Tag Archives: CoreLogic

CoreLogic says its automated valuation models (AVMs) can assist mortgage lenders in complying with the new federal standards on property valuations. The new standards were released December 2 by the five federal bank regulatory agencies, and emphasize the need for risk-focused appraisal reviews, rigorous AVM testing, enhanced documentation of property condition, and valuation updates during the life of the loan.

National home prices in October were down 3.93 percent from year-earlier levels, CoreLogic reported Thursday, marking the third month in a row the company's index has recorded an annual drop in residential property values. October's reading follows a 2.43 percent annual decline reported for the month of September and a 1.08 percent drop in August, signaling that the deterioration in home prices is getting progressively steeper with each passing month.

Analytics firm CoreLogic released Tuesday a real-time fraud assessment and income estimation tool designed to help users comply with recent federal mandates that require lenders to validate borrowers' ability to pay. The program aims to make it possible to confidently lend to people who have little or no credit history.

The research firm CoreLogic says the share of mortgage borrowers who owed more on the loan than their home was worth shrank during the third quarter. But analysts say the news is hardly encouraging since the decline is being attributed to a rise in foreclosures rather than a rise in home prices. CoreLogic reports 10.8 million, or 22.5 percent, of all residential properties with mortgages were in negative equity at the end of Q3, down from 11.0 million, or 23 percent, three months earlier.

CoreLogic Credco recently introduced FinalCheck, an automated, fully ""decisionable"" suite of prefunding risk evaluation products that instantly verify credit, application, and fraud data in an easy-to-read report for lenders. The company says FinalCheck is designed to help lenders satisfy GSE requirements, reduce repurchase risk, and increase loan delivery confidence.

The industry's ominous shadow inventory of REOs that have yet to hit the market and soon-to-be-REOs increased by more than 10 percent between August 2009 and August 2010, according to new figures released by CoreLogic Monday. The company's calculations show the shadow supply of residential properties reached 2.1 million units in August of this year, a volume that will take eight months to clear at today's sluggish sales pace. CoreLogic puts the industry's ""visible"" inventory of homes for sale at 4.2 million.

Home prices in the United States have declined for two months in a row, according to CoreLogic's market index, after rising for the first seven months of the year. The latest CoreLogic Home Price Index (HPI) shows that national home prices, including distressed sales, declined 2.79 percent in September 2010 when compared to September 2009. That follows a drop of 1.08 percent in August 2010 from a year earlier. All but seven states saw a decline in residential property values during the month of September.

Mortgage fraud has increased by more than 20 percent since fraud rates reached their lowest point in early 2009, according to CoreLogic. The company says higher risk, high-volume programs, including those offered by the Federal Housing Administration and the Treasury's Home Affordable Refinance Program, as well as REO and short sales accounted for much of the increase. All are areas where activity has risen sharply over short periods of time, or where safeguards are not squarely in place, CoreLogic says.

Home prices in the U.S. declined 1.5 percent in August compared to a year earlier, CoreLogic reported Monday. It's the first time this year the company's index has recorded an annual drop. Mark Fleming, chief economist for CoreLogic, warned that price declines are expanding geographically. Seventy-eight of the largest 100 metros included in the firm's study posted lower prices in August. CoreLogic's assessment is in line with what's expected to be a downward trajectory for home prices in the months ahead.

CoreLogic released its Home Price Index Wednesday, which showed that residential property values in the United States remained flat in July as transaction volumes continued to decline. It was the first time in five months that CoreLogic reported no year-over-year gains, and the company says a growing number of declining markets underscore weakness in the housing market without tax-credit support. Home prices actually fell in 36 states in July, the highest number since last November when national home prices were steadily declining.