CoreLogic launched a new set of services designed specifically to address the anticipated increase in refinance activity expected from revisions to the Home Affordable Refinance Program (HARP).
CoreLogic HARP 2.0 services combine CoreLogic data and analytics with teams of outsourcing professionals to allow lenders to better segment qualified borrowers and improve operational pull-through.
The CoreLogic HARP 2.0 services will offer identification of HARP-qualified borrowers to enhance lenders’ retention and acquisition efforts and fulfill day-to-day workflow requirements for underwriting, closing, and post-closing auditing and quality control.
CoreLogic will supply HARP-specific teams, available as staff augmentation or full-component outsourcing, as part of the service.
Using proprietary predictive analytics, the CoreLogic service will help lenders determine how much of a volume increase they are likely to see due to HARP 2.0, which will enable them to approach the potential demand increase more strategically.
Lenders will be able to gauge the likelihood and potential success of imminent refinance activity, staff accordingly and improve results by employing transaction-based outsourcing to help meet retention and acquisition targets.
“Over the past few years, mortgage companies have really been fighting a battle on two fronts. On one front, origination volumes have been down as the economy struggles to rebound,” said Scott Brinkley, senior vice president of outsourcing and technology solutions for CoreLogic.
He added that servicers are still wrestling with the complex factors associated with enhanced regulatory oversight and related compliance issues in the default space. This combination has created operational strain on many organizations, he said.
"We’ve positioned our service offerings in a manner that will allow us to seamlessly integrate our solutions within a lender’s decisioning and work-flow processes to help them better manage these spikes and spend more time and energy focusing on their core business operations,” Brinkley stated.