CoreLogic Inc., recently released its HomeEquity data offerings, which includes home equity data from eight of the ten largest home equity lenders, over 37 million records, and performance monitoring of 6.2 million active Home Equity Lines of Credit (HELOCs) and Home Equity Loans (HELs) with active balances totaling more than $315 billion.
The new technology will be provided through CoreLogic's home equity data solutions: CoreLogic Loan Level Home Equity and TrueStandings Home Equity.
"Home equity lending is poised for a resurgence fueled by several forces: home price appreciation, recent refinance waves that locked the best credits into historically low first mortgages, and stronger consumer confidence," said Olumide Soroye, Managing Director of Information Solutions at CoreLogic. "Our expanded home equity data solutions provide originators and servicers with a better view of the overall market and the emerging opportunities and risk it offers, as well as an in-depth analysis of their current books of business."
According to CoreLogic the new Home Equity offerings will give consumers month-to-month loan level performance information and portfolio risk modeling.
It now includes new information on utilization trends, including timing of draws, draw repayment terms and the reasons for loan/line disposition.
Meanwhile, TrueStandings Home Equity is a web-based solution that provides aggregated home equity data analytics including monthly performance data. Its main purpose is to analyze and benchmark origination, delinquency and prepayment performance at a market level.
By using these solutions, clients will be able to assess payment shock risk associated with seasoned home equity lines(HELOCs) converting from draws to repayment terms, perform utilization analysis on HELOCs, analyze performance and delinquency trends of their portfolios, and make better-informed home equity underwriting and marketing decisions.