Take Business off the Street by Approving & Funding Loans Quicker

Client Need

A Southern California mid-market lender was challenged to reduce processing time and costs associated with the valuation of collateral and ownership verification. They were losing business due to long processing cycles and needed a partner that could help them identify high-quality borrowers in an expeditious and cost-effective manner.

Solution

First American CoreLogic's web-based property and ownership platform, RealQuest®.com, not only gave the lender the ability to query current and historical property ownership detail in every market, but also gave the client a link to foreclosure reports, recorded documents and automated valuation models (AVMs) for a total collateral analysis. The Vector™ decisioning engine within RealQuest allowed them to select the order of AVMs such as PowerBASE™, ValuePoint®4 and HVE® with ease, then accept the AVM value based on their set of property valuation business criteria.

Results

When a borrower walks through the door seeking an equity loan, this lender now has the tools to underwrite their application and fund the loan faster and more cost-effectively. They have reduced loans lost to lengthy processing cycles and unnecessary fees, resulting in a 50% increase in equity origination and closings.