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TechTranscript
00:00I'm Allison LaForgia, Managing Editor of HousingWire's Content Studio, and today we're going
00:09through a demo of Araya with Terry from Cotality. Let's start with a quick introduction, and then
00:16Terry, I'm going to hand things over to you. Cotality, formerly CoreLogic, is a data-driven
00:22technology company that connects the entire property ecosystem. They're imagining new
00:28possibilities to increase productivity, minimize risk, and grow businesses and grow relationships.
00:36They strive to transform how mortgage professionals do business for the better through their innovative
00:41data science and analytics, technology, workflows, software, and platforms. Cotality helps identify
00:50and manage growth opportunities, improve performance, and mitigate risk. It's a tall order.
00:56Terry, take us through the platform.
00:59All right. Thank you. That is a very smart introduction to Cotality. It's very inclusive,
01:05let me say. Araya sort of brings a lot of what you just described about Cotality to life,
01:11and it's my pleasure to introduce the audience to Araya. It's our smart data platform that sits
01:17on top of Cotality's comprehensive property data ecosystem that you referenced, and our customers
01:23then benefit from all the underlying work that our data scientists do to build models to match property
01:29features with our data and really put it through a finely tuned machine learning experience so that
01:36we can really bubble up insights to customers so you can make really better decisions, engage and retain
01:43your customers, understand property at an unmatched level of detail, all at your fingertips. And I know this sounds
01:50kind of complex. And so it's important that you know that Araya is really very approachable. It's
01:55intended to enable our customers to empower teams to take action with a high degree of confidence
02:00across a number of different use cases. It's a little bit like a Swiss army knife in that
02:05there's a number of use cases for mortgage and property professionals that are solved in one handy
02:11place on the Araya platform. So with that, what I'd like to do is share my screen and show you
02:18Araya. And when you get to the Araya dashboard, you're going to log in and you'll see the applications
02:24that you're provisioned for. I like to point out that on the side to the right is the newsreel. And so we
02:32always provide our users information about insights at Cotality and our chief economist team and our
02:39analysts have found about the market and mortgages and share that with our users every day. And then
02:46below that in real estate news is a housing wire data feed. So thank you, friends from housing wire
02:51for being our partner and providing worthy news to our customers. Today, I'm going to walk you through
02:56three tiles, three products. The first is market intelligence. And there I'm going to show you how I
03:02would use it to give me insights to grow my business and to really understand my competition.
03:06I'm also going to show you property intelligence. And there I'll show you how I could use it as a
03:11mortgage originator to bring value to customers and real estate agent relationships. And as an
03:16operator, someone in operations, how I might use it to verify information to fulfill an application or for
03:23information about a property. And then finally, in bringing it home, I want to share more about
03:29precision marketing, which is a very cool, insightful application that helps you gain insights into whether
03:35your customer is shopping for an MLS listed property or otherwise looking for financing and doing it well
03:43ahead of your competition. So let's dive first into market intelligence. So market intelligence is got five
03:54years of real estate transaction detail that includes everything you could possibly glean from the public record file. The
04:01default view here is a national view, but there's a number of different ways you can slice and dice the
04:06data and save views so that going forward, your default view could be whatever you'd like it to be your
04:12company, your favorite real estate brokerage, your county, your state, etc. I default to 12 months, but I can go back
04:19five years or I can look at year to date. And I can drill down on location by county, state and zip. I can look at
04:25transaction types, property types, sales price ranges, what kinds of loans are being originated.
04:34And I can also, especially for banks and credit unions who are interested in LMI lending or majority
04:40minority census tract data, drill even further. For example, if I'm a Spanish speaker, I may look
04:46and search for real estate agents who are serving Spanish speakers, and I can drill down to real estate
04:53transactions that are supported by real estate agents who are serving the Hispanic market. So there's a lot
04:59of detail that I can drill down to in this massive database. And along the way, of course, I save my
05:07dashboards. I can mark favorites. In this case, I can save real estate brokerage favorites. I can have lender
05:15favorites. Any number, anybody who's involved in a transaction is saved in the market intelligence
05:21database, again, for the past five years. And so you can search and find information in just about
05:27every flavor. We also have information about active listings, not just total production. So as you drill
05:34down into markets, it's interesting to know more about who is serving active listings in terms of real
05:39estate agents and real estate brokerages. Let's look at Colorado, because national is a lot.
05:45And in every case, when you drill down into a geo, what you'll find is we're going to provide you with
05:51the top five, the top five lenders, the top five loan officers, top five buying agents, top five selling
05:58agents, and the top five counties for appreciating markets and not appreciating markets. This is always
06:08very useful as you drill into markets and you want more detail. So in this case, let's say I'm a loan
06:13officer and I want to penetrate the Colorado market. I could start by understanding who my lender
06:19competition is. And of course, everyone's competing against United Wholesale or Rocket. So I may be more
06:25interested in who Ant Guild or First Bank are doing mortgages with. What real estate agents are they
06:32working with to penetrate? I may also be interested in recruiting loan officers that are doing well in
06:38my state. So I may be looking over here in top loan officers. In any case, I can always view more
06:44and have an unlimited list up to actually 5,000 records that I can export from market intelligence
06:53from any of the tiles that I'm in. I bet I'm most interested in, though, if I'm a loan officer,
07:00in who the buying agents are in my market. And I can go about that in a couple of different ways.
07:06I can drill in here to top buying agents to learn more about the business they run. Who are they
07:12serving? And I can assess using this data whether or not they're a good fit for my business. I have
07:19an expertise, for example, in VA lending. This real estate agent doesn't do a lot of VA. It doesn't
07:25seem to serve a lot of VA borrowers. So they may not be a fit for me where another agent I encounter
07:31may be a fit for me. So you can look at this data on an agent-by-agent basis.
07:39Conversely, I am interested in throwing a wide net. I could look at all top buying agents in Colorado.
07:45I can look at them in terms of their email and phone number address to reach out. And in doing that, back to my dashboard for a second, I can generate a list
08:01and export that list here of all of this information, including name and phone number, email address to enter into my CRM and do a sustained CRM program to nurture relationships with all the top buying agents in Colorado.
08:22The opportunity is endless with market intelligence. I could spend days going through the information with you, but because of time, I'm going to pop out and talk about property intelligence.
08:35In property intelligence, instead of looking at the overall market, I'm looking at a single property.
08:41So let me just look for a single property to walk you through as an example.
08:48We talked about at the beginning how Cotality has every single parcel in our database in the United States.
08:57We give every single parcel its own reference ID, which makes it easier actually for our customers to match and append data to their property addresses
09:06so that we can enrich property data in a customer's portfolio with any amount of these details.
09:12But as an individual user, just trying to get insights about a single property, this is great.
09:17Because what I'm able to do is get an overview of a property, neighborhood information, market overview, trends in terms of rental, rent value, median home value,
09:29the appreciation of a market, the medium you are built, lifestyle information, the neighborhood walking score, that kind of thing,
09:37the types of lifestyle people lead in this community, the demographics in this community, and the percentage housing mix in this community.
09:46This is all really great information if I'm a loan officer and I'm working with a prospective homeowner who's shopping for listings in a particular market
09:53and I'm pre-approving them, I can tell them more about this house or this market with my fingertips,
10:00and I can download a report that shows this information to them.
10:03It's a nice little PDF report.
10:09I might also want to share with them more information and details about information like the tax liens,
10:14or the tax, excuse me, the cost of taxes in this market, $9,000 in this case, recent transfers of this property.
10:28I can look at, I can tell them about building permits related to this property and the life of this property.
10:34I can give them information about flood zones.
10:38I can give them information about lien history, foreclosure information, et cetera.
10:44This is all very great information to be able to share with a potential borrower.
10:49Similarly, as an operations person, having this property detailed to fill out my loan application is highly useful.
10:55Legal description information, estimating taxes, better understanding how the borrower currently vests the property.
11:03Those kinds of things are going to accelerate my information.
11:05I may be waiting for title. I don't have to wait for title. I can just look for information here.
11:10I don't want to overlook the opportunity to also provide AVMs, and we have different types of AVMs based on your purpose,
11:18and it's very quick to provide a value.
11:21We can even provide specific information about comparables associated with any property,
11:26and this might be useful if you're working with real estate agents to show your value in terms of insights that you can provide about a property
11:33that they might not have at their fingertips.
11:36So that's property intelligence.
11:38And then finally, let's look quickly at precision marketing.
11:41This is a really unique offering that Cotality brings to market, and we provide these insights in a number of different ways.
11:49We can enrich a CRM file.
11:51We can provide shopping information in the cloud based on a list of addresses.
11:55What's great about the Aurea application is if I'm a smaller company or I have a single CRM for an end user, a single loan officer,
12:04I can easily upload my list of customers and instantly know how many of my shoppers have been in,
12:11or how many of my homeowners have been in an MLS listed property in the last 90 days.
12:17I also providing you insights about the equity position of the consumers that you've uploaded or the properties that you've uploaded into the platform.
12:25So that in addition to knowing who's in the market shopping, it may just be a love it or listed signal.
12:32Sometimes somebody who's out looking for listed properties may not actually move, whether they can find the perfect property or whether they're looking for ideas for their home reno.
12:43You don't know when they're going through listed properties what their motivations are.
12:47And so we want to provide you with additional insights so that if in the end they decide to do a home equity loan or cash out refinance,
12:54you have a lot of information at your fingertips to persuade that customer before your competition that you're the right loan officer to provide them the solution.
13:04So let me just drill in a little bit more into what you're looking at on the Aurea screen here.
13:09This is precision marketing.
13:11And what I'm showing you in the list of properties that you've given me are based on the most recent activity, who's been in an MLS listed property,
13:20how many homes they visited in the last 90 days, how many homes they've revisited,
13:24and when was the last time they were in an MLS listed property?
13:28And was that property in or out of state?
13:31We can also see is because you know this borrower and you have their address,
13:36we'll provide you with information about whether their current property is owner occupied.
13:41So they are currently still living in the property address that you have for them and remind you what the subject property lien is.
13:49It's an FHA lien that was, and the property was originally purchased in 2016,
13:55and the borrower has $100,000 available of equity.
13:59Now let's look at what they are shopping for.
14:01It looks like their average listed property listing is between $500,000 and $750,000,
14:06and they've only been in the market three weeks.
14:09So this is an opportunity to get in front of the Myers family and speak to them about their needs for a mortgage.
14:18The great news is from Precision Marketing, you can immediately email Mr. Myers,
14:25and this will immediately open your email and put the Myers family in the BCC,
14:30and you're able to send a note asking for a conversation.
14:34Let's have coffee and talk about how things are.
14:36It's been a little while since we caught up.
14:38Or you can, you know, click on several of these leads and create an email,
14:44or you can export the whole list out to your database with all of this enrichment detail included for every single transaction.
14:51That's a shopper.
14:53And take action from your CRM.
14:57And then before we leave Precision Marketing, I just want to highlight information about the equity borrower.
15:04And so in this case, and I've listed this by highest equity.
15:08Clearly there's folks with a lot of available equity in Colorado in particular.
15:13I can look at the view of the details of these borrowers who have equity.
15:17And in this case, the Alexander family in Greenwood Village, Colorado, have owned their home since 2014 and have $3.5 million of estimated equity.
15:26This is a great opportunity for you if you are considering offering them a cash out refi, a home equity line,
15:33and you remember the Alexanders but you haven't been in touch for a little while to get in touch with the Alexander family
15:39and talk with them about their home financing needs.
15:43Again, you can also export this entire list out, either selected folks or all of your home shoppers,
15:52into a CSV file or an Excel spreadsheet to import into your CRM.
15:58So in closing, let me just say, because I took you for a very quick ride through Aurea,
16:03that we can provide you insights in the Aurea platform about your market, about your competition,
16:09about real estate agents or loan officers with whom you would like to work to grow your business.
16:13We can provide you information about individual properties, whether that's in order to provide information to a consumer
16:20or for information in order to complete a loan application to fulfill your operational needs.
16:25And then finally, for customers in your database, if you want to be ahead of your competition and know who is home shopping
16:32or who may have high equity and be in an opportunity for a HELOC or a cash out refi,
16:37then let's use precision marketing to understand how you can be in front of them with offers.
16:42I hope you've enjoyed the tour.
16:45Tari, thank you for giving us a tour of Aurea.
16:48Let's jump right into some questions about all the different capabilities.
16:54So my first question is, how do loan officers typically engage with a client identified as shopping?
17:02It's a great question, very, very carefully.
17:05And the reason why I say that is because it could feel a little creepy if you led that conversation with,
17:11hey, I have this thing that tells me that you've been looking at listed properties.
17:15Rather, because you have a relationship with them, they're in your customer database.
17:20We recommend two things.
17:22One approach is to engage them based on what you know about their current property
17:26because you previously gave them a mortgage or because you've engaged them about financing in the past.
17:32And so you'll say to them, hey, how's it going?
17:35Remember that you closed on your property about two years ago.
17:38And I'm just wondering how things are.
17:41How are the kids?
17:42Should we get together and have coffee and just catch up?
17:45I noticed that the equity in your market has been growing.
17:49There's a lot of great appreciation.
17:51Seems like the market's getting a little frothier.
17:53There are more listings in the community.
17:55So curious to know how you guys are situated.
17:59Let's catch up.
18:00The other way to do it is to do some omni marketing.
18:04And that is if you don't really recall having a personal relationship
18:08or you don't have a lot of insights into the borrower lately.
18:11And so you want to start warming them up.
18:14We would recommend an omni marketing plan where you provide an email.
18:18You may do some digital advertising.
18:21You might send out a mailer or a postcard or something.
18:24Just getting them warmed up to remind them of you being in this business and supporting their financial needs.
18:32The reason why I say that is because the life cycle of a lead, if they're early on in their shopping process, might be six to nine months.
18:40And you are you are aware of this opportunity before any of your competition.
18:44And so it's an opportunity for you to start to get in front of them and remind them of your services that precede nicely your phone call to check in and have coffee.
18:54So I have seen recently a digital ad, an email from you, et cetera.
18:59And that opens up the conversation for you to check in and see what's happening with their life and their family events, et cetera.
19:05That might cause them to have interest in moving or maybe doing that kitchen remodel if they aren't ready to take that leap.
19:11I think that that's some great insight on engaging with clients who are identified as shopping.
19:20Yeah.
19:21Now, the market information looks really cool.
19:26So I have a follow up question about it.
19:29How reliable is the data about the market information?
19:34You know, that is a fair question.
19:36And, you know, you have five years of transaction data.
19:39But what does that mean in terms of the relevancy of the data and accuracy of the current information?
19:44Right. And one of the things we really pride ourselves on is how we interrogate and QC the data and how timely our data is compared to a lot of other public data sources.
19:56And the reason we are able to be more timely and more accurate is because we actually have relationships with all 3,144 counties in the United States.
20:06And we've received data and information directly from them.
20:10And if those counties aren't electrified and there's a few percentage of them that are not, we have people that go out and get data from them.
20:17We scan documents, we enrich those documents, and we only provide information into market intelligence that we've done a high degree of quality control on.
20:26So I'd say we feel very confident in it.
20:29But market intelligence actually has a little field, a little atom in the dashboard called data history that will tell you at the county level when was the last data fill we got from that county so that you know for your market how fresh that information is,
20:44particularly when you're looking at active listing information, when you're looking at active recent transactions and you're trying to assess your own market share vis-a-vis your competition, you'll want to better understand the efficacy of that information.
20:58And so that we report it monthly in market intelligence, but you can also be confident that Cotality's process is superior to any others because of our unique relationship with the tax assessors and the counties in every county in America.
21:12Tari, thank you for giving us a quick overview of Aurea.
21:17It seems like it is capable of so many things.
21:19It is, and I hope we've led everyone to want more information so we can give you insights into additional applications on Aurea.
21:28Absolutely. To our audience, to Tari's point, for more information about Cotality, click the link below.