DS News - Bank of America

92 CALIFORNIA The Problem With California's Affordable Housing Goals e current housing goals set forth by the California state government are more likely aggravating the Golden State's affordable housing crisis rather than solving them, ac- cording to a report by Next10, a nonpartisan, nonprofit organization focusing on the state's long-term issues related to the economy, envi- ronment, and quality of life. e report, which examines the shortcom- ings of the state's housing goals revealed that California would not meet its low-income housing production targets in certain jurisdic- tion for more than 1,000 years at the current pace of development. Looking at data available on Regional Housing Needs Assessment (RHNA), a set of housing development targets set by region, the report said that one out of every six jurisdic- tions in the state was not participating in the RHNA reporting process that forms the basis of the state's understanding of localized hous- ing development progress. A number of recent bills in California have sought to increases transparency, account- ability, and enforcement of RHNA, but the process through which the goals themselves are developed may need to be reexamined, the report indicated. Breaking up the current housing permits for high-, moderate-, and low-income house- holds it found that only 25.9 percent of the al- located units statewide were completed across all income levels. e percentage completed is progressively worse the lower the income level for housing units. While 45.6 percent above moderate-income units have been permitted, only 19 percent of moderate income, 9.8 percent of low income, and 7.3 percent of very low-income units have been permitted. In fact, the report said that 52 percent of the jurisdictions reporting to HCD had permitted zero units for very low- income households. Seventy-two percent and 67 percent of the reporting jurisdictions had completed no more than 10 percent of their RHNA goals for very low-income and low- income groups respectively. Based on these findings, the report recom- mended three key areas that could bring affordable housing in California closer to its goals. ey included: » Redefining housing needs by reexamin- ing housing demand calculations to better account for historic unmet housing needs and distribute allocations equitably across a region » Zoning according to the existing demand to make it legal to build and prioritize development of residential housing for all income-types instead of prioritizing single family homes only » Aligning housing development with pro- jected job growth A Panoramic Housing Solution CoreLogic, launched PanoramIQ , an intelligent property solution that the company says will deliver a more complete view of property data with more current and reliable sources than public-record data alone. Utiliz- ing a combination of public and proprietary property datasets, a unique property ID, machine learning and advanced analytics, PanoramIQ provides lenders, mortgage indus- try professionals, and government entities with deeper, more accurate, and complete property insights, allowing clients to make better deci- sions in a timely and efficient manner. "PanoramIQ brings a more complete and reliable source of property intelligence that fills gaps found in the traditional outdated systems. Based on an unmatched breadth of property information sources and sophisticated logic, California-based CoreLogic is uniquely posi- tioned to identify the most accurate sources of property data so clients have a more complete view of a property," said Shaleen Khatod, Ex- ecutive, Data, and Advisory Solutions at Core- Logic. "As mortgage and refinance volumes continue to decrease, it's important for those in the mortgage industry to have instant and reliable information on a property so they can identify high-quality leads and make timely and competitive underwriting decisions." According to CoreLogic research, 27 percent of property records nationally have gaps within public-record data. Additionally, 18 percent of property records nationally have data attributes that CoreLogic identifies as more accurate than public record alone. Unlike sources such as tax assessor information, which are typically updated annually, PanoramIQ relies on a variety of proprietary information sources to provide more up-to-date reports. PanoramIQ uses artificial intelligence to scan multiple sources of data, link the data to a unique property ID, analyze, and interpret changes and updates and uses advanced ana- lytics to identify the most reliable information. is extensive process enables PanoramIQ to be a more complete, current and compliant view of property data. "When information on a property isn't reported accurately, it can have costly effects for those involved in the process. For those responsible for mortgage portfolios, an error in data reporting can lead to poor lending deci- sions or missed opportunities," said Sherrie Clevenger, Principal, Product Management at CoreLogic."PanoramIQ is designed to turn data points into sales, change how property data is analyzed and improve decision making. It's about changing the way property data is analyzed, so we can help lessen the number of errors and build trust back into the system." Quandis' New Functionality for Default Servicing Quandis Inc., a default management mortgage technology provider headquar- tered in California, has incorporated a new functionality into its Military Search service that empowers clients with the ability to easily customize real-time monitoring data analysis that is more explicitly and inclusive in nature. e new functionality returns the most granu- lar searches in the industry for active military personnel along with detailed reporting. Called the Quandis Military Search (QMS), the solution verifies up-to-the-second information on active duty military status to help organizations comply with the Service- members Civil Relief Act (SCRA) of 2003, which has stringent rules and processes that must be followed before starting mortgage foreclosure proceedings on borrowers that hold active duty status in the United States military. Stiff fines, penalties, and lawsuits can result from active military personnel that is improp- erly pursued in the default process. "Our development of QMS monitoring takes SCRA compliance adherence a step further by putting users in full control of their data and preferences as to how, when, and to what degree of finality they would like to execute searches," explained Greg Kent, VP of data services at Quandis. "Our clients no longer require IT resources to compare and detect SCRA status changes." e new functionality works by provid- ing organizations with the ability to define "monitoring cycles" for their data, which automatically runs SCRA searches using both client-defined criteria and schedules. e continual search cycles allow for comparison

• Cover