HouseCanary, a leading real estate analytics company, announced that mortgage lenders and servicers can now access the nation's most granular and accurate Home Price Indices (HPIs) and forecast models from HouseCanary through First American Mortgage Solutions, LLC, a subsidiary of First American Financial Corporation.
HouseCanary's unique valuation models process hundreds of inputs from capital markets to local crime, and include views from individual properties allowing the company to forecast home price appreciation or identify risk with precision and local granularity.
“We selected HouseCanary HPIs to further enhance our industry-leading real estate data offerings, allowing our lender and servicer clients to more accurately assess and forecast risk in their portfolios,” First American Mortgage Solutions President Kevin Wall said in the release. “Mounting price dispersion within local markets and the ability of HouseCanary’s advanced analytics to deliver insight into these markets at the zip code level provides lenders and servicers with an opportunity to upgrade their risk management and forecasting capabilities.”
HouseCanary HPIs are powered by modern machine learning algorithms that meticulously analyze historic, current, and future price trends yielding 40 years of history and the industry’s most accountable 3-year forecast. The algorithms rebuild their data models every month to continuously look for new home value trends within thousands of analyzed data points to provide coverage for all 381 metropolitan areas in the U.S. and more than 18,000 residential zip codes.
“By leveraging HouseCanary's HPI forecasts as part of First American Mortgage Solution's suite of products and services, lenders and servicers can catch market moves early and manage risk with improved confidence,” HouseCanary’s Chief of Research Christopher Stroud said.