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John Rogers, Chief Innovation Officer
CoreLogic holds the key to this problem.
John Rogers, Chief Innovation Officer of CoreLogic, says, “CoreLogic data and analytics power the PropTech industry.” The company helps PropTech clients by delivering the highest quality and most complete data and analytics, integrated by its proprietary property ID (CLIP). PropTech companies use CoreLogic’s leading property and neighborhood data and propensity models for targeting, AVMs for bidding and underwriting, and owner transfer data for understanding market share. Further, MLS listings can be used in targeting, with proper agreements from MLS boards.
CoreLogic’s integrated solution, all linked through CLIP, is superior to fragmented solutions that source data from multiple sources in terms of both cost and quality. With several distinct features, CoreLogic creates the best data and analytics for the PropTech sector:
As a testament to the robust capabilities of CoreLogic, Rogers recalls their engagement with a PropTech client that was struggling with several problems in their data supply chain. This involved managing data pipelines with many MLS boards, integrating data from many data providers, and data quality from the source. The client had a complex, expensive, and lower-quality data supply chain feeding their models and business processes. CoreLogic stepped in to help the client by integrating all the required data needed for their models and business processes and solving their source data quality issues. The data quality issues were solved by identifying the most accurate property characteristics across many data sources instead of relying on a single source.
• Most comprehensive set of property data, which is all linked by the CLIP ID.
• Highest quality data powered by direct sourcing of data along with the ability to validate data across its many data assets.
• Delivery when and where clients need it, including API, Cloud and Data Exchanges.
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CoreLogic is committed to the PropTech industry and has aligned its market-leading data, analytics, and platform assets to support innovations in the sector
As a testament to the robust capabilities of CoreLogic, Rogers recalls their engagement with a PropTech client that was struggling with several problems in their data supply chain. This involved managing data pipelines with many MLS boards, integrating data from many data providers, and data quality from the source. The client had a complex, expensive, and lower-quality data supply chain feeding their models and business processes. CoreLogic stepped in to help the client by integrating all the required data needed for their models and business processes and solving their source data quality issues. The data quality issues were solved by identifying the most accurate property characteristics across many data sources instead of relying on a single source.
“CoreLogic is committed to the PropTech industry and has aligned its market-leading data, analytics, and platform assets to support innovations in the sector,” notes Rogers. The company has all the foundational assets PropTech companies need to build, launch, scale, and manage their businesses, coupled with a commercial framework to support sector growth. As part of this demonstrated commitment, the CoreLogic Early Stage program offers eligible venture-backed businesses pricing that is commensurate with the funding stage from Pre-Seed through to Series F. “There’s an unprecedented level of venture capital and debt financing entering the sector, creating real estate portfolios worth billions of dollars. Having the right data and analytics strategy has never been more paramount in the industry,” informs Rogers. CoreLogic is helping these companies through the full customer lifecycle— from targeting and segmentation at the top of the funnel through conversion, underwriting, and origination to the acquisition of the asset into the portfolio. The company then monitors the ongoing risk and return profiles all the way to disposition.
CoreLogic has recently launched the Discovery Platform, wherein clients can discover and evaluate all of its data assets in a secure platform and get support from CoreLogic’s experts, including data scientists, to accelerate business insights. The company is currently offering a 60-day free trial to the Discovery Platform to qualified prospects. “Customers can contact us anytime to learn how our team can support their PropTech business—no matter where they are in the journey,” notes Rogers.
CoreLogic News
US Annual Home Price Growth Picks Up Pace in August, CoreLogic Reports
Empowering Lending Decisions: AutomatIQ Borrower Income Analysis Now Incorporates Fannie Mae’s Income Calculator for Superior Analysis
Solution Streamlines Income Analysis Process & Delivers Consistent Results
IRVINE - CoreLogic®, announced that the AutomatIQ™ Borrower™ Income Analysis solution is now integrated with Fannie Mae’s Income Calculator. As a result of this new enhancement, mortgage lenders will be able to calculate borrower income faster, more accurately and in compliance with Fannie Mae investor guidelines.
AutomatIQ Borrower Income Analysis is an API-enabled, intuitive workflow solution for automating, analyzing and calculating borrowers’ income. It now offers a fully integrated experience with Fannie Mae’s income calculator tool. This integration allows lenders using AutomatIQ Borrower Income Analysis to originate loans with confidence by ensuring that self-employment income is calculated according to the standards described in Fannie Mae’s Selling Guide. As a result, lenders can increase certainty in loan quality and are also eligible for rep and warrant relief for self-employment income calculation, reducing repurchase risk.
“AutomatIQ Borrower Income Analysis has improved significantly through this collaboration with Fannie Mae,” said Praveen Chandramohan, executive, Origination Solutions at CoreLogic. “We are now able to provide lenders with a single solution for analyzing and calculating qualifying income for a loan across the borrower(s) complexity spectrum – from simple wage earners to highly complex self-employed borrowers. We can do this in a fraction of the time previously required. With this announcement, we are advancing our strategic vision of automating the simple and simplifying the complex in the mortgage origination workflow.”
“We continue to look for ways to eliminate bottlenecks in the origination process and help address issues that may arise in downstream loan quality reviews,” said Mark Fisher, vice president of Single-Family Credit Risk Solutions at Fannie Mae. “Our latest tool solves a lender pain point to accurately calculate income for self-employed borrowers and we’re excited to collaborate with technology service providers to make this tool widely available.”
Verification and calculating a borrower’s income have traditionally been a manual, complex and time-consuming process characterized by inconsistent results and inefficiencies. With AutomatIQ Borrower Income Analysis, lenders can achieve more consistency in less time by automating, streamlining and standardizing their existing processes to provide a better and more transparent customer experience.
IRVINE - CoreLogic®, announced that the AutomatIQ™ Borrower™ Income Analysis solution is now integrated with Fannie Mae’s Income Calculator. As a result of this new enhancement, mortgage lenders will be able to calculate borrower income faster, more accurately and in compliance with Fannie Mae investor guidelines.
AutomatIQ Borrower Income Analysis is an API-enabled, intuitive workflow solution for automating, analyzing and calculating borrowers’ income. It now offers a fully integrated experience with Fannie Mae’s income calculator tool. This integration allows lenders using AutomatIQ Borrower Income Analysis to originate loans with confidence by ensuring that self-employment income is calculated according to the standards described in Fannie Mae’s Selling Guide. As a result, lenders can increase certainty in loan quality and are also eligible for rep and warrant relief for self-employment income calculation, reducing repurchase risk.
“AutomatIQ Borrower Income Analysis has improved significantly through this collaboration with Fannie Mae,” said Praveen Chandramohan, executive, Origination Solutions at CoreLogic. “We are now able to provide lenders with a single solution for analyzing and calculating qualifying income for a loan across the borrower(s) complexity spectrum – from simple wage earners to highly complex self-employed borrowers. We can do this in a fraction of the time previously required. With this announcement, we are advancing our strategic vision of automating the simple and simplifying the complex in the mortgage origination workflow.”
“We continue to look for ways to eliminate bottlenecks in the origination process and help address issues that may arise in downstream loan quality reviews,” said Mark Fisher, vice president of Single-Family Credit Risk Solutions at Fannie Mae. “Our latest tool solves a lender pain point to accurately calculate income for self-employed borrowers and we’re excited to collaborate with technology service providers to make this tool widely available.”
Verification and calculating a borrower’s income have traditionally been a manual, complex and time-consuming process characterized by inconsistent results and inefficiencies. With AutomatIQ Borrower Income Analysis, lenders can achieve more consistency in less time by automating, streamlining and standardizing their existing processes to provide a better and more transparent customer experience.
• Home prices are 42% higher compared with March 2020, when the pandemic began.
• August’s annual 3.7% home price gain was the highest since February 2023.
• CoreLogic projects that year-over-year home price appreciation will relax slightly by August 2024 to 3.4%.
• Eight states, mostly in the West, saw year-over-year home price declines, the fewest since February 2023.
• Of large metro areas, Miami continued to lead the country for annual home price growth, with an 8.3% gain.
• The median sales price for a U.S. single-family home remained at $375,000 in August, with California ($705,000), the District of Columbia ($630,000) and Massachusetts ($585,000) again leading the nation.
IRVINE - CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for August 2023.
CoreLogic’s Home Price Index dropped to an 11-year low in the spring of 2023 but is starting to regain momentum. While some states in the West still posted annual home price losses in August, that number has been decreasing since the spring of this year. Meanwhile, housing markets in New England are starting to heat up, with New Hampshire, Maine, Vermont and Rhode Island seeing the largest year-over-year price gains in August.
“While continued mortgage rate increases challenge affordability across U.S. housing markets, home price growth is in line with typical seasonal averages, reflecting strong demand bolstered by a healthy labor market, strong wage growth and supporting demographic trends,” said Selma Hepp, chief economist for CoreLogic. “Still, with a slower buying season ahead and the surging cost of homeownership, additional monthly price gains may taper off.”
Top Takeaways:
• U.S. home prices (including distressed sales) increased by 3.7% year over year in August 2023 compared with August 2022. On a month-over-month basis, home prices rose by 0.3% compared with July 2023.
• In August, the annual appreciation of detached properties (3.7%) was 0.2 percentage points higher than that of attached properties (3.5%).
• CoreLogic’s forecast shows annual U.S. home price gains at 3.4% by August 2024.
• Miami posted the highest year-over-year home price increase of the country's 20 tracked metro areas in June, at 8.3%. St. Louis saw the next-highest gain (6.4%), followed by Charlotte, North Carolina (5.4%).
• Among states, New Hampshire ranked first for annual appreciation in July (up by 9.4%), followed by Maine and Vermont (both up by 8.9%). Eight states recorded home price losses: Idaho (-4%), Montana (-2.7%), Nevada (-2.3%), Utah (-2%), Washington (-1%), Arizona (-0.9%), Texas (-0.4%) and New York (-0.2%).
The next CoreLogic HPI press release, featuring September 2023 data, will be issued on November 7, 2023, at 8 a.m. EST.
Methodology
The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the Single-Family Combined tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.
CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — Single-Family Combined (both attached and detached) and Single-Family Combined Excluding Distressed Sales. As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index.