Tag Archives: CoreLogic

CoreLogic announced Tuesday that the company has promoted Wes McDaniel to the newly created role of chief appraiser for CoreLogic Valuation Services. In this position, McDaniel will be responsible for ensuring the quality of appraisal content developed by CoreLogic's in-house appraisers and its national panel of more than 14,000 independent appraisers.

The industry's shadow inventory of repossessed and soon-to-be repossessed homes that aren't visible as properties for sale has contracted, according to CoreLogic. Analysis released by the company Wednesday shows that the shadow inventory of residential properties as of January 2011 fell to 1.8 million, down from 2.0 million a year earlier. For the first time, CoreLogic also examined how loan modifications and short sales could reduce shadow inventory levels.

CoreLogic announced this week that the company's Credco division has launched a data-enhanced version of its ENCORE report, which the company says provides lenders with a 360-degree view of mortgage lending and servicing risk. In a recent test of more than 1 million loans, it identified 70 percent of the lender-identified fraud and more than 50 percent of the total foreclosure and charge-off losses.

CoreLogic introduced its newest technology solution, IntelliMods, to the market Thursday. The company says the new Web-based application will allow users to put more distressed homeowners into modified loans by automating decisions and fulfillment for both government and private investor programs. The system automatically runs the necessary calculations to determine borrowers' loan modification eligibility and provides an audit trail of all decisions.

Woodward Asset Capital has announced plans to launch a new short sale technology application in April that the company says will prevent short sale fraud while reducing transaction times and netting lenders the highest possible sale price. Woodward explained that its new software, VerifiedShortSale, puts the mortgage servicer in control be being first to review every offer while ensuring a transparent process. It's modeled after the company's REO application, OfferSubmission.

Home prices in January were down 5.7 percent from a year earlier after factoring the month's REO sales and short sales into the mix, according to CoreLogic. January marked the sixth month in a row that the company has recorded a year-over-year decline in U.S. home prices. CoreLogic says the industry's ominous shadow inventory of distressed properties and rising negative equity, combined will still high levels of unemployment, all contributed to the continuing slide in home prices.

Fourth quarter data from CoreLogic reveals negative and near-negative equity mortgages account for 27.9 percent of all residential properties with a mortgage nationwide, and the company says recent legislation could make a gloomy situation even darker for the hardest-hit states. Negative equity increased in the last quarter of 2010, rising from 10.8 million properties underwater in the third quarter to 11.1 million in the fourth. Today, about 23 percent of all residential properties with a mortgage are already underwater.

CoreLogic, a California-based provider of information, analytics, and business services, announced a new property report, the Listing and Market Activity Report, on Tuesday. The new report combines Multiple Listing Service (MLS) data with data from the CoreLogic public record database to provide a property's value, statistics on home price changes, foreclosure rates and ratios, as well as REO, foreclosure, and short sale indicators.

As the housing market struggles to get back on its feet, one element holding it back is the prevalence of fraud that increases in times of trouble. In December the CoreLogic Fraud Index revealed fraud losses for 2010 were estimated to be $11 billion. In the past week, the FBI has reported several convictions for mortgage fraud schemes all over the country. The agency says scams involving false promises and fraudulent sales pitches will continue to be a major focus.

They say ""it's all in the numbers,"" but what if the numbers don't match up, in fact don't even come close? The real estate data and analytics firm CoreLogic has released a market report in which the company claims 2010 home sales estimates from the National Association of Realtors (NAR) are overstated by 15 to 20 percent, or about 1.5 million homes. NAR says it's Corelogic's numbers that are off. Both parties agree that the issue lies in the methodology, compounded by the volatility and turbulence of today's market.