OXFORD, Miss., June 7, 2011 (GLOBE NEWSWIRE) -- At the annual National Association of Real Estate Editors Conference (NAREE) in San Antonio, Texas, next week, FNC's Chief Data and Analytics Officer Bob Dorsey will discuss why the mortgage technology company's new FNC Residential Price Index™ (RPI) is more accurate than other home price indexes.
An FNC co-founder and inventor of compliance and workflow technology used by major U.S. lenders, Dr. Dorsey has been invited to speak at the NAREE conference attended by many of the nation's top real estate journalists. The NAREE Annual Conference, June 15-18 at the historic Menger Hotel, also features some of the leading experts in residential, commercial, and financial real estate.
In his speech, Dorsey will cover the current state of home prices as reflected in FNC's RPI. The RPI is a hedonic index, which means its data is based on the physical characteristics of all properties in a given market over a specified time period. A hedonic price index is significantly more accurate than many of the other indexes on the market, such as Case Shiller's repeat-sales index.
"Most lenders share their valuation data with FNC for the purpose of building a comprehensive source of residential property data," Dorsey said. "The appraisal data provides a real-time source of sales and property characteristic information that is not otherwise available."
The RPI combines public record data along with data collected from millions of appraisal reports shared with FNC by its lender clients. Combining all this data enables FNC to improve the accuracy of measuring the value of housing markets nationwide.
"Due to the fact it is based upon so many properties, you can slice and dice it in a way that you cannot do with a repeat sales index," Dorsey said.
Houses change and so do their neighborhoods, but the RPI takes all of those factors into consideration. It can determine the effect of school districts on house prices and even reveal how natural disasters impact the price of homes and for how long.
The index is posted monthly for 30 metropolitan areas. Other areas are available to journalists upon request. The index is available for download, and notifications will be sent each month as the data is posted to subscribers. If you are interested in using the RPI data, please visit www.fncrpi.com.
About FNC, Inc.
Since 1999, FNC has pioneered real estate information technology, automated appraisal ordering, tracking, documentation and review for lender and servicer compliance with government regulations. FNC's platforms are in production at seven of the 10 largest U.S. mortgage lenders and provide value to large and small lenders with reduced costs and more efficient loan processing. With collateral management platforms, data and analytics, FNC provides advanced insight into the property backing a loan from origination to capital markets. Visit FNC online at http://www.fncinc.com/">www.fncinc.com.
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To interview Bob Dorsey or any of FNC's mortgage industry experts, contact: