Portellus, Inc., a leader in business-user driven change-management solutions, today announced it will offer CollateralLogic, a transaction-based service that automatically reviews appraisal reports against guidelines for fast, accurate risk identification and scoring. The solution allows lenders and investors to mitigate risk, realize best execution, minimize fraud and achieve straight through processing (STP) of appraisal reviews.
Traditionally, appraisal reviews are a laborious, time consuming and risky process whereby numerous data points must be manually evaluated. This method is difficult to manage and consequently creates a high margin for error, which can result in funding a loan with risky collateral.
CollateralLogic works by using automated data capture to extract all key data points off a PDF or scanned appraisal report, then translates the data to XML, stores it to a database, and runs the information against a rules engine. The engine houses customer specific risk tolerance guidelines and a library of specific logic verification.
CollateralLogic's evaluation results include flagged risks along with explanations behind each issue, thus allowing users to immediately identify a detailed process for risk resolution and informed decisioning.
About Portellus
Headquartered in Irvine, Calif., Portellus Inc. is a leader in the application of Service-Oriented Architecture (SOA) for the mortgage banking and insurance industries. Portellus' solutions are in production with mortgage bankers, financial institutions, insurance companies, due diligence firms and Wall Street investors. For more
information, visit www.portellus.com or call 949-250-9600.
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