CoreLogic® Releases Third Quarter 2011 Multifamily Applicant Risk Index
Email Dan Smith
CoreLogic SafeRent Communications
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October 20, 2011, Santa Ana, Calif. –
—Third Quarter Year-to-Date Renter Credit Quality Up Over 2010—
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that CoreLogic SafeRent®, provider of the nation's leading suite of screening and risk management services designed for the multifamily housing industry, released its third quarter 2011 multifamily applicant risk statistics. Despite anemic job growth in the weak economy, credit quality among rental applicants improved slightly in the third quarter 2011 over third quarter 2010.
The Multifamily Applicant Risk Index (MAR Index) for third quarter 2011 is based exclusively on traffic credit quality scores from the CoreLogic SafeRent statistical lease screening model (Registry ScorePLUS®) and is updated quarterly to provide property owners and managers with a benchmark against which to compare their portfolio’s performance. With this unique applicant risk index, property managers and owners are able to compare their applicant credit quality trends with that of the average MAR Index trends. This comparison indicates whether their portfolio is performing above, below or at market levels with respect to attracting and securing applicants with higher credit quality and an increased likelihood of fulfilling their lease obligations.
The full report can be found at http://www.corelogic.com/about-us/researchtrends/multifamily-applicant-risk-index.aspx
Understanding the Multifamily Applicant Risk Index (MAR Index)
The MAR Index is published quarterly by CoreLogic SafeRent. It provides trends of national and regional traffic credit quality scores whereby a lower index value indicates an applicant pool with a higher risk of not fulfilling lease obligations. A MAR Index value of 100 indicates that market conditions are equal to the national mean for the index's base period of 2004. A MAR Index value greater than 100 indicates market conditions with reduced average risk of default relative to the index's base period mean. A value less than 100 indicates market conditions with increased average risk of default relative to the index's base period mean. The MAR Index is derived from the statistical screening model from CoreLogic SafeRent, which is the multifamily industry’s only screening model that is both empirically derived and statistically validated. The statistical screening model was developed from historical resident lease performance data to specifically evaluate the potential risk of a resident’s future lease performance. The model generates scores for each applicant indicating the relative risk of the applicant not fulfilling lease obligations. A lower score indicates a more risky applicant.
To receive the MAR Index data for your Metropolitan Statistical Area or if you have questions, contact CoreLogic SafeRent at email@example.com.
About CoreLogic SafeRent
CoreLogic SafeRent provides the nation's leading and most innovative suite of screening and risk management services designed for the multifamily housing industry. CoreLogic SafeRent offers a single source for resident screening services, renters insurance programs, analytics and automated lease and document generation. Landlords and property management companies who manage over 6 million apartment homes, rely on CoreLogic SafeRent every day to assist them in screening residents to meet their community standards and maximize profitability. CoreLogic SafeRent leads the industry in innovations and enhancements designed to make the decision process faster, easier and more accurate. For more information, visit saferent.com.
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 and most comprehensive 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. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CORELOGIC, the stylized CoreLogic logo, SAFERENT and REGISTRY SCOREPLUS are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.