First American CoreLogic Releases Latest LoanPerformance MarketPulse Report
—Report Summarizes Mortgage Performance Data as of June 2009 and Includes Study of Spatial Distribution of Serious Mortgage Delinquencies at the Neighborhood Level in the 30 Largest U.S. Metropolitan Areas—
September 29, 2009, SANTA ANA, Calif.
First American CoreLogic, a member of The First American Corporation (NYSE: FAF) family of companies and America’s largest provider of advanced property and ownership information, analytics and services, today announced that the latest issue of its LoanPerformance MarketPulse report is available for download at www.loanperformance.com.
This latest report features a new whitepaper entitled, “Spatial Patterns of Mortgage Delinquency in Major U.S. Metropolitan Areas,” by Paul S. Calem, economist and director, Mission Division, Freddie Mac; Hui-Chin Chen, senior risk analyst, Freddie Mac; Melissa T. Narragon, senior housing economist, Freddie Mac; and Lariece M. Brown, senior housing economist, Freddie Mac.
The study examines the spatial distribution of serious mortgage delinquencies across neighborhoods, defined at the ZIP-code level, in the 30 largest U.S. metropolitan areas. The authors’ estimates of neighborhood delinquency rates are based on weighted counts of active and delinquent loans by ZIP code in the LoanPerformance prime and subprime servicing databases of First American CoreLogic. The rescaling is accomplished with weights derived from comparison of counts of loan originations in the LoanPerformance databases to those in Home Mortgage Disclosure Act (HMDA) data.
The analysis may be of interest for its methodological contribution as well as for its potential implications for loss mitigation strategy. For example, in metropolitan areas with a heavily right-skewed distribution, a special emphasis on loss mitigation activities in high delinquency neighborhoods might be advisable to mitigate spillover effects of foreclosure. More generally, the analysis may be of interest to policymakers concerned with neighborhood impacts of the current mortgage situation.
The MarketPulse report also summarizes a selection of key mortgage performance statistics through June 2009, including summary data on serious delinquency and prepayment rates for prime and subprime loans. MarketPulse is a complimentary quarterly report that presents analysis of, and insight into, delinquency and prepayment trends for the prime, subprime, home equity, mortgage-backed and asset-backed securities markets. Many issues also contain a “RiskView” article with valuable insights from thought leaders on the prime, subprime and securities mortgage marketplace. The summary data in each issue of MarketPulse is extracted from First American CoreLogic’s industry-leading LoanPerformance mortgage servicing and securities databases. MarketPulse can be accessed by completing the electronic subscription form at www.loanperformance.com/marketpulse.
About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, is the largest provider in the U.S. of real estate, property, ownership, fraud, mortgage and mortgage securities data—and the advanced analytics that use them—for the assessment of real estate sales, collateral valuation, home-price trends, mortgage originations, mortgage- and asset-based securities pricing, foreclosures, delinquencies and asset dispositions. Its market-specific data covers 98 percent of all U.S. ZIP codes and 3,059 counties in all 50 states and the District of Columbia, representing 99 percent of the U.S. population, 97 percent of all properties (140 million), more than 50 million active mortgages and 96 percent of loan-level, non-agency mortgage securities. First American CoreLogic’s products and services enable customers to manage credit and mortgage risk, protect against fraud, acquire and retain customers, mitigate loss, decrease mortgage-transaction cycle times, value properties accurately, determine real estate trends and project future market performance. For more information about First American CoreLogic, please visit www.facorelogic.com.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.