RealtyTrac Launches Expanded RE Database
Long an established source of information about financially distressed and foreclosed properties, the firm announced last week that it will also offer information about a property's tax, deed and other records.
“For nearly 20 years, RealtyTrac has been a market leader in B2B and B2C applications for comprehensive real estate data, and we are excited to expand our data footprint and continue our mission of bringing more data to more people,” said Jamie Moyle, CEO at RealtyTrac when announcing the availability of the new data. “RealtyTrac will bring the same creativity, flexibility and transparency to the market for tax, deed and mortgage data that it brought to the foreclosure data market more than 10 years ago and that it brought to the local and environmental data market two years ago with the acquisition of Homefacts.”
RealtyTrac acquired the data due to a court-ordered settlement of anti-trust litigation brought by the Federal Trade Commission to CoreLogic's acquisition of DataQuick Information Systems.
That $661 million deal would concentrate the market for real estate data too severely, in the FTCs view, and the market regulator insisted CoreLogic license much of its real estate data to RealtyTrac.
Brian Mushaney, executive vice president of Data Solutions for RealtyTrac, said the firm looked forward to working with interested credit unions to license the use of its data for their mortgage and other loan operations.
Mushaney said the data will help credit unions better understand and perform due diligence on property that is serving as collateral for mortgage loans, and will also help credit unions market other loans.
For example, a credit union could search the newly available data to determine which of its members might want a home equity loan or line or credit, or which members might already have a home equity loan from another lender that could be refinanced.
“Whether customers desire a bulk file license, custom API or a more creative solution, RealtyTrac has the internal knowledge and expertise to quickly enable innovative new products that continue to challenge the status quo of buying, selling and analyzing real estate,” Mushaney said.