CoreLogic has introduced Universal Title Data Structure (UTDS), a new digital title and closing solution designed to enhance its proprietary Complete Collateral platform by instantly releasing data from the title provider directly to the lenders’ loan origination systems (LOS).
CoreLogic reportedly developed UTDS to securely source, mortgage loan data directly from the title agent’s production software in a standard, consistent format as a way to improve LOS data processing and allow CoreLogic to deliver a single, end-to-end digital mortgage workflow.
UTDS simplifies and expedites collateral underwriting for lenders by automating dozens of manual steps lenders have to take to re-key separate pieces of property information from PDF copies of title documents into their LOS prior to closing a loan.
It digitizes, organizes and transmits over 350 individual data elements from title commitments, tax certificates, major endorsements and property reports, the global property data and analytics provider explained in a statement.
The complete automation of manual processes takes significant time, touch and cost out of clients’ workflows, and help users improve borrower experience, said Glen Evans, executive of collateral technology solutions at CoreLogic.
Amilda is a journalist and branding consultant interested in how entrepreneurs turn brilliant ideas into products and services that advance business acumen and improve people’s lives in unprecedented ways. She has covered mortgage finance for over 15 years.