CoreLogic Introduces Commercial Real Estate Evaluation Service
Email Dan Smith
January 25, 2011, Santa Ana, Calif. –
––New Evaluation Service for CMBS, Commercial Whole Loans and Default Analysis––
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today introduced a commercial property evaluation solution that leverages a nationwide panel of more than 7,500 real estate brokers and contract appraisers to provide faster, more cost-effective commercial valuations for lenders, investors and special servicers.
The evaluations will be performed using the income approach and sales comparison approaches to value and will provide an overview of local rental market conditions. By combining this information, owners, investors and servicers will be better able to quickly determine the current market rent for their properties, which is critical due to declining rent and increased vacancy levels in numerous markets.
The commercial evaluation panel has been chosen based on the valuators’ local market knowledge and on their experience evaluating and marketing specific property types.
The new service will be significantly less expensive than formal commercial real estate appraisals and will be able to deliver a valuation with much faster turn times. The current average is 10 business days. Users will be able to order and track valuations online 24/7.
All reports will be reviewed by an internal quality control panel that is made up of commercial real estate valuation experts.
“Banks, insurance companies and whole loan and asset-backed investors currently have more than $3 trillion worth of exposure to commercial real estate,” said David Williams, vice president of Broker Price Opinion (BPO) Operations. “This past December, approximately 9.2% of the properties backing commercial mortgage bonds were more than 30 days delinquent. Similarly, many more properties are now underwater, and cannot be refinanced. Having an updated, realistic assessment of the value of these properties and their net income stream is essential to reducing risk and determining market-based investment and work-out strategies.”
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com.
CoreLogic is a registered trademark of CoreLogic.