About the Authors
Executive, Chief Economist, Office of the Chief Economist
Frank Nothaft holds the title executive, chief economist for CoreLogic. He leads the Office of the Chief Economist and is responsible for analysis, commentary and forecasting trends in global real estate, insurance and mortgage markets.
Before joining CoreLogic Frank served in a variety of leadership positions with increasing responsibility at Freddie Mac. Most recently, he was vice president and chief economist responsible for forecasts, research and analysis of the macro economy, housing and mortgage markets. Prior to Freddie Mac, Frank was an economist with the Board of Governors of the Federal Reserve System, where he served in the mortgage and consumer finance section and as assistant to Governor Henry C. Wallich.
Executive, Deputy Chief Economist, Office of the Chief Economist
Ralph McLaughlin holds the title deputy chief economist for CoreLogic in the Office of the Chief Economist. He is responsible for leading economic research and using data and analytics to expand the visibility of the CoreLogic economic policy unit. He also works to enhance research capabilities and tools for clients, industry leaders, the public sector and news media.
Ralph has more than 15 years of experience in housing economics, applied econometrics, real estate development and investment, land use planning, spatial analysis, and economic geography. He previously worked at Trulia and Veritas Urbis Economics. He also served as an assistant professor at the San Jose State University. While at Trulia, he led the company’s housing economics research team, providing buyers with key insights about the economy, housing trends and public policy.
Principal, Economist, Office of the Chief Economist
Molly Boesel holds the title principal, economist for CoreLogic in the Office of the Chief Economist and is responsible for analyzing and forecasting housing and mortgage market trends.
She has more than 20 years of experience of expertise in mortgage market analysis, model development and risk analysis in the housing finance industry. Molly previously worked at both Fannie Mae and Freddie Mac. While at Fannie Mae she provided Fannie Mae’s official monthly forecast for the economy, housing market, and mortgage market stocks and flows, and provided analyses on trends in the mortgage market, including characteristics of borrowers, homeowners, and mortgage products.
Principal, Industry Solutions, Property Intelligence
Bridget Berg holds the title principal, industry solutions within the Property Intelligence group for CoreLogic, where she leads the delivery of fraud risk management solutions to the mortgage industry. With more than 30 years of major financial institution experience, she has focused on all aspects of mortgage fraud, managing investigations and developing fraud risk programs and analytics.
Principal, Research Scientist
Daniel Betten is a principal research scientist for CoreLogic. In this role, Daniel is responsible for meteorological science as it relates to the CoreLogic suite of weather verification products inclusive of proprietary CoreLogic technologies for hail and wind verification.
Daniel is a self-proclaimed problem solver with more than nine years of experience in the field of meteorology. Daniel was undertaking his Ph.D. while taking part in eight different scientific field projects that collected observations in tornadoes, hailstorms, and hurricanes. He began his career at Weather Fusion, later acquired by CoreLogic which has since become a key part of the Insurance & Spatial Solutions Group. While at Weather Fusion he engaged with industry leaders to provide solutions surrounding hail, wind and lightning damage related to auto hail dent repair and roof repair.
Daniel earned M.S. in Meteorology, B.A. in Meteorology, and minor in math and hydrology from the University of Oklahoma. He is currently finishing his Ph.D. in Meteorology, also at the University of Oklahoma.
Maiclaire Bolton Smith
Senior Leader, Research & Content Strategy
Maiclaire Bolton Smith is a seismologist and holds the title of Senior Leader, Research & Content Strategy for CoreLogic®. Maiclaire joined the company in March of 2013 and leads Thought Leadership for the Insurance and Spatial Solutions division of CoreLogic.
Prior to her time at CoreLogic, Maiclaire held previous positions at RMS, Emergency Management British Columbia, the International Seismological Centre and the Geological Survey of Canada. As an earthquake education enthusiast, Maiclaire has spent much of her career dedicated to promoting earthquake risk awareness and preparedness. From 2008 to 2010, she co-chaired the original launch of ShakeOut™ in Canada with the Great British Columbia ShakeOut. In 2010, she co-founded the British Columbia Earthquake Alliance and remains a lifetime honorary founding director.
Maiclaire earned a M.S. in Geophysics, specializing in earthquake seismology from the University of Victoria, and a B.S. in Geophysics from the University of Western Ontario. Maiclaire is based in Oakland, Calif.
Senior Professional, Product Management, Credit Services
Brandon Brahms is a senior product manager at CoreLogic. He is primarily responsible for leading the strategic direction and development of the CoreLogic Income and Verification Services product line, over which he as P/L responsibility.
Brandon is a respected product leader with a strong record of thought leadership, innovation, and customer-focused product development. Prior to CoreLogic, Brandon worked at Intuit and Deloitte.
Brandon earned a Master of Business Administration degree from San Diego State University and a Bachelor of Business Administration in Finance degree from James Madison University.
Executive, Public Policy & Industry Relations
Pete Carroll is executive, Public Policy & Industry Relations with CoreLogic. In this role, Pete directly oversees industry and public-sector engagement programs, drives enterprise strategic initiatives for CoreLogic, and expands opportunities for the company’s thought leadership, insights, brand awareness, and solutions expertise within Washington, DC and across the Federal Housing Agencies and other stakeholders.
Pete is an accomplished executive who can elevate CoreLogic insights and exercise influence on policy, strategy and innovation to support the transformation of the housing finance sectors.
Prior to joining CoreLogic, Carroll was executive vice president of Quicken Loans where he led the development and discussion of Quicken’s positions on a broad spectrum of policy issues. Earlier, he was senior vice president, Capital Markets, at Wells Fargo and was the assistant director, Office of Mortgage Markets, at the Consumer Financial Protection Bureau (CFPB).
He holds a bachelor’s degree in international relations from Connecticut College. Currently, he serves on the Mortgage Bankers Association’s (MBA) Mortgage Industry Standards Maintenance Organization (MISMO). Historically, he has served on several other mortgage industry boards including MBA’s Residential Board of Governors (RESBOG); the Structured Finance Industry Group (SFIG); MERS Corp; and capital markets groups at the U.S. Chamber of Commerce. He continues to provide leadership on numerous collaborative working groups at the Mortgage Bankers Association (MBA) and the Housing Policy Council (HPC).
Professional, Economist, Office of the Chief Economist
Shu Chen holds the title professional, economist for the CoreLogic information solutions group. In this role, she is part of the Office of the Chief Economist working with senior economists to provide insights for the Home Price Index, foreclosure reports and she regularly performs analysis of the home value equity report.
Principal Product Manager / Consultant
Matt Cohen works with product managers and developers across various CoreLogic real estate solutions products with a focus of innovation and information security. He also consults to MLSs, associations, brokerages, and technology companies, providing strategic planning, public speaking, security audits, and other services.
Matt has over 20 years of extensive real estate technology and business experience. He has spoken at many industry events, has been published as an author in Stefan Swanepoel’s “Trends” report and in a variety of MLS and Association magazines and newsletters, and was honored by Inman News by being listed as one of the 100 Most Influential Real Estate Leaders in 2013.
Professional, Product Management
Aarti Desai (Dinesh) is responsible for the management of CoreLogic’s global tropical cyclone models and US Severe Convective Storm Model. She has over 10 years of experience in developing product requirements and executing product road maps in an agile environment. Prior to joining CoreLogic, Aarti has worked with HSBC, Zurich Asset Management Company and with Principal Consulting, in India. She has a Master’s degree in Business Administration from the University of Missouri. St Louis.
Executive, Product Management, Collateral Risk Solutions
Jacqueline Doty holds the title executive, product management for Collateral Risk Solutions at CoreLogic. She is responsible for strategic planning, research and development of innovative products and solutions to collateral risk management problems. She also oversees the CondoSafe and LoanSafe Appraisal Manager offerings, ensuring these CoreLogic solutions provide an accurate, timely and cost-effective method of underwriting collateral. Jacqueline earned a bachelor’s degree in economics from the University of Maryland, College Park, and is a graduate of the Mortgage Bankers Association School of Mortgage Banking.
Compliance Business Unit Manager, Flood Operations Mgmt Team
Scott Giberson holds the title principal, Product Compliance, Operations Management Team. He is responsible for the management of the Flood Disaster Protection Act program for CoreLogic Flood Services and serves on the Board of Directors for the National Flood Determination Association. With more than 15 years of experience, Scott specializes in regulatory issues surrounding flood determinations and the mandatory purchase of flood insurance requirement, as well as policy related to the National Flood Insurance Program. He consults with industry members and members of related industries on legislative and regulatory developments at a federal and state level related to flood insurance.
Senior Research Analyst, CoreLogic NZ
Nick has worked as an analyst across many industries for over 10 years, providing insights for telecommunications companies, government organizations and banks during that time.
As the Senior Analyst in CoreLogic’s Research Team, Nick produces in-depth analysis of the property market and regularly presents to a range of clients, including banking, regulatory, real estate and media organizations.
Nick has a Bachelor of Commerce in Marketing and Quantitative Analysis.
Senior Leader - Science & Analytics
Amy Gromowski, Senior Leader - Science & Analytics for CoreLogic, leads a team of economists, statisticians and predictive modelers responsible for model development and data analytics supporting several business units within CoreLogic including insurance, spatial, fraud and marketing based solutions. With more than 18 years of experience she’s held various roles responsible for model development, product development, and client services for analytic based solutions – all focused on transforming data and analytics into meaningful and actionable results.
Senior Leader – Science & Analytics
Bin currently leads a team of economist and data scientists responsible for research and development of the CoreLogic Automated Valuation Model, Home Price Index, RiskModel and Valuation platform analytics. Before Bin joined CoreLogic, he was director of Credit Analytics for Radian Guaranty, where he was responsible for the development and implementation of mortgage prepayment and default models.
Principal, Insurance and Spatial Solutions
Dr. Thomas Jeffery principal, Science & Analytics Team, CoreLogic Spatial Solutions. He is the lead scientist on development of various CoreLogic hazard risk datasets, including wildfire risk, coastal storm surge risk, earthquake risk and Florida sinkhole risk, and works with many of the top 100 U.S. insurance companies to help implement hazard risk models in automated underwriting and pricing systems.
Tom is a nationally recognized leader in wildfire risk modeling and has been involved in brushfire modeling since the 1990s. He began his career as a Ph.D. graduate student at the University of Nebraska, at the Center for Advanced Land Management and Information Technology (CALMIT). Building on his early work in brushfire risk modeling, he continues to investigate and develop brushfire databases, using the most current geographic information systems (GIS) and remote sensing tools and data available.
Senior Professional, Product Management, Rental Property Solutions
Arthur Jobe holds the title of senior professional economist for CoreLogic in the Office of the Chief Economist. He is responsible for analyzing mortgage and real estate trends. He began his tenure at CoreLogic with the Advisory Services team, working directly with clients and utilizing various CoreLogic data assets to design and deliver customized solutions. He also supported the CoreLogic Lien & Equity Analytics Radar (CLEAR) product as a developer.
Arthur has more than 13 years of experience in accounting for the mortgage industry. He previously worked as an information analyst with Chase Home Mortgage and supported business leaders by providing research, analysis and report development. He also worked as a senior accountant for Retalix and ADT where he focused on management reporting.
Senior Professional, Product Management, Insurance and Spatial Solutions
Matt Karli holds the title senior professional, product management for CoreLogic Insurance and Spatial Solutions. In this role, Matt is responsible for the product management of the suite of location and jurisdictional geographic boundary products.
Matt has more than 9 years of experience developing and launching high margin spatial products to the marketplace. He joined the CoreLogic team in 1998 as a Map Researcher for the Flood Services Department. He then transitioned to roles in both Operations and Data Acquisition before moving into his current Product Management role. At his time at CoreLogic Matt has overseen the formation and leadership of the team that created the ParcelPoint® product. He has experience in both product and project management, map interpretation, GIS, quality control, business process improvement, and operations management. Additionally, Matt is one of many patent holders at CoreLogic; he was part of a team that developed a product for unique spatial intelligence and patented that technology.
Matt earned a B.S. in Geography and Planning with a minor in Geology from Texas State University, where he also taught several undergraduate geology labs.
Principal, Mortgage Performance Solutions
Patrick Kiser is currently a product principal within the Mortgage Performance Solutions group at CoreLogic providing data and analytics to the contributed servicing and non-agency RMBS products for government agencies and other market participants.
For the better part of the last 10 years, Patrick has directly managed and developed the TrueStandings Servicing and Vector Securities hosting and business intelligence platforms.
In addition, Patrick has managed and further developed the non-agency RMBS product set to provide greater transparency and value add through the integration of the property record, AVMs, HPI, and credit bureau data.
Prior to joining CoreLogic, Patrick managed a diverse set of financial products covering the pre-paid, debit, and home equity card spaces with eFunds (now Fidelity) and Wells Fargo.
Also while at Wells Fargo, Patrick managed business deposit account products.
Finally prior to becoming a product manager, Patrick spent 8 years in the mortgage lending space functioning in various roles spanning funding, shipping, post-closing, loan processing and underwriting at institutions like American Residential, CivicBank of Commerce, Pinnfund, and Wells Fargo Mortgage.
Patrick holds a B.A. in Mathematics from the University of California San Diego.
Principal, Industry Soltutions
Guy Kopperud is an industry solutions principal in the Insurance and Spatial Solutions group of CoreLogic. He draws upon 30 years of experience in the commercial and residential property industry – where he specialized in construction, building forensics and hazard response – to provide industry technical and business-lens thought leadership for all insurance and spatial products at CoreLogic. Prior to CoreLogic, Guy developed green energy technologies as well as biological remediation processes, as a result of his extensive experience performing architectural testing and inspections.
Senior Professional, Product Management, Rental Property Solutions
Irina Kovach is a Senior Professional in Product Management within the Rental Property Solutions group at CoreLogic. She has more than 17 years’ experience in developing and launching high-margin products to the marketplace. In her current role, she is responsible for the identity fraud suite of products for the U.S. multifamily market.
Principal, Research, CoreLogic Asia
Cameron Kusher has worked as a property research analyst across the Australian property markets for more than 10 years. He joined CoreLogic Asia in 2008 as a senior research analyst. His expertise in property data analytics reporting has earned him a respected reputation across large corporations ranging from banking, finance and the mortgage services sector.
A popular keynote speaker, Cameron is one of the country’s strongest commentators on property market conditions to businesses and consumers through speaking engagements and across the media.
Prior to joining CoreLogic, he worked as a consultant to the property development industry. Prior to that, he worked with the PRD nationwide research division where he focussed on residential and commercial property analytics for a real estate as well as consulting to the development community.
Principal, Performance Excellence
Dominique (“Dom”) Lalisse is principal, Performance Excellence for CoreLogic. He supports the development of new offerings for the Risk management and Workflow Organization. Dom acts as a catalyst and project manager for the creation of new products and services to support the existing and potential new client base. Prior to his current assignment, Dom initiated the Lean Six Sigma Program for CoreLogic. The program delivers customized Lean training as well as Yellow, Green and Black Belt certification programs to employees of CoreLogic and selected clients.
Before joining CoreLogic, Dom served in a variety of multinational leadership positions at Xerox in France and the United States. Dom’s last assignment at Xerox was Master Black Belt. Prior to that assignment, he held management positions in manufacturing, product development and business strategy. Dom is an Electronics Engineer from Institut Superieur d’Electronique du Nord (France) and received his MBA from Simon School.
Principal, Content Strategy
Tom Larsen is a content strategy principal for CoreLogic Insurance and Spatial Solutions. In this role, Tom is responsible for subject matter expertise and thought leadership focused around driving revenue growth and profitability goals via the identification of new solution areas and continuous white space capture.
Tom joined the CoreLogic team in 2013 with the acquisition of EQECAT, Inc., a catastrophe risk management organization where he held the title of Senior Vice President and Chief Product Architect. Tom has experience in natural catastrophe modeling for the insurance and reinsurance industries, and government dating back to 1989. He has written articles for numerous trade publications, participated on various industry panels; as well undertaken speaking engagements on the topic of the financial impacts of natural catastrophes.
Tom earned a Masters of Engineering in Structural Mechanics from the University of California, Berkeley, and a B.S. in Civil Engineering from Stanford University.
Executive, Research Director, Asia Pacific
Tim joined CoreLogic Asia in 2007 as Executive Director responsible for overseeing the group’s national research division. He is well recognised throughout Australia as a leading real estate market analyst and commentator, having more than fifteen years of experience in similar roles.
Tim’s expertise lies in utilizing CoreLogic’s extensive data sets and analytic products to provide both a macro and micro assessment of housing market conditions and the interplay with the economic and demographic environment.
Along with the CoreLogic research team, Tim regularly publishes reports on housing market conditions in Australia and New Zealand, including the CoreLogic RP Data Home Value Indices which are recognised as the benchmark for measuring value movements across Australia’s housing markets.
Professional, Research Analyst, Office of the Chief Economist
Andrew LePage holds the title professional, Research Analysis, Economics at CoreLogic. He joined CoreLogic in 2015 as a research analyst working in the Office of the Chief Economist. Previously, Andrew was an analyst and writer for DQNews, a partner of DataQuick (acquired by CoreLogic in 2014). Andrew provided real estate data and trend analysis to journalists and issued a variety of housing market reports to the news media on behalf of DataQuick. Prior to that he was a staff writer at the Sacramento Bee newspaper covering residential real estate topics in the capital region and across California. He continues to monitor California’s housing market for CoreLogic in two monthly data briefs detailing trends in Southern California and the San Francisco Bay Area.
Senior Professional, Technical Training, Insurance & Spatial Solutions
Edward Martinez holds the title senior professional, Technical Training. He has traveled across the US and Canada educating groups and individuals on the proper use of Marshall & Swift in a cost approach. Many of the attendees include members of Insurance, Appraisal, Assessment, Lending, Taxation and more. Edward is an IDECC Certified Distance Education Instructor and has helped design curriculums for Insurance, Appraisers and Assessors. Edward started with Marshall & Swift on April 19th 1993 and worked with the late Joseph Marshall & Frank Swift. Edward continues conducting training sessions and works as a consultant to companies looking to maximize their skill and knowledge of Marshall & Swift in a cost valuation, he is also a frequent speaker and co-presenter at the (IAAO) International Association of Assessment Officers and the US & Canadian Appraisal Institutes annual conferences.
Yanling Mayer holds the title principal economist for CoreLogic in the Office of the Chief Economist, and conducts analysis of housing and mortgage markets. A financial economist by training, Yanling has more than 15 years of professional experience in economic and market research.
Prior to joining CoreLogic, she was director of research with FNC, Inc., a mortgage technology company and industry leading provider of appraisal workflow and collateral valuation platforms, where she was responsible for housing analysis and collateral-focused analytics research. Before that, she worked as business economist at FedEx Forecasting and assistant professor of finance at Southern Illinois University.
Professional, Product Management, Insurance and Spatial Solutions
Curtis McDonald holds the title professional, Product Management for CoreLogic®. Mr. McDonald joined the company in April 2011 and is responsible for the Weather Verification Services product line. Prior to his product management role, Mr. McDonald also held various roles in sales. Mr. McDonald grew up near St. Louis, MO and became fascinated with weather and weather phenomena at an early age. The Great Flood of 1993 spawned his greater interest in weather, particularly with severe thunderstorms. He graduated from the University of Oklahoma in 2010 with a Bachelor of Science degree in meteorology.
Senior Professional, Policy Research Analysis, Government Affairs
Russell McIntyre holds the title senior professional, policy researcher and strategy analysis for CoreLogic Government and Public Affairs, responsible for researching government and industry issues of importance to the organization and its clients. He also coordinates the CoreLogic PAC activities, and assists leadership with appointments, events, and projects with partner organizations. Russell joined CoreLogic full-time in April, after completing an internship and working part-time with the company for a full year in the Washington, D.C. office. He recently received a Masters Degree in Legislative Affairs from the George Washington University, and received his B.A. in Political Science and Global Studies from the University of North Carolina at Chapel Hill in 2013. Prior to joining CoreLogic, Russell spent a year working in the outreach department at Third Way, a centrist think tank also located in Washington, D.C. He has prior working experience at the local, state, and federal levels of government, and has held numerous roles on political campaigns throughout his home state of North Carolina.
Executive, Product Management, Insurance and Spatial Solutions
Mikhail Palatnik holds the title executive, product management for Insurance Solutions for CoreLogic, responsible for the suite of solutions servicing the property insurance industry including property estimation, risk assessment and property insight. Prior to joining CoreLogic, Mikhail had extensive experience with working for large, multi-national management consulting companies including Accenture and CapGemini to deliver complex business and technology transformation programs for Fortune 500 clients. He also has a great depth of experience in developing growth and optimization strategies through leveraging technology innovation. Mikhail received an Executive M.B.A. from Marquette University and a B.S. in Mechanical Engineering from the University of Wisconsin-Madison.
Senior Professional, Economist, Office of the Chief Economist
Archana Pradhan holds the title senior professional economist for CoreLogic in the Office of the Chief Economist and is responsible for analyzing housing and mortgage markets trends.
Prior to joining CoreLogic, she was a senior research analyst at the National Community Reinvestment Coalition. Her responsibilities included home mortgage, small business, and bank branches lending research and analysis.
Executive, Global Head of Public Policy & Industry Relations
Stuart Pratt holds the title executive, Global Head of Public Policy and Industry Relations with CoreLogic. He oversees monitoring of federal and state legislation and regulation, as well as development and deployment of strategies to evolve the company's relationships with those who impact and influence the use of real property data and related solutions. He and his team also work with elected officials and government agencies in providing information and research findings that may assist their policy work. Prior to CoreLogic, he worked for the Consumer Data Industry Association; for 13 years he led CDIA as president and CEO.
Principal, Economist, Science & Analytics Team
David Stiff holds the title principal, economist for the CoreLogic Case-Shiller Indexes®; in this role David directs the research and development of the quantitative valuation, home price index and forecasting models.
David has been working with the Case-Shiller Indices since 2000. Prior to that he held the position of manager of regional economics at Standard & Poor’s DRI, where he supervised the production of economic forecasts for all U.S. states, cities, and counties. Before that, he worked at S.H. Putman Associates, where he was responsible for the programming and implementation of a system of computer models used to forecast economic activity in metropolitan areas.
Senior Professional, Science and Analytics
Xiaolin Tan holds the title senior professional, Science & Analytics Team at CoreLogic. She has more than 6 years’ experience in building statistical models and data mining. In her current role, she is responsible for mortgage application fraud analytics for US and UK markets, including model building, performance reporting and other research and development.
Vice President, Product Management
Staci Wellentin is vice president Product Management at CoreLogic. She provides product leadership and direction for the Risk Management, Real Estate, Government and Energy Markets within the Insurance and Spatial Solutions Division. By providing strategic leadership for all aspects of the market awareness and validation and product management processes, Staci’s teams are able to provide best in class data and solutions to clients all over the world via a variety of delivery channels.
Staci has 16 years of leadership experience in the information technology sector. She previously served as vice president of Administration for Lutheran Social Services of Wisconsin and Upper Michigan Inc., and senior manager of IT and Management Consulting Practice at Accenture prior to that.
While at Lutheran Social Services, Staci served as vice chairman on the Board of Directors, member of the Executive Leadership Team, and reported directly to the CEO. She led administrative operations for the $80 million non-profit including information technology, agency-wide procurement, performance and quality improvement, agency real estate services, and facilities management. Staci made herself known for introducing efficiencies among difficult financial restraints earning the respect of her staff and peers.
Staci holds a Bachelor of Business Administration in Information Technology from the University of Wisconsin in Whitewater.
Principal, Science & Analytics Team
Jon Wierks holds the title principal with the Science & Analytics Team. Jon is responsible for managing the team that designs, creates and maintains CoreLogic automated valuation models (AVMs).
Jon is the creator or co-creator of several of the industry’s most highly regarded AVMs. He has more than 20 years’ experience in the real estate and valuation industry as a Realtor®, certified appraiser and AVM creator. He has been a speaker at numerous conferences and industry events such as Mortgage Bankers Association trade shows, CoreLogic RiskSummit, and Valuation Expo.
Senior Professional, Research & Content, Insurance & Spatial Solutions
Susan Williams hold the title senior professional, Research & Content Team for the Insurance and Spatial Solutions Content Strategy Team. In this role, Susan is responsible for driving innovative content solutions to support clients and the CoreLogic strategic roadmap.
In her tenure with CoreLogic, Susan led the design and development of the first International Residential Underwriting Valuation product and was the Senior Product Manager responsible for the RCT Express® Risk Assessment and Valuation Platform and integrated products. Prior to joining CoreLogic, she had extensive experience in product management and system implementation of Enterprise Resource Planning (ERP) systems and did Remote Sensing research at the Jet Propulsion Lab's Image Processing Laboratory including work with early Geographic Information Systems (GIS).
Susan earned a B.A. in Geography from the University of California, Santa Barbara and a M.S. in Remote Sensing from the University of Michigan. Susan also has hands-on insurance agency experience and holds California State Insurance Licenses.