CoreLogic’s Accounting Automation Suite Can Quickly Help Lenders Streamline Appraisal Payment Processing

Surprisingly, accounting inefficiencies, particularly in the areas of tracking, collecting, reconciling and distributing appraisal fees, cost some lenders tens of thousands of dollars, sometimes even more, each year – dollars which could go directly to their bottom line. In today’s business environment, lenders are looking for every opportunity to streamline and optimize their operations to reduce their origination costs on each loan.

As part of its recently enhanced appraisal workflow solution, CoreLogic has launched a new accounting automation suite that can quickly help lenders reduce costs associated with invoice processing and accounts payable overhead while simplifying their tax file management processes.

CoreLogic’s comprehensive accounting automation suite is designed to streamline assessment payment processing, accounting reconciliations, and all the manual headaches associated with verifying timely payment from assessment vendors.

The Accounting Automation Suite helps eliminate many common problems, including:

  • Having to combine fees before paying suppliers
  • Balancing complex appraiser, AMC and lender fees
  • Being unable to repay the borrower when needed easily
  • Determine exactly what was disclosed, how much was collected, what incidental fees were charged, and who owes what before closing
  • Management of 1099 issuance and TIN matching for assessment providers

Accounting automation creates an easy and secure way for the borrower to pay for their assessment using their credit card. As review orders are completed, payments to reviewers and AMCs are automatically paid by direct deposit, and all transaction records are easily accessible for simple account reconciliation. Ensuring fast and accurate appraisal payments is simplified with accounting automation. The payment process can be integrated with a lender’s LOS and white-labeled with a lender’s logo and branding to ensure a smooth borrower experience.

The lender’s implementation process for accounting automation is simple. CoreLogic creates a payment account for you, activates the feature, and notifies third-party providers of the change in the process. Given the wide industry adoption of Mercury Network and CMS, chances are your third-party service providers are already plugged into accounting automation. And solution provider satisfaction is high – who doesn’t appreciate receiving fast and reliable payments? Sellers can also view and download reports detailing payment status for each order. These features help reduce confusion and questions and help foster better relationships.

“In addition to helping lenders avoid revenue loss by automating the accounting process, our new accounting automation solution helps lenders scale faster because they don’t spend the extra time manually reconciling invoices and generate payments,” said William Gillis, Sr. Chief, Marketing at CoreLogic. “The solution also creates a standard payment process for appraisal providers, which many lenders do not have today.”

The accounting automation suite helps lenders reallocate staff from manual collection, payment, and reconciliation processes to more pressing business issues. Beyond simply automating the accounting process, the solution can help lenders protect their bottom line from costly appraisal fees and realize significant value.

William Gillis, Senior Manager, Marketing

William Gillis leads product marketing for Collateral Risk Solutions and Lending and Borrower Solutions for CoreLogic.

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