CoreLogic Offers New Property Report for Mortgage Servicers and Lenders

Data and technology provider CoreLogic (CLGX: 20.06 -1.62%) began offering a new property report for mortgage servicers and lenders to monitor ZIP code-level valuations using multiple listing service data.

CoreLogic began approaching MLS organizations, who traditionally hold on tightly to their data, through a revenue-sharing program called Partner InfoNet. CoreLogic employees have so far closed roughly 30 contracts with these organizations and are targeting the top 200 markets in the country. They currently have three of the top 10.

"The reports will be used specifically for the pre-funding and risk management processes," Elaine Therrien, CoreLogic's director of data and analytics, told HousingWire Wednesday at the Mortgage Bankers Association National Servicing Conference. "The reports still protect the MLS exclusivity."

Lenders and servicers can use the product for monitoring home price changes, foreclosure rates, days on market and REO ratios when managing their portfolios, Therrien said.

For servicers looking to anticipate what loans will fall into delinquency, Therrien added that valuation data from the reports could signal which borrowers are heading into negative equity, one of the clearest flags of imminent default.

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