CoreLogic® has announced the integration of its OnSite property condition reports on the Ellie Mae Encompass® all-in-one mortgage management solution. OnSite is a property condition report coupled with local market conditions and patent-pending features that are specifically designed to help institutions meet the federal requirements when an Automated Valuation Model (AVM) is used for mortgage lending purposes.
“Organizations are always looking for ways to improve efficiencies during the valuations process, particularly during the home equity lending process,” says Jonathan Nutting, senior leader, Valuation Operations, for CoreLogic. “As the first integration of its kind on Encompass, users will now be able to easily incorporate this solution into their existing workflows, saving them time and money in instances where an appraisal is not necessary.”
OnSite is designed to help lenders comply with federal guidelines surrounding the verification of the physical condition of a property. In some home equity lending situations, OnSite can be leveraged with an AVM in lieu of an appraisal. All Onsite reports use a patent-pending algorithm to create an objective overall condition rating that supports the lender’s valuations processes. This integration also allows users to access OnSite Plus—a property condition report for situations where a licensed real estate broker or agent is required to gain access to a property, or when a local expert is needed.
OnSite joins 15 other CoreLogic products currently integrated in the Encompass platform, including CondoSafe™ condo lending solutions, Instant Merge®—one of the nation’s most popular three-bureau merged credit reporting solution, flood determinations, Property Tax Estimator, LoanSafe Fraud Manager™, LoanSafe Risk Manager™, appraisal management services via Mercury Network®, Merge Plus credit supplements, 4506-T Direct™, FinalCheck LQI Compliance, automated valuation models, SSN Verification and several services within the Ellie Mae Total Quality Loan™.
For more information, please visit www.corelogic.com.