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| Third-party portal provides bulk loan capabilities |
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CoreLogic announced the release of its Third-Party Originator (TPO) portal, developed by CoreLogic Dorado. Using this online loan processing system, correspondent clients and wholesale brokers can upload and lock multiple loans in a bulk transmission to an enterprise lending system and then monitor those loans for conditions and approvals. TPO portal was designed as an interactive module to be used with the existing ChannelMaster Enterprise Lending System. The enhanced technology also adapts to any existing ELS. The TPO portal also allows clients to add information including documents needed to validate loan program eligibility and pricing, view a loan's pricing history and refresh loan data. Once loans are submitted, TPO Portal helps users manage the loan pipeline and resolve open conditions. Checklists can be created to verify loans and to generate conditions when a loan shows a failed checklist item. The technology delivers integrated validation and compliance controls, and allows full visibility to expedite loans through the system before locks expire. "TPO Portal is all about speed," says Rob Carpenter, vice president of technology for CoreLogic Dorado. "While it's not possible to fully automate third-party lending, this is a new technology providing an unprecedented level of efficiency and convenience." ChannelMaster ELS, first introduced in 2005, streamlines the way correspondent lenders manage loans as they travel through the pipeline from lead to funding. By organizing loans in a central hub, ChannelMaster ELS allows loan agents, processors, underwriters, closers, funders, and others involved in the mortgage origination process to work on multiple loan files at the same time. The system also features intuitive origination lifecycle recognition ability, ensuring the processor completes required actions first and prevents noncritical actions from causing a loan to stall. This extends the reach of the workflow to streamline delivery for third parties. Rollout of TPO portal is already underway with select CoreLogic Dorado clients, including Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank. Additional ChannelMaster ELS Third-Party Lending modules are scheduled to be released in late 2012 and early 2013. Set as favorite Bookmark
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