CoreLogic Announces Second Annual Academic Research Council Excellence Award Recipients
Real Estate Industry and Trade Media
Campbell Lewis Communications
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July 28, 2014, Irvine, Calif. –
—Researchers Recognized for Findings on Why Individuals Fail to Refinance—
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced the winners of the second annual CoreLogic Academic Research Council (CLARC) award for scholarly research in the real estate and mortgage fields during the company’s 26th Annual RiskSummit.
Benjamin J. Keys, Harris School of Public Policy, University of Chicago; Devin G. Pope, Booth School of Business, University of Chicago; and Jaren C. Pope, Department of Economics, Brigham Young University, were recognized for their paper “Failure to Refinance.” The paper examines how households that fail to refinance their mortgage when interest rates decline can lose out on substantial savings. Based on a large random sample of outstanding U.S. mortgages in December of 2010, they estimate that approximately 20 percent of households for whom refinancing would be optimal and who appeared unconstrained to do so, had not taken advantage of the lower rates. They estimate the present-discounted cost to the median household who fails to refinance to be approximately $11,500. A copy of the paper is available at http://www.corelogic.com/downloadable-docs/failure_to_refinance_2014.pdf. The paper was recognized as the most outstanding research from among all CLARC grant recipients. The scholars were awarded a cash grant from CoreLogic.
“This past year, CoreLogic, through the CLARC grant program, fulfilled more than 15 data grants to leading academic and non-profit researchers,” said CoreLogic Chief Economist Mark Fleming, PhD. “We are pleased to support a program that promotes scholarship and contributed to the dialogue among economists examining the mortgage lending and real estate markets. Each of the CoreLogic Academic Research Council grant recipients exemplifies the type of scholarly research that can make a meaningful contribution to understanding the dynamics of the housing and real estate markets.”
CLARC is governed by a 12-member board consisting of CoreLogic executives and economists, as well as leading professors and experts from across the United States in the banking and real estate fields. The council and its data grant program exist to provide academic and nonprofit researchers the opportunity to receive CoreLogic data grants from its real estate, property ownership and mortgage finance databases. The program encourages scholastically sound research principles, broad distribution of findings and meaningful contributions to academic literature that informs housing policy and regulation development and advances understanding of market dynamics.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company’s combined data from public, contributory and proprietary sources includes over 3.5 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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