Industry NewsMortgage

CoreLogic launches mortgage industry competition report

With the industry set to undertake a huge transformation heading into the TRID era, company will identify top-performing loan originators and market trends

Takeaways:

  • CoreLogic announced a new transaction-level report, Marketrac NMLS ID, which will enable users to identify the most active loan originators in specific geographic markets.
  • The report will pinpoint loan officers active in a particular market, including top performers, determine who excels in specific loan program sales, identify the types of loans being generated, understand how originators compare and rank in a market, and monitor activity trends over time.
  • Users can view loans via an interactive dashboard by product or geography to uncover competitors’ strategies, or by builder name to target developers for subdivision loans.

Who are the top mortgage loan originators in every market, and what kind of loans are they generating? Some long-standing mortgage industry trends may see a major shift next month, when lenders take center stage in real estate closings thanks to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule — and CoreLogic is poised to document the changes.

The property analytics provider announced today a new transaction-level report, Marketrac NMLS ID, which will enable users to identify the most active loan originators in specific geographic markets.

The report will pinpoint loan officers active in a particular market, including top performers, determine who excels in specific loan program sales, identify the types of loans being generated, understand how originators compare and rank in a market, and monitor activity trends over time.

 

And many of those metrics are sure to be in constant motion in a few weeks, when the TRID rule takes effect. After the regulation’s implementation date of Oct. 3, the CFPB will hold lenders accountable for ensuring compliance by everyone at the closing table.

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This is expected to impact competition not only among mortgage lenders, but among the partners with whom they choose to work, as well.

As the housing market continues to recover, all mortgage industry stakeholders can expect to see an increase in competition in the coming years." - Olumide Soroye, managing director of Information Solutions at CoreLogic

The tool tracks emerging markets and loan origination activity by ZIP code, county, state or national areas. Users can also search for specific loan types, including new home, resale of existing homes, construction, REO sales, time shares, refinances and equity loans.

Searchers can be further refined for information on residential, commercial, fixed-rate mortgages, adjustable-rate mortgages, and conventional or government loans. After choosing a transaction type, Marketrac will provide details on which lender and title company hold concentrated shares.

Users can view loans via an interactive dashboard by product or geography to uncover competitors’ strategies, or by builder name to target developers for subdivision loans. They can customize searches monthly or quarterly over the last three years, including current month-to-date and year-to-date searches, to compare current and historical activity.

Many title companies are working to get preapproved by lenders and integrate their processing systems with their lending partners heading into the TRID era.

“As the housing market continues to recover, all mortgage industry stakeholders can expect to see an increase in competition in the coming years,” said Olumide Soroye, managing director of CoreLogic Information Solutions. “Insight from the Marketrac NMLS ID Report will allow lenders to fine-tune their recruiting efforts and management strategies to ensure production goals are met or exceeded — so they can stay ahead of the competition.

“The report also provides valuable insight for title companies that need to know the most successful loan officers in their markets,” he said.

Marketrac has five years of historical data gleaned from publicly recorded documents.

Email Amy Swinderman.