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As a bank we use foreclosure data to fuel an accurate and thorough ongoing analysis of the market. We partnered with ATTOM to gain access to their authoritative foreclosure reports. In this post, we explore in more detail how we benefit from them and their property data.

Why we chose ATTOM’s foreclosure data

ATTOM has an excellent reputation for providing the most comprehensive data on foreclosures in the U.S.. ATTOM supplies us with real time, nationwide pre-foreclosure and foreclosure data, this includes information on foreclosure activity, foreclosure timelines, and current foreclosure starts and completions.

We receive ATTOM’s foreclosure activity report each quarter — which provides a thorough overview of trends in foreclosure filings, including default notices, scheduled auctions or bank repossessions. As one of the most comprehensive real estate data sets on the market, ATTOM covers 99% of the population and provides information on over 155 million U.S. properties.

This data is integral to an accurate analysis of the real estate market – assisting in risk mitigation that has been of high-importance following the COVID-19 outbreak and subsequent economic fallout.

Mitigating risk with ATTOM’s foreclosure data

ATTOM’s quarterly foreclosure reports give us actionable insights into the foreclosure market — enhancing risk management.

This data is important for us when it comes to monitoring the potential rise in foreclosures. This has been a particular concern throughout the previous year due to the widespread job losses triggered by the COVID-19 pandemic that led to a rise in borrowers defaulting on their mortgage payments.

Government agencies and financial regulators have directed us to do what we can to mitigate any foreclosures during this difficult economic time. Data on geographic locations at risk of widespread foreclosures and predictions on future trends have been more integral to us than ever throughout the past year.

Zombie foreclosures are expensive to maintain due to poor conditions, they typically result in expensive losses and damage to our reputation with local communities and government agencies. In comparison, following through on foreclosures is both time-consuming and expensive. Foreclosures amass thousands of dollars in renovation, legal expenses, and agent fees.

As such, foreclosures are an especially expensive risk that we can help mitigate with ATTOM’s quarterly foreclosure reports. ATTOM’s foreclosure data allows us to become aware of vulnerable markets where zombie foreclosures are on the arise – allowing us to avoid expensive losses and damaging fallout by targeting vulnerable homeowners for support.

Mitigating foreclosure risk with ATTOM

ATTOM’s foreclosure reports gives us key insights into the foreclosure market. This data allows our financial institution to stay informed about at-risk markets and current and forecasted trends, which enables us to mitigate the risk of expensive foreclosures.

Want to find out more about our foreclosure data and how it can help benefit financial institutions? Get in touch with us here.

This is a theoretical use case based on an ATTOM client.

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