Category: Market Influence
The company also publishes some of the industry’s most in-depth home price indices, including the CoreLogic Case-Shiller Home Price Index, the Equity Report and the National Foreclosure Report.
Not content to sit on its digital laurels, in June of 2015 CoreLogic rolled out its newest solution, Trestle, to help MLS organizations adopt the RESO standards mandated by the National Association of Realtors. CoreLogic has made Trestle available as a free SaaS to all MLS organizations, whether they are existing CoreLogic clients or not.
Trestle transforms non-standard listing data into RESO-compliant core listing content, which describes the most common fields to all residential real estate listings, such as listing price, sales price, number of bedrooms, etc.
CoreLogic extracts non-standard listing data from the client’s database, transforms it into a format compliant with the most current RESO Data Dictionary, and then loads it into the Trestle database.
From there, MLSs and their broker members distribute their standardized data to authorized third parties using an online dashboard, which can also be used to monitor the usage and distribution of listing content in accordance with local policies.
The next phase of Trestle, which is currently in development, will include enriched property and AVM content.
“Our goal is to have Trestle become brokers’ and technology providers’ one-stop source for listing and property information to drive rich agent and consumer online experiences,” the company said. Brokers have flocked to the solution: As of December 2015, 118 MLSs, representing more than 500,000 Realtors and brokers, have taken advantage of Trestle’s core listing compliance service. To put that in perspective, NAR’s total membership for the end of November 2015 was 1.2 million, so Trestle represents 44% of that membership.
Category: Market Potential
Auction.com (now Ten-x)
As of the third quarter of 2015, Auction.com had sold more than 82,000 properties in 2015, from modest single-family homes to large commercial properties. In the third quarter the site garnered more than 5 million visitors (up 36% year over year), 40 million page views (up 13% year over year), nearly 132,000 new accounts (up 17% year over year), and more than 23,000 unique bidders (up 17% year over year). It also gained a solid mobile presence following the 2014 launch of its iPad and iPhone applications – with 39% of visitors in the third quarter of 2015 accessing the platform via a mobile device and 21% of bidding activity involving a mobile device.
Auction.com had a stellar year, but we think there’s even more potential in how the company has positioned itself for 2016.
For one thing, it has moved decisively into non-distressed assets, a market it has barely touched up until now. In the third quarter of 2015, Auction.com acquired real estate technology solutions provider Channel LLC, which led to the third-quarter launch of Auction.com Select, a marketplace for quality residential properties for sale nationwide, along with all of the information they need to confidently purchase a home.
Auction.com clearly knows how to move properties online, and wielding that experience to cut a path into the non-distressed market could be huge. Offering a whole different category of properties significantly expands the pool of potential buyers — and Auction.com’s potential profits.
But that’s not all. In May last year the company entered into a partnership with Juwai – the top site in China for real estate listings. Per that agreement, U.S. real estate listings from Auction.com are now advertised on Juwai.com in Chinese, making them accessible to Juwai.com’s 2.6 million monthly Chinese-speaking users in mainland China, Hong Kong, Singapore and around the world. Chinese buyers lead the list of international buyers of U.S. real estate, with buyers from China, Hong Kong and Taiwan responsible for $28.6 billion in sales between April 2014 and March 2015, according to the National Association of Realtors.
Auction.com rebranded as Ten-X in January. Under any name, the company’s vast expansion into new inventory and new potential buyers makes it a decisive winner in this category.
Category: Unique solution
In the context of that increased regulation, particularly the TILA-RESPA Integrated Disclosure rule, DocuTech released ConformX, our winner for Unique Solution. ConformX goes beyond just providing a library of documents, integrating with the LOS and only generating the specific documents needed for each individual loan.
This precision package isn’t pre-defined, but is created on the fly based on the submitted loan data, saving lenders time and paper. Because the data is what matters, no static “print and merge” forms exist in the system and ConformX manages the document generation to ensure all critical data is included prior to delivering the document packages.
Critical to the TRID rule specifically, ConformX manages the tolerances between the Loan Estimate and the Closing Disclosure, ensuring lenders stay in compliance all through the process. It also enables a faster closing process, reducing the amount of time spent at the closing table reviewing unnecessary documents.
ConformX saves times and effort on other fronts as well. Every data field is automatically populated according to the customer’s business rules, which eliminates additional data entry, and because it minimizes the number of documents, it minimizes the amount of document and form maintenance too.
A Closing Collaboration Portal within ConformX provides a simple-to-use tool that allows lenders to work in conjunction with settlement agents in advance of the loan closing to ensure all of the fees are up to date and accurate, while providing a full loan audit trail along the way. This close collaboration is essential for complying with TRID, and the Closing Collaboration Portal addresses this vulnerable area for lenders by improving loan accuracy.
Docutech was an early proponent for the electronic mortgage, facilitating Smart Docs and eForms for closing and making continuous investments in paperless processing. This year the company is updating its collaborative online closing portal by leveraging its current eDelivery, eSignature and eVault capabilities with the objective of driving its end to end e-mortgage solution.