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A new home loan analytics tool that merges portfolio and property data to provide “powerful insight” into a client’s position has launched, a necessity with the tightening regulatory controls rocking the property market.
The tool from CoreLogic is meant to help identify and address oversights in the existing system.
Executive head of data, analytics and solutions, Tracey Ah Hee, explained, “We match a lender’s existing portfolio data to property specific data to provide a customer-level data treatment. Lenders can easily see key areas for focus, which is important within such a rapidly changing environment.”
According to James Vaughan, GM of banking and finance solutions, CoreLogic has always provided this type of information, it has generally been “reactive” and “a bit tactical,” whereas now the data provider intends to get ahead of the curve.
He said, “Banks are generally good at customer level information – payments, delinquency, and credit – but we’re uncovering blind-spots from the security perspective.”
Among the list of oversights, Vaughan included identifying current value, whether the property is owned or rented, how much income can be generated from a rental, and how the neighbourhood will perform from an economic perspective.
“We interviewed a bunch of our customers and figured out what they were trying to solve by requesting [an enhanced] view of their portfolio. We packaged up a set of data that we can affix to their security file to help them understand the four or five key things that are most important to them.”
Ah Hee added, “Selling, buying, moving and renovating clearly influence home loan refinance or bank switching, so understanding the property sales and listings activities of actual customers is critical.”
The new offering equips lenders with credit and risk tools that not only help identify inaccurate or fraudulent information, but can also point to opportunities for growth or highlight situations where proactive support would likely lead to a better consumer outcome.
“We’re really committed to the end customer value of it,” said Vaughan. “We know that the people who are using this data best generally really help their customers with the information.”
