Consumer information provider Equifax (EFX) will partner with BuildFax to provide property and casualty insurance carriers access to history information on more than 70 million commercial and residential properties. Whenever a major refurbishment is needed on a property, and a building permit is granted, that information is recorded. The two companies said the insurance carriers could use the data they compile to improve underwriting valuation models, while reducing the potential for fraud. BuildFax maintains a property history database on roughly 60% of the nation’s building permit volume. Analysts find risk factors such as aging roofs, property improvements and valuations. “While the economic downturn and increased regulatory requirements have pressured the property and casualty market, the industry is now showing signs of stabilization and even momentum,” said David Flam, senior vice president of Equifax information solutions. “Innovative resources like BuildFax’s property history intelligence, on tens of millions of properties across the country, are contributing to improved performance.” BuildFax President Holly Tachovsky said the firm focuses on documenting a property’s “life story.” “Equifax is known for bringing powerful intelligence to this vertical, and we are confident that our offering will strengthen its service and provide a level of transparency to building permit data not yet seen in the industry,” Tachovsky said. Write to Jon Prior. Follow him on Twitter @JonAPrior.
Equifax, Buildfax partner to provide property history data
Most Popular Articles
Latest Articles
Stronghill Capital shuts down consumer, correspondent lending
Small-balance commercial lender Stronghill Capital shut down its nascent consumer and correspondent lending businesses late last week.
-
Spring housing market gets more inventory
-
The best real estate podcasts for agents and brokers in 2024
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM