HouseCanary’s Home Price Indices use hundreds of data ranging from capital markets to local crime and views from individual properties. It uses algorithms that utilize past, present and future price trends, resulting in a three-year forecast.
"We selected HouseCanary HPIs to further enhance our industry-leading real estate data offerings, allowing our lender and servicer clients to more accurately assess and forecast risk in their portfolios," said Kevin Wall, president of First American Mortgage Solutions. "Mounting price dispersion within local markets and the ability of HouseCanary's advanced analytics to deliver insight into these markets at the ZIP Code level provides lenders and servicers with an opportunity to upgrade their risk management and forecasting capabilities."
Data models are rebuilt every month to look for new home value trends, covering 381 metro areas and more than 18,000 residential zip codes nationwide.
"By leveraging HouseCanary's HPI forecasts as part of First American Mortgage Solution's suite of products and services, lenders and servicers can catch market moves early and manage risk with improved confidence," said Christopher Stroud, HouseCanary's chief of research.
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Home price indices by HouseCanary, a real estate analytics company, will now become accessible to mortgage lenders and servicers via First American Mortgage Solutions.