  And because business rules can be built into each solution, underwriters can easily follow organizational policies, facilitating decisions and streamlining the underwriting process. 

Because the vast majority of loans are trouble free, you don’t need to apply the same tools to all loans at all times.  We provide you a customized system of logic that escalates loans up through increasing levels of scrutiny, according to your organization’s specifications, allowing streamlining of good loans without increasing risk.   At the same time, you can single out and route suspicious loans to appraisal review for more in-depth examination.  Most important, by putting a complete selection of tools needed to status a file into your hands, you can minimize the number of files sent to appraisal review or higher, more costly analysis levels.

 

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