Not sure if people were aware of this already, but I stumbled across a nice tool that HUD provides called Neighborhood Watch. According to HUD, Neighborhood Watch is intended to aid HUD/FHA staff in monitoring lenders and provide a tool to the public to help everyone in self-policing the mortgage industry.
The system is designed to highlight exceptions, so that potential problems are readily identifiable. In addition, the system can be used to identify loan programs, geographic areas and lenders that are performing well. While the majority of Neighborhood watch’s work has been concentrated on early defaults, there is a HECM analysis section too.
The tool allows you to analyze HECM activity by individual lenders, all lenders, and geographic areas from the last 3 years. You also have the ability to sort the data by total number of HECMs endorsed, percentage of area volume, and many other categories. If you want to save the data locally to your hard drive, Neighborhood Watch lets you download the information in a spreadsheet.
While the tool could use some work it’s good to see HUD is providing a tool to the public to help analyze loan data.
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