TRANSUNION WHITE PAPER
Protecting Your Risk When Properties Face Foreclosure
With the rise of personal bankruptcies and the increase in the percentage of U.S. consumers who have declared bankruptcy, loan delinquencies are also rising, and the severity of delinquencies continues to worsen.
The rate and severity of mortgage delinquencies is still at a historic high. With the rapidly changing market, it is increasingly important that property insurers closely monitor their books. Traditional products that alert carriers after a property has gone into foreclosure are not as useful in today’s market. These exceptional times call for new, dynamic solutions.
Carriers need to know which policyholders are approaching default and are likely to enter foreclosure, and which covered homes may become vacant. Most importantly, they need to know these things before the loss occurs. To accomplish this, carriers require new tools that monitor critical consumer data and deliver alerts as soon as something changes so that unnecessary risks can be identified and eliminated from their books.