SAN DIEGO--(BUSINESS WIRE)--ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today announced that it is enhancing its SmartFees® service by incorporating the CoreLogic Property Tax Estimator. This service will help further improve the accuracy of loan estimates (LEs) in the origination process, and provide better data to mortgage professionals. The integration will be complete and the service will be available third quarter 2018.
CoreLogic Property Tax Estimator provides comprehensive tax data on the specific property at the county, local and other taxing agency levels to more accurately populate the loan estimate (LE). The solution is particularly effective in estimating taxes in areas of the country that have caps on annual increases for existing homeowners, and where the taxes can increase dramatically after a sale or transfer of ownership. By incorporating Property Tax Estimator’s highly accurate property tax estimates combined with transfer tax, recording, title, settlement, appraisal, engineering, survey and other fees managed by ClosingCorp early in the process, SmartFees can enable lenders to better calculate the impact of property taxes on the borrower’s qualification and ability to repay as well as improve the onboarding process for servicers.
“ClosingCorp has a strong focus on quality and accuracy and we are excited to help further that effort,” said Nancy Langer, executive, Real Estate Tax and Payment Solutions at CoreLogic. “Lenders nationwide have specifically requested that we integrate with ClosingCorp to deliver a seamless process within the origination workflow and we’re pleased to be able to deliver our service through this highly reliable channel.”
“Delivering estimated property tax is a logical extension of the ClosingCorp data set,” said Bob Jennings, CEO of ClosingCorp. “This addition to our core solution helps lenders further reduce compliance risk while raising quality, lowering turn times, and bringing efficiency to lenders in generating better disclosures and borrower expectations. It also ensures the borrower will have a much more transparent experience and can feel confident that the LE accurately reflects and sets expectations of actual tax costs which was the original impetus of our company ten years ago.”
For more information about this integration, visit www.closing.com/propertytaxestimator.
Headquartered in San Diego, Calif., ClosingCorp owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. Through innovative solutions, progressive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals. Clients rely on ClosingCorp to help improve efficiencies and mitigate risk. For more information, please visit www.closing.com.