CoreLogic Interface (formerly FARETS Interface)
Prior to NLS 5.5, CoreLogic was referenced as FARETS.
The Nortridge Loan System is able to interface with FARETSCoreLogic. This permits NLS users who are subscribers to FARETSCoreLogic to automatically update all tax information in the escrow impound setups through an electronic file that pulls from the appropriate taxing authorities. You indicate the properties in your portfolio, and FARETSCoreLogic will send out an update file on an annual basis, with all necessary modification data from the taxing jurisdiction. When processing the FARETSCoreLogic file, NLS will automatically verify each tax item to ensure that the tax assessment is correct.
When a FARETSCoreLogic text file has been received, upload this file into NLS by selecting the menu item View > Impounds > FARETS Interfaceclicking the Loan tab then clicking Impounds and selecting CoreLogic Interface.
Click next to the FARETSCoreLogic Tax Amount File field and browse to the location where the file is located to upload the file.
Select the Impound Type from the drop down list.
Select the Loan Group from the drop down list.
Payment Amount Threshold sets a cap on how much the property tax can increase from year to year. If the amount from FARETSCoreLogic is in violation of this cap, the FARETSCoreLogic file will be rejected. An amount of zero indicates no threshold.
Use the following to match FARETSCoreLogic w/ NLS settings allows for mapping of fields within the FARETSCoreLogic document to fields in NLS so as to properly link the two together.
When the FARETSCoreLogic file is run, two reports will be generated. The Match report will list all files in the FARETSCoreLogic document that did match to an account in NLS, and the Exception report will list any files in the FARETSCoreLogic document that were rejected. Click the respective buttons for these reports to specify the path where you want them generated.
Click Test to create the reports without actually transferring the FARETSCoreLogic data into NLS. This is used to determine what would be rejected if you were to transfer the FARETSCoreLogic data at this time.
Click Run to transfer the FARETSCoreLogic data into NLS and generate the reports.
If the Pay only if FARETSCoreLogic or manually verified option is selected, transferring the FARETSCoreLogic data will automatically select the verified checkbox on those installments for which the FARETSCoreLogic data was transferred.