CoreLogic Launches Residential Evaluation Reporting Tool
By Raymond Bartreau
MARCH 2012
LOUISIANA MORTGAGE PROFESSIONAL MAGAZINE
NationalMortgageProfessional.com
28
Once you have exhausted all of your past clients, contacts and referral partners with the new Home Affordable Refinance Program (HARP) product, what’s next? You will want to start thinking about other forms of generating new business in the marketplace with this program. There are more than 27 million Fannie Mae and Freddie Mac loan holders nationwide who have no idea about HARP 2.0. The goal here is to find your audience within this large group and get yourself in front of them, or better yet, get them to come to you. The best way to do this is direct marketing, which consists of a few different options and avenues: Radio, TV, cold calling, direct mail and the Internet. As we all know in the mortgage industry, lenders have guidelines on pretty much every loan product on the market. If you are going to use direct marketing in the mortgage industry, the first thing you want to do is find the amount of homeowners that fit within your lending capabilities, in this case, we are talking about HARP 2.0. Some recent count studies were ran with three of the industry’s leading database compiler/managers of mortgage and here is what we came up with: There are more than 27.5 million Fannie Mae and Freddie Mac loans in America right now. There are currently more than 11 million Fannie Mae and Freddie Mac homeowners that are upside down on their mortgage (more than 100 percent LTV). Two states have more than 1.8 million, four states have more than 475,000, and another 31 states have 45,000-plus homeowners who can be helped. Of those 11 million, nearly 60 percent of these homeowners are current right now on their mortgage. The other 40 percent-plus could get current and potentially be helped before the end of 2013 if they are educated soon and make the efforts for the next six to 12 months. Depending on your specific lender requirements for this program, you would take these massive databases, and filter them down based upon the criteria you are looking to lend to. FICO, LTV, loan amount, origination date, late(s), no bankruptcies, and many more filters are available when you are looking to create your perfect audience. After extreme HARP 2.0 overlay filtering, we end up with a total of 2.3 million marketable (outbound with addresses) homeowners who may qualify for HARP 2.0. Of those, more than 215,000 homeowners are available to be called after we do a Do-Not-Call (DNC) scrub on the database. Since most of these folks have not seen a mortgage offer over the last two to four years, you should see a pretty good response on any direct mail continued on page 39
SPONSORED EDITORIAL
CoreLogic has announced a new data-enhanced, appraiser-certified evaluation tool to help mortgage lenders and servicers address new requirements issued in the 2010 Interagency Appraisal and Evaluation Guidelines (IAG). The Residential Evaluation Report from CoreLogic provides an alternative for federally-related mortgage transactions in instances where the IAG permits utilizing something less than a full appraisal, but requires more than a broker price opinion (BPO) or automated valuation model (AVM). The Residential Evaluation Report from CoreLogic provides six perspectives to arrive at the property’s estimated market value including a certified evaluation of property value with an appraiser’s opinion of value, a summary BPO, two Automated Valuation Models (AVMs) and two Indicated Value Approaches (IVAs). The new offering helps servicers meet criteria set forth by the IAG, which were issued by the five federal financial regulatory agencies—the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA). The product also meets the Uniform Standards of Professional Appraisal Practice (USPAP) as a Restricted-Use Appraisal. The IAG was established to set the standards for property valuation, differentiating and clarifying the appropriate use of individual assessment methods in determining estimated property value, and further defining “Evaluations” as an approved alternative. Appraisals, which are time consuming and cost intensive, are not always necessary; and BPOs and AVMs, without additional information, do not meet the new guideline requirements for certain federally-related transactions. The new product from CoreLogic offers an alternative that saves lenders time and money by leveraging the vast proprietary data available from CoreLogic to enhance and clarify its results. “We developed the Residential Evaluation Report in direct response to
requests from lenders and servicers for a solution to help them meet the new standards set by the interagency guidelines,” said Kevin Wall, senior vice president of CoreLogic Default Services. “Evaluations are not new, but the guidelines have now officially established this option as a step to bridge the gap between BPOs and appraisals. Utilizing the vast CoreLogic property database allows us to offer a dataenhanced valuation tool that few can match.”
Zillow Launches New Android App Zillow has announced the launch of its free Zillow Mortgage Marketplace Android App giving home shoppers on-the-go access to the loan shopping experience of the Zillow Mortgage Marketplace. Also available for the iPhone, the Zillow Mortgage Marketplace provides personalized loan quotes, lender ratings, real-time rates and mortgage calculators all in one place. “Since we brought Zillow Mortgage Marketplace to mobile in June 2011, the Zillow Mortgage Marketplace app financial calculators have been used more than 1.5 million times, proving people want access to mortgage and financing information when they are out looking at homes,” said Erin Lantz, director of Zillow Mortgage Marketplace. “With the Android app, we were able to take advantage of the unique menu functionality that enables users to easily share information, such as mortgage rates and loan quotes, from every page.” The Zillow Mortgage Marketplace Android App gives home shoppers access to: A payment calculator that helps consumers estimate what their monthly payment will look like for a particular home; an affordability calculator that helps shoppers narrow their home search to homes within a specific price range, based on income, downpayment and monthly debt information; a refinance calculator that allows consumers to compare their current loan and new loan quote to estimate potential savings if they refinance; a mortgage shopping experience that enables users to request and receive personalized loan quotes, read lender reviews and connect with a lender;