DigitalTax Onboarding Decisions automates tax line setups during loan onboarding, leveraging closing data and customizable rules to reduce errors and streamline exception management. With clear audit trails and dashboard tools, it simplifies reporting, reduces manual work, and ensures accuracy, helping servicers ensure accurate tax line setup from day one.
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00:00At HousingWire, we know that staying ahead of the industry means having the right tools
00:10and technology at your fingertips.
00:12That's why we're bringing you Demo Day, a curated experience designed to showcase the
00:17latest and most innovative solutions in the mortgage and real estate space.
00:21I'm Alison LaForgia, Managing Editor of the Content Studio, and we're diving into digital
00:26tax onboarding decisions from CoreLogic.
00:29Digital tax onboarding decisions automates tax line setups during loan onboarding, leveraging
00:35closing data and customizable rules to reduce errors and streamline exception management.
00:41With clear audit trails and dashboard tools, it simplifies reporting, reduces manual work,
00:48and ensures accuracy, helping servicers ensure accurate tax line setup from day one.
00:54Joining us is Melissa Van Meter from CoreLogic.
00:58Melissa, take us through digital tax onboarding decisions.
01:02Hi, I'm Melissa Van Meter and I'm a Product Manager for CoreLogic's residential tax segment.
01:07I'm excited to show you a brand new product that will help increase the accuracy of your
01:11tax line setup on newly originated loans.
01:15Digital tax onboarding decisions was designed with the mindset that each client has a unique
01:19portfolio and not all new loans should be handled the same.
01:23It allows servicers to have customizable business rules tailored to their portfolio
01:27nuances to better serve their customers.
01:31Because there can be differences on how loans are originated in the tax line boarding process,
01:35our robust rules engine allows servicers to tailor the tax line setup process for unique
01:40scenarios.
01:42From there, you can quickly identify illogical situations needing attention so your tax lines
01:46can be built more accurately.
01:49Some examples of rules are 1.
01:51Investor rules.
01:52Does your portfolio have investor requirements that drive how the loans are originated and
01:57or rules around what is paid at closing?
02:002.
02:01State or agency nuances.
02:03Does your portfolio have pockets of loans that need to be handled differently due to
02:07where the loans are located?
02:093.
02:10Escrow balance compare.
02:11Does the opening escrow balance align with what was supposed to occur at the closing
02:15table?
02:164.
02:17Exemptions.
02:18Does the exemption on file apply to the former homeowner and not the current one?
02:23These are just some rules that can be built.
02:24It's all customizable.
02:26The result is more accurate tax lines that will prevent issues down the road, including
02:31ones that can lead to borrower complaints.
02:34Here's how it all works.
02:35New loans are passed daily to CoreLogic via an input file that the client sends.
02:41The input file contains key pieces of information such as the borrower, property address, closing
02:47date, investor, escrow balance, etc.
02:51CoreLogic uses this information to search for the corresponding property tax information
02:56and creates preliminary tax lines.
02:59The data elements from the input file and preliminary tax line information are passed
03:03through our rules engine, and if the information does not hit one of the required business
03:07rules, the tax lines are transmitted to the client's servicing platform.
03:12If the loan hits a designated business rule, it is presented in onboarding decisions for
03:17you to perform the validation of the tax line information prior to the tax lines being built.
03:22Let me show you more.
03:24Upon entering onboarding decisions, you'll be presented with a management dashboard that
03:30gives you a bird's eye view to where your inventory stands at that given day.
03:34You'll be able to see where your decisions are pending in the volume there.
03:38Decisions that are on hold, maybe you're waiting for a call back from the taxing authority
03:41or you're waiting on closing documents.
03:44Decisions have been submitted, decisions that have been completed, what's due today and
03:48what's due tomorrow.
03:49It also gives you a nice exception summary, and those exceptions are based on your tailored
03:54business rules.
03:56Down below you have your inventory list, and you can actually look at your inventory several
04:00different ways.
04:01You could look at it by due date, agency, state, or exception, and this just allows
04:06you to have your users go in in a way that's more meaningful to you if you want to work
04:10specific agencies, you can go look at those and drill into those.
04:14Or if you want to look at a specific state, today we're going to go in by due date.
04:22Once you go into your due date, you also have different options at the top to filter, which
04:27really just allows you to further drill down to what you might need to focus on at any
04:31given day.
04:32For example, if you have something coming into cycle, a specific agency that is going
04:36to be coming due to be paid, you might want to focus on those items first so you can filter
04:41on the agency.
04:43Or you can look at your items on hold or what's pending.
04:46This gives you your loan list, which shows you which items are pending, shows you just
04:50a quick high-level view of what your exceptions are, and it also tells you what's on hold,
04:56lists the agency codes and the states, and you can also sort on these fields.
05:02Once you go into the loan, you'll be presented with a lot of good information in one spot.
05:09This is really just to help the user and prevent from having to flex in between your servicing
05:13platform and onboarding decisions.
05:17This allows you to see it all in one place.
05:19So we have our borrower name and information, loan type, property type.
05:24And what you'll see in this example also, we roll up the exceptions into one order so
05:28that if you have multiple exceptions, you don't have to work the items twice.
05:32It avoids duplication.
05:34So you've got a nice holistic view of what actually needs to be done with the loan at this time.
05:39We have our parcel information.
05:41It allows you to update the tax line amount prior to the tax lines being built.
05:45So if you're in a closing document and you find that that amount needs to be adjusted to something
05:49different, you can do it right here, and you don't even have to go into your servicing platform
05:53to adjust it.
05:55If you're able to provide information from your origination system, the client provided
06:00closing information, date, and tax amount, that's very useful information, and we can
06:05actually use that to build your tax line more accurately.
06:09The tax line due date, if you find, again, if you're looking at your closing documents and you
06:14determine that the tax line either needs to be maintenance backwards to avoid a duplicate
06:18payment or forward, this will allow you to flex and change those dates there.
06:25We have our servicing amounts, which has key things like principal balance, escrow balance,
06:30your loan closing date, the agency details, and then the notes section here.
06:36This really is also customizable.
06:38This is based on the business rules you build, so it allows you to build your notes in a way
06:43that's more meaningful and can be placed in your servicing platform as you're working your loans.
06:49And then the last thing, which is one of my favorite things, actually, is the activity.
06:52We have a very, very robust user activity that shows you any time a change is made on a loan,
06:59it will tag it here, and you'll have a running list of the different activities somebody did as
07:04they're working the loan.
07:06That information, once you complete an order, all of it is retained in the system.
07:12So if any point in the future you want to look and see what occurred on a loan, who adjusted a tax
07:19line, or at what date they adjusted a tax line amount or a date, you'll have that history available to you.
07:27Overall, we're excited about digital tax onboarding decisions because it solves a big need we hear from
07:32our servicers, a way to customize their tax line setup and improve accuracy so they have fewer
07:38downstream issues.
07:40To learn more about it and get in touch with us, please visit our website at corelogic.com
07:45forward slash decisions.
07:47Melissa, thank you for taking us through this demo of digital tax onboarding decisions.
07:54Let's dive into some questions and explore the product further to see how it can support industry
07:59professionals in their day-to-day operations.
08:01So first, who is digital tax onboarding decisions built for?
08:07Any servicer, really.
08:09As long as a servicer can create an input file in one of our standard layouts and can accept an output
08:14file in one of our standard layouts, really anybody can use it.
08:19And what specific challenges does this product address for mortgage servicers?
08:26I think all servicers have experienced challenges with tax lines being boarded accurately on new loans,
08:32and the goal of our product is to increase that accuracy.
08:35Also, the look and feel of servicers' portfolios have changed over the years, and this will give them
08:40flexibility to shift and act quickly when their portfolio nuances change.
08:46Love being able to be agile in this type of marketplace.
08:50Now, is there anything like this that exists in the marketplace for servicers?
08:57Not with a level of customization, automation, and speed in which we can board tax lines.
09:02I think we've demonstrated here with this demo the customization portion, and as far as automation goes,
09:09anytime something is done manually, it leaves room for human error and potential bottlenecks where there's influxes of volumes.
09:16Interesting. Thank you so much for taking us through digital tax onboarding decisions.