Home >> Daily Dose >> Sperlonga Announces HOA Reporting Partnership With Equifax
Print This Post Print This Post

Sperlonga Announces HOA Reporting Partnership With Equifax

busineshandshakeIrvine, California-based Sperlonga Data & Analytics, a data aggregation business for non-standard credit data sources, announced an agreement to become the first company to furnish homeowner association (HOA) payment and account status data to Equifax, Inc.

Sperlonga, founded in 2011, is an affiliate of Chronos Solutions, a national real estate solution services firm.

"Until now, HOA payments have gone largely unreported to the national credit reporting agencies. Our service will help elevate association payments to the same level of importance as the consumer's other financial obligations like residential mortgages, auto loans and credit card payments," said Matt Martin, Chairman and Founder of Sperlonga.

Martin continued, "Property owners that pay HOA fees on time should begin to see the similar impact to their credit reports as they would with other payment obligations traditionally found in a credit report, while associations and property management companies should begin to see reduced delinquencies and improved cash flow. Our goal is to empower homeowner associations and management companies with the same credit reporting tool that banks and lenders already use to manage consumer debt and credit-related payments."

In April 2011, Sperlonga created the first solution for mortgage servicers and investors to deliver reliable, easily retrievable, and standardized data on existing accounts in homeowner and condominium associations to help manage and reduce delinquent association account risk.

Sperlonga now brings a new technology and solution to the HOA and property management industry to better manage the risk associated with HOA budgets and collection of timely payments.  The company's proprietary technology will use automation to extract assessment payment data every month from the property management company's accounting software. Sperlonga will then create a record of the payment and account status each month, for all property owners within the HOA, and report the account data to Equifax.

Dan Berman, CEO of Sperlonga said, "We believe this will have a major impact on the HOA industry. According to the Community Association Institute (CAI), associations along with property management companies collect approximately $70 billion in assessment payments each year and CAI estimated there were at least 333,000 community associations in the U.S."

"Equifax is committed to providing consumers with additional means for building their credit histories.  Introducing new sources of data beyond what has traditionally been found on credit files can provide additional insight into a consumer's financial behavior and help deliver expanded credit access," said Mike Gardner, SVP and Sales Leader at Equifax.

About Author: Staff Writer

x

Check Also

Fannie Mae: The Economic ‘Ramp Up’ Is Underway

The pandemic-driven recession of 2020 was unprecedented, and so is this next stage of economic recovery, the economic research team reports.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.