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HOVER has announced a strategic partnership with Amica Mutual Insurance to enhance customer experiences by integrating smartphone technology for home inspections. This collaboration utilizes HOVER's data integration with CoreLogic Digital Hub, streamlining underwriting processes and reducing inspection costs. Homeowners can perform self-inspections using their smartphones, providing detailed property information to Amica. This partnership aims to improve workflow efficiency and deliver a more transparent underwriting process. HOVER is also gaining traction in the insurance sector, having recently secured $60 million in Series D financing.
CoreLogic (NYSE: CLGX) released its Loan Performance Insights Report for October 2020, indicating that 6.1% of mortgages were delinquent, a significant increase from 3.7% in October 2019. Serious delinquency rose to 4.1%, three times the previous year's figure, though it declined from the last two months. Early-stage delinquencies decreased to 1.4%. The foreclosure inventory rate remained at 0.3%, the lowest since January 1999. The report attributes higher delinquency rates to job loss and small business closures, but suggests that recent economic improvements and stimulus measures may reduce future delinquencies.
CoreLogic ® (NYSE: CLGX) has implemented its income calculation solution via Freddie Mac’s Loan Product Advisor. This system efficiently calculates self-employed borrowers' income from various sources like sole proprietorships and partnerships, automating the intake and analysis process. Freddie Mac's integration allows lenders to save time and reduce costs when assessing self-employed borrowers. CoreLogic aims to enhance the digital mortgage landscape, focusing on automation and standardization to ease the origination process.
CoreLogic (NYSE: CLGX) announced its Home Price Index (HPI) for November 2020, revealing an 8.2% year-over-year increase in national home prices, the highest since March 2014. Month-over-month, prices rose 1.1%. Despite a pandemic-driven scarcity of for-sale homes, buyer demand remains strong due to low mortgage rates. However, future price growth is projected to slow to 2.5% by November 2021. Local markets show varying price trends, with Phoenix experiencing a 12.6% increase, while Houston anticipates a 1.4% decline. The CoreLogic Market Risk Indicator suggests significant risks for certain metro areas.
CoreLogic (NYSE: CLGX) has raised its financial guidance for 2020 and 2021, citing strong performance in property tax processing, insurance, and favorable housing market conditions. For FY20, revenue is now projected between $1,620 - $1,630 million, with adjusted EBITDA expectations of $620 - $630 million and adjusted EPS forecasted at $4.15 - $4.25. The company anticipates a 6% organic revenue growth for 2020. Additionally, FY21 guidance has been updated to reflect anticipated revenue of $1,640 - $1,675 million and adjusted EBITDA of $625 - $650 million, amidst a strategic review process that may lead to a sale of the company.
CoreLogic (NYSE: CLGX) has added its extensive property data to AWS Data Exchange, allowing customers to easily access over 99.9% of U.S. properties, with 50+ years of historical data. This move aims to provide clients with flexible options for accessing property insights and integrating data more efficiently. Executive Brian Battaglia emphasized that this partnership leverages AWS's scale to enhance data delivery in a frictionless environment, benefiting industries such as real estate, mortgage, and insurance.
CoreLogic (NYSE: CLGX) released its Home Equity Report for Q3 2020, indicating a 10.8% year-over-year increase in homeowner equity, totaling $1 trillion in gains—averaging $17,000 per homeowner. Despite the pandemic's economic effects, home prices rose significantly, achieving their highest levels since 2014. However, the CoreLogic HPI Forecast suggests home price growth may slow over the next year as supply increases. Negative equity decreased by 18.3% year-over-year, with 1.6 million homes underwater.
CoreLogic (NYSE: CLGX) has joined Snowflake’s Data Cloud, enhancing customer access to its enriched property data assets. This collaboration allows users to unlock insights quickly, improving operational efficiencies. CoreLogic’s property data, covering 99.9%+ of U.S. properties, will be standardized for easier use. The initial datasets include comprehensive details such as ownership, valuation, and transaction history, supported by the innovative CoreLogic Integrated Property number (CLIP™). This partnership aims to empower various sectors, from real estate to retail, with valuable insights for better decision-making.
CoreLogic (NYSE: CLGX) released its Loan Performance Insights Report for September 2020, revealing that 6.3% of mortgages were delinquent, a significant increase from 3.8% in September 2019. The report indicates that early-stage delinquencies decreased to 1.5%, while serious delinquencies rose to 4.2%. The national foreclosure inventory rate remains low at 0.3%. Homeowners are refinancing to lower rates, contributing to economic resilience. States like Nevada and Hawaii saw the highest delinquency increases. The next report will be available on January 12, 2020.
