CoreLogic India Offerings
India is a fast growing market for retail real estate finance. The business of transforming real estate into long term financial assets includes several processes. Innovations in technology and metric driven control have made it possible for increasing number of those processes to be outsourced thereby converting a lot of fixed costs into lower variable costs. With the market crossing a million new home loans a year and growing by 12-15% the lenders need to invest disproportionately in capturing market share. Outsourcing more of the consumable and processing services is a very effective way to free up the capital for growth.
CoreLogic provides world class outsourced processing and technology services to US financial institutions from its centres in Bangalore, Hyderabad and Mangalore. Now the company offers the same value rich platform based services customized to the Indian home loan industry. The key offerings are:
Valuation Management - Property valuation is perhaps the most important risk management process while originating a loan. The valuer's competence, due diligence process adherence, adequate disclosure and preventing any conflict of interest are critical to delivering accurate valuations. CoreLogic offers lenders a proven hosted platform that enables full management of the property valuation process - valuer selection, order routing, process control, reporting and quality control. The lender's valuer panel can be included or a quality independent valuer network may be used. This pay-per-use platform without any upfront lender cost allows role based process transparency and definition of custom rules, workflow and reporting for originating branches and back office processing staff. To the professional valuer this is the opportunity to focus on his professional competence to command higher fees and leave the job of management and information processing to CoreLogic. This is part of a larger vision of delivering high quality, low cost outsourced processing for lenders through a network of secure shared service centres.
Loan Analytics - Lenders have to understand, assess and mitigate risk every step of the way in a loan life cycle. CoreLogic works with almost all the top 100 US lenders analyze risk and gain insight on mitigation. Examples are - filtering high-yield loan leads, assessing pre-underwriting risk, developing hazard scores for property insurance and consistently tracking loan portfolios against industry benchmarks. In India CoreLogic has started offering the NPA Risk Calculator which is a scorecard that when used in the pre-underwriting stage helps alter or screen out undesirable characteristics. Being a hosted calculator, lenders can over the internet use its intelligence on a per loan basis, without any upfront investment.
Information Extraction - CoreLogic R&D in India has in the last 3 years has developed unique technology IP that automates information extraction from various documents. This moves the potential from extracting fixed form location sensitive information to context sensitive extraction from free flow. This has enormous potential in comparing documents, finding keywords and building descriptor databases from document images in the financial, legal and healthcare among other industries.
Building and running databases - CoreLogic is a premier provider of business information services in the US, which demands very high quality of database building and production quality operation expertise. In India the advantages of high quality scalable data infrastructure is becoming increasingly evident. As business volumes rise and transactional complexity increases, important data gets buried in inactive document archives. An organization's competitive advantage is sharpened by its information competence. CoreLogic believes that the way to activating this competence is through building dynamic databases. We are already seeing active interest from governments and financial institutions for our hosted transaction based service model of delivering business information and authentic certified copies of documents from a rapidly custom built managed database.