New Aggregation Service Tracks Loan-Level RMBS Data
A new software developer entered the market to provide data on the underlying loans in residential mortgage-backed securities (RMBS). Denver-based Blackbox Logic was created in 2007, but formally launched its BBx Data product Thursday. The product tracks loan data on more than 21 million jumbo, subprime and Alt-A mortgages in 7,200 RMBS. Blackbox is targeting investors, broker/dealers and researchers for its aggregate service. “Even though the market itself may be a little stagnant right now and somewhat shrinking, the market for loan level data has grown because people are realizing they need that loan-level data,” Black Box marketing director Wyck Brown told HousingWire. CEO Larry Barnett told HousingWire the loans in its database undergo regular “cleaning routines,” to identify changes that may occur, including when loans are modified, servicing rights are transferred or liquidated through a real estate owned (REO) sale. Clients can customize how they receive the data as well as which data sets they need. BBx Data is accessible through database software firm 1010data’s interface, through raw data in spreadsheets and through a Web-based application. Going forward, Barnett said he hopes the new Loan Identification Number Code (LINC) endorsed by the American Securitization Forum (ASF) will gain traction in the market and give his firm another service to provide to clients. “We are hoping that the unique identifier becomes standard and we’re hoping to integrate with it,” he said. “We’re looking forward to partner with the ASF, we think it’s important for the industry and important for us.” Write to Austin Kilgore.