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SAN FRANCISCO – Aug. 8, 2006 – LoanPerformance, a subsidiary of First American Real Estate Solutions (RES®) and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced that the latest issue of its MarketPulse report is available for download at www.loanperformance.com
This latest report features a new whitepaper by Thomas Showalter, vice president, product management for LoanPerformance, entitled “Mortgage Servicing: An Apples to Apples Comparison with Billions at Stake.” By using a proprietary LoanPerformance analysis that reflects the underlying risk of the types of loans being serviced, the study produces insightful results.
“Evaluating a servicer’s effectiveness is not as simple as measuring its loss rates,” said Showalter. “If you compare two servicers—one specializing in prime products and the other specializing in nonprime products—it stands to reason that at the same loss rate, the servicer with the riskier portfolio is clearly outperforming its prime counterpart on a risk adjusted basis.”
In addition to the whitepaper, the new issue of MarketPulse also summarizes a selection of key mortgage performance statistics through the first quarter of 2006, including geographic markets with the highest percentage of interest-only purchase loans and highest incidence of serious delinquency and prepayment rates for prime and subprime loans.
MarketPulse is a free quarterly report that presents analysis and insight into delinquency and prepayment trends for the prime, subprime, home equity and mortgage-backed and asset-backed securities markets. Each issue also contains a “RiskView” section with valuable insights from thought leaders on the prime, subprime and securities mortgage marketplace. The summary data in each issue of MarketPulse is extracted from LoanPerformance’s industry-leading mortgage servicing and securities databases. MarketPulse can be accessed by completing the electronic subscription form at www.loanperformance.com/marketpulse.
LoanPerformance is a subsidiary of First American Real Estate Solutions and a member of The First American Corporation (NYSE: FAF) family of companies. LoanPerformance’s databases track the delinquency and prepayment performance of 50 million active individual mortgage payments per month and provide loan-level information on more than $1.4 trillion in active non-agency mortgage and asset-backed securities. The company’s data and suite of predictive prepayment and risk modeling solutions enable mortgage originators, servicers, securities issuers and investors to make informed business decisions about credit risk, loss mitigation, customer retention, securitization and investment. For additional information, visit www.loanperformance.com and www.firstamres.com.
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, and Risk Mitigation and Business Solutions—a new segment that the company formed in 2005 by combining its Credit Information and Screening Information segments. With revenues of $8.1 billion in 2005, First American has approximately 2,100 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com
Contact:
David Schulz
Corporate Communications
The First American Corporation
(714) 800-3298
dschulz@firstam.com
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