Members have been telling me they’re eager to see the latest data from the banks, and we’re eager to give it to you. So I thought I’d explain a bit about how and when we get our distressed loan and REO data so you know what to expect.
Banks are regulated by a number of agencies which require quarterly reporting. After the close of the quarter, a bank has until the end of the following month to submit their quarterly report. After the reports are submitted, the the data is compiled, then bulk data becomes available to us electronically. The compilation process takes between 20 and 30 days after the reporting deadline. The data then becomes available to BankProspector members within 24 hours. So, long story short, Q4 2009 bank data will be available any minute.
Real Time Bank Data
Right now, and for the past several months, we’ve been working on updating our systems to take advantage of pending changes in the bank data delivery process. Without getting to technical, the end result is going to be faster delivery of the data, and more of it, all packaged in a much slicker interface. It’s our goal to provide you with the best tools on the market for researching, prospecting, contacting, and tracking community and regional lenders with distressed assets.
REO and Distressed Loan Categories
Today, with BankProspector, you can search for multifamily, commercial, construction, and residential REO and non-performing loan balances (among other things). Beginning in March, we will be expanding this by breaking construction into sub categories and you’ll have access to non-performing, or late loans, on land as well as land REO.
This is just a small taste of what’s coming and what will start to show up, for no additional charge, on your member dashboard in March. Stay tuned, or subscribe now and lock in rates before they go up.
About Brecht Palombo