CoreLogic is fixing the flaws in tax management

HousingWire

From data standardization to AI-driven tax servicing, CoreLogic is shaping the future of mortgage servicing.

Transcript

00:00We are live from MBA Servicing.

00:08My guest is Dustin Moore, VP of Product Management for Residential Tax at CoreLogic.

00:14Dustin, it's so great to speak to you today.

00:16Yeah, hey, thanks for having me here.

00:18This is exciting.

00:19It's a great show.

00:20Super excited to see what you got for us today.

00:22Amazing.

00:23So before we dive in, could you just introduce yourself and also your role at CoreLogic?

00:28Sure.

00:29I lead our residential tax product teams at CoreLogic, which is part of our servicing

00:34and payments division inside the company.

00:36And so we are really focused on helping servicers do things better, right?

00:42So we keep homeowners and taxing authorities and servicers sort of at, you know, the central

00:47point of our business as each of our sort of equally weighted constituents and the people

00:52that we try to provide value for.

00:53And so we just try to take care of them every day with the best technology and solutions

00:57we can.

00:58And how does CoreLogic's philosophy of every loan mattering impact your business and your

01:04interaction with your clients?

01:06Yeah.

01:07So it's just really meaningful work, right?

01:10Because it's not just a property address.

01:12It's not just a loan number.

01:14It's my grandparents.

01:15It's my parents.

01:16It's the people I work with.

01:17It's my friends.

01:18And so to be able to make decisions that impact those folks and to know that the things that

01:24I do correctly and the things that my team does incorrectly and correctly throughout,

01:29you know, the course of our business has a real impact on people.

01:32You know, I think that that's something that is really cool to be a part of.

01:36And then, you know, I think the other thing is that every loan sort of stands on its own.

01:41Each one is nuanced.

01:42And so every loan does matter because every loan has its own sort of kinks and quirks

01:48and we've got to work with each one individually.

01:49And that's the only way to take care of our customers really the way they deserve.

01:54Your business recently announced the launch of digital tax onboarding decisions.

01:59What is that?

02:00So we're pretty excited about this one.

02:02It really unpacks a lot of the nuance that's inside of an onboarding of a loan.

02:10And so, you know, when we say nuance, what we mean is that taxes can, you know, the tax

02:15line setup can fluctuate a little bit depending on investor rules or geography or some of

02:21the exceptions impacting that tax amount.

02:24So what onboarding decisions does is bounces all those data points that we have and that

02:30our customers provide us against a best in class rules library and then layered on top

02:35of each servicer's bespoke business rules and sets up those tax lines.

02:40And it really ends up doing two things for us.

02:43One is a more accurate line setup.

02:45And then the second is an operational efficiency, right?

02:48Because we get people from looking and verifying every loan to passing the easy ones through

02:53automatically and then putting our humans in the loop on the things that might need

02:57a little bit more research or work.

02:58So pretty good from both the customer service and efficiency angles.

03:02And you mentioned data, and I know CoreLogic is all about data.

03:06So in this new launch, are you tapping into some of this huge lake of data that CoreLogic

03:15has access to and is incorporated into their database?

03:19Sure.

03:20Of course.

03:21Well, not almost.

03:22Everything we do at CoreLogic taps into, again, that massive data asset and onboarding decisions

03:28is no different.

03:29We use everything that we have at our disposal to ensure we have good customer experiences.

03:35And last I checked, it's like thousands and thousands of data sources.

03:39That's right.

03:40It's many thousands.

03:41Yeah, for sure.

03:42So what specific challenges in tax line setup does this new product launch address?

03:49I would say it's really the nuance of each one.

03:53Again, there are differences geographically.

03:57There's differences depending on what happened at the closing table.

04:01There's a number of things that might make something not be the typical flavor that we

04:05expect.

04:06And so being able to run your own rules against that is something that is unique, first of

04:12all.

04:13And really, it does bring us back to the idea that every loan matters, even in the unique

04:18situations.

04:19Yeah.

04:20So you sit atop this business that is helping with tax issues, helping your clients with

04:27tax issues.

04:29What challenges and trends are you seeing over the next two to five years that you think

04:36are going to impact your clients?

04:38Yeah, sure.

04:39So, you know, I think one is the experiences that our homeowners are having in other industries

04:47are raising the bar for what we do as servicers, right?

04:50So our digital experiences have to get better.

04:53Our communication methods have to get better.

04:56Everything has to match that consumer experience.

04:57And so I think that the one thing that we're really going to focus on is driving a better

05:01overall digital servicing experience.

05:05You know, the second thing I think about is education.

05:09So taxes and insurance, particularly the costs around each one of those, is going to continue

05:16to be a challenging environment likely into the next few years.

05:19And so the way that we educate, sort of pre-educate our consumers and help them with some of the

05:25potential inevitabilities of payment changes over time, I think that that's an area of

05:30focus that we're all going to take a really sharp look at.

05:33And then the third is I expect data to start moving faster.

05:38Servicing traditionally kind of moves data around via flat files and Excel spreadsheets

05:43and things like that.

05:44I look for the pace of that to really pick up.

05:47I think we'll start to get into APIs and web services and things that start to exchange

05:51data more like our partners do on the origination side of things.

05:54And so I think that's something that the servicers who have the infrastructure and the experience

06:01and the ability to handle that faster data movement are probably going to provide better

06:04experiences to their clients.

06:06So we had your CEO, Pat Dodd, on stage at an event last year called The Gathering, where

06:12he kind of set the event abuzz with all of the AI capabilities that you're starting to

06:17integrate at CoreLogic.

06:19How is AI and other new technologies being integrated into the business that you help

06:25lead?

06:26Sure.

06:27So, you know, I think Pat's done, first of all, a great job of setting that culture,

06:31right?

06:32AI is going to be in our products.

06:34And so, great job of leadership there on his part.

06:36And I think, you know, looking at tax specifically, we're seeing really good results in what we're

06:42doing around forecasting.

06:43And so, again, looking towards that trend of taxes are generally on the increase.

06:49You know, our servicers are interested in what's that going to look like for me?

06:53What does that look like for my business?

06:55What does my financial profile need to take into account based on these increases?

07:01And, you know, as we look at the testing results, it's really, really impressive what

07:07I think we'll be able to bring to market here shortly.

07:09Dustin, it has been so great catching up with you today.

07:12Really interesting conversation.

07:13Thank you so much.

07:14Of course.

07:16I appreciate it.

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