Beyond the Buildings

Latest Episodes:

Property Cybercrime Rising: What You Need to Know Oct 16, 2024

Show notes

In recent years, cybercrime has surged across nearly every industry, with real estate emerging as a prime target for hackers. The shift toward digital transactions, coupled with the sensitive nature of real estate data, has made the sector a lucrative focus for cybercriminals.

From wire fraud to data breaches, the threats are evolving, posing significant risks to real estate agents, brokers, title companies, and even buyers and sellers.

Among the most pervasive issues is social engineering. These attacks often exploit the fast-paced, high-stress nature of real estate transactions, making them especially dangerous as buyers and sellers scramble to meet deadlines. The consequences? Anything from financial losses and operational shutdowns to irreparable reputational damage.

In this episode of Core Conversations, we dive deep into the cybersecurity challenges facing the real estate industry. Interim Chief Information Security Officer Rob Tennant, and Rob Love, a principal in advisory services product management, share their expert insights on the growing risks and explain why cybersecurity has become such a hot button issue in the property industry. They explore the rise of real estate wire fraud, discuss the vulnerabilities of agents and brokers in handling sensitive data, and offer tips on preventing cyberattacks from derailing transactions.

In This Episode:

2:28 – Why is the property industry such an appealing target for cybercrime?

3:46 – What are the impacts on the real estate industry from cybercrime? What are the impacts of losing personal data specifically?

6:44 – Where are the bad actors coming from?

9:19 – Are there unique differences between cybercrime in residential real estate and commercial real estate?

11:04 – Why is data security important for individual real estate agents?

14:21 – Are there also vulnerabilities in mortgage and insurance too?

17:16 – Erika Stanley does the numbers in the housing market in The Sip.

18:36 – How do cybersecurity breaches happen?

21:52 – What are things to look out for to prevent wire fraud in real estate transactions?

24:33 – How can someone plan to combat systemic cybersecurity risk?

26:31 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.

27:27 – What does the future look like for cybersecurity risk?

Up Next: How Could Gig Work and Automation Lead to More Mortgage Fraud?

Links:

SEC Climate Disclosure Guidance Timeline Pause: Why Companies Benefit Apr 17, 2024

Show notes

On March 6, 2024, the Securities and Exchange Commission (SEC) sent shockwaves through the financial world by mandating that publicly traded companies disclose details about how climate change affects their businesses. However, this rule hit a roadblock on April 4 when legal challenges led the SEC to pause the implementation timeline, throwing compliance requirements into uncertainty.

While the future of this rule is in limbo, the implications of such a mandate for businesses, investors, and the economy are immense. Should the SEC reinstate the rule following litigation, it will be a fundamental shift in how corporations assess and report climate-related risks, potentially reshaping investment strategies and business models.

To navigate this labyrinthine, we're joined by Russell McIntyre, a seasoned policy analyst at CoreLogic. Russell sheds light on the intricacies of the SEC ruling, dissecting its reporting requirements and the implications of the uncertain implementation timeline.

This discussion also covers the reasons why, despite this pause in implementation, businesses should prepare for these reporting requirements and what data and analysis future compliance will require.

In This Episode:

1:56 – What happened with this SEC ruling? What does the stay mean for implementation timelines?

4:07 – What is the mood on Capitol Hill following the pause on this landmark rule?

5:43 – What happened to make the SEC put these rulings into effect now?

8:45 – What are the reporting requirements in this rule?

11:06 – Even though there’s a pause, why should companies still prepare for this type of reporting?

13:46 – Erika Stanley does the numbers in the housing market in The Sip.

15:03 – Russell and Maiclaire discuss what parts of the rule they wish weren’t removed.

16:49 – Why insurance recovery data may soon be public investor information.

19:49 – How can companies gather the necessary data to comply with these rules in the future?

20:28 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.

21:37 – Is this just the first step in a larger effort to disclose climate risk?

Links:

Up Next: Can Property Data Accurately Predict Shifts in the Property Market?

Can Property Data Accurately Predict Shifts in the Property Market? Apr 03, 2024

Show notes

In today's ever-changing property market, decisions can be swayed by fluctuating interest rates, population shifts, affordability concerns, and climate challenges. However, one constant remains to provide a clear path forward: data-driven insights.

From guiding high-level business decisions to shaping regulatory policies, data has become the cornerstone for professionals navigating the property market. But with the proliferation of data comes the challenge of harnessing its potential. Where does one begin when seeking actionable insights in a sea of information?

It all begins with technologies that can translate the vast quantities of data collected within the property industry into insights that inspire action. Whether it’s the transformative power of geospatial data, the role of predictive analytics in risk mitigation, or the implications of emerging technologies like generative AI, these technology solutions will leave their marks on the future of the property business.

In this episode of Core Conversations, host Maiclaire Bolton Smith sits down with CoreLogic’s Chief Innovation Officer John Rogers to dive into the untapped potential of data and its profound impact on the future of real estate.

In This Episode:

2:40 – What is Climate Risk Analytics and how does it help mitigate the financial impact of climate change that the SEC now requires?
5:24 – Can banks, companies, and homeowners see the effects of a changing climate on a single property?
8:12 – What kind of data is needed to power forecasting efforts and define development plans?
10:40 – How does geospatial data help define wildfire risk? What else can it help enterprises determine?
13:33 – Erika Stanley does the numbers in the housing market in The Sip.
14:51 – Have there been any surprising migration patterns that geospatial data has identified?
17:31 – Who is John and why does he always have a giant screen?
20:28 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.
21:51 – How can we ensure that there are good data inputs powering gen AI to avoid the consequences of the adage “garbage in, garbage out”?

Links:

Up Next: Some Insurers Banned AI — Will Insurtech Bring It Back?

What Can 2023 Teach Us About Future Natural Catastrophes? Feb 21, 2024

Show notes

It already seems like 2023 is long ago, but the consequences of natural disasters and the lessons we’ve learned from them are far from the past.

Record-breaking hailstorms; devastating wildfires in Lahaina, Hawaii; and other catastrophic events made global headlines, and for good reason. Historical patterns are changing – just look at the increasing rapid intensification of storms and sea-surface temperatures. However, changing climate patterns do not mean that there is no way to ensure resilience.

Research, property data, stringent building codes, and a commitment to preparedness are all lessons that insurers and homeowners can glean from 2023 to get ready to mitigate property risk for the 2024 season.

In this episode, host Maiclaire Bolton Smith and CoreLogic Director of Catastrophe Response Jon Schneyer look into what happened in the world of natural catastrophes in 2023. They also examine what we can learn from these events to give listeners a deeper understanding of the complex interplay between weather phenomena, human settlement patterns, and disaster response strategies.

In This Episode

1:34 – What is the biggest natural catastrophe story from 2023, and why was it record-setting?

4:04 – Looking into how population growth centers are increasing hail damage costs.

6:20 – What dominated international headlines for natural catastrophes – it wasn’t hurricanes.

8:52 – Erika Stanley goes over the numbers in the housing market in the Sip.

10:12 – How did El Niño and sea surface temperatures interact to influence hurricane season 2023?

13:35 – Wildfires in California were tempered, but will this continue in 2024?

16:17 – Why were the wildfires in Maui so devastating?

18:45 – What can we learn from these devastating natural catastrophes? (Hint: Building codes are important.)

21:42 – Erika Stanley discusses current natural catastrophe events.

Links:

Up Next: Are Insurers Prepared for an El Niño-Fueled Hurricane Season?

Occupancy Fraud May Be the Next Risk for the Mortgage Industry Oct 18, 2023

Show notes

Elevated interest rates have had ripple effects across the U.S. property market. From the appearance of the lock-in effect, which has slowed down home purchases, to increasing questions of affordability, the climbing cost of taking out a mortgage has spurred many to consider how to lower the price tag.

One trend that CoreLogic® has spotted in the property market is an increase in suspected occupancy fraud. In the 2023 Mortgage Fraud Report, researchers found that suspected occupancy loans have nearly tripled since 2020. This type of fraud, which is difficult to spot during origination, typically occurs when someone identifies an investment property as a primary residence to obtain more favorable rates.

Despite this uptick in the subcategory, the overall instance of mortgage fraud has remained relatively flat. In the second quarter of 2023, CoreLogic estimates that 1 in 134 applications contained fraud, up from 1 in 131 during the same period in 2022.

But occupancy fraud is not the only tactic on the table. In this episode, host Maiclaire Bolton Smith sits down with Bridget Berg, a senior leader in loan solutions at CoreLogic, to talk about the types of mortgage fraud, where it is most prevalent in the industry and why it can be so difficult to detect.

In This Episode:

2:19 – An overview of the prevalence of fraud through the years.

3:56 – Host Maiclaire describes what it’s like to go through a routine audit following a mortgage, and guest Bridget Berg explains the different ways people can defraud lenders.

5:56 – Is there more fraud happening now than in previous years? How did the pandemic change the trend?

8:29 – Why should occupancy fraud should be top of mind for lenders?

9:47 – Is mortgage fraud difficult to detect, and are there triggers and are there ways that lenders can identify risks?

11:16 – Erika Stanley goes over the numbers in the property market in The Sip.

12:33 – A discussion about the fraud risk associated with occupancy declarations and HELOC loans.

Links:

Up Next: HELOC Loans May Be the Next Threat for Mortgage Fraud

Find full episodes with all our guests in our podcast archive here: https://clgx.co/3zqhBZt

MISMO's Guide to Reshaping the Mortgage Industry, Leaving Paper for Pixels Jun 14, 2023

Show notes

The word “mortgage” evokes myriad responses depending on one’s relationship with homeownership. But one thing is certain: Mortgages are a big deal for the U.S. — and global — economy. These property payment plans support a large portion of one of the world's largest asset classes and are, therefore, highly scrutinized.

This has led to the mortgage industry garnering a reputation for slow processes and a hesitation to adapt to modern technological innovations. However, reputations are not always representative of reality.

In fact, one of the industry’s largest organizations, the Mortgage Industry Standards Maintenance Organization (MISMO), is working steadily to streamline the process by replacing paper forms with digital processes.

In this episode, host Maiclaire Bolton Smith sits down with Sage Nichols, an executive for client success at CoreLogic, to talk about how standards and best practices can pave the way for modernizing the mortgage industry.

In This Episode:

3:47 – What is MISMO?
4:42 – How has the mortgage industry changed and moved toward digitization?
6:56 – COVID still has lasting effects on the mortgage industry
8:12 – Why are standards important anyways?
13:12 – The Sip: Erika Stanley gives a look under the hood at the current state of the property market
14:15 – Why are standards crucial for the secondary mortgage market?

Up Next: Appraising PropTech Innovation: Do Short-Term Changes Have Long-Term Effects?

Find full episodes with all our guests in our podcast archive here: https://clgx.co/3zqhBZt

Post-Ian Florida: Did the Insurance Market Sink or Swim? Inside Scoop from Industry Experts | Part Two | 2 Apr 19, 2023

Show notes

In Part 2 of this episode, host Maiclaire Bolton-Smith continues the conversation with CoreLogic’s Senior Catastrophe Response Manager Jon Schneyer to explore the ongoing impact of Hurricane Ian on Florida’s insurance and reinsurance industries.

In this installment, the two will talk about what the CoreLogic team actually saw when they went to southwestern Florida to observe the hurricane damage and how this helps improve models that can better secure the future of homeowners and insurers that increasingly face natural hazard events due to climate change.

In This Episode:

0:57 – Does storm surge, wind or flood account for the majority of uninsured loss from Hurricane Ian?
3:43 – How does damage from Hurricane Ian compare to other historic storms?
4:55 – CoreLogic went on a reconnaissance mission to southwestern Florida to survey the damage.
8:52 – How did the team’s observations feed into estimated loss valuation models?
11:06 – What can we anticipate for the 2023 hurricane season?

Post-Ian Florida: Did the Insurance Market Sink or Swim? Inside Scoop from Industry Experts Apr 12, 2023

Show notes

In Part 1 of this episode, host Maiclaire Bolton-Smith sits down with CoreLogic's Senior Catastrophe Response Manager Jon Schneyer to discuss the aftermath of Hurricane Ian’s impact on the Florida coast six months later. The catastrophe impacted a state where the insurance market was already stressed, and now the government, homeowners and insurers are working to reorient themselves and build a stable environment in an area that increasingly faces natural hazard events due to climate change.

Find full episodes with all our guests in our podcast archive here: https://clgx.co/3zqhBZt

In This Episode:

2:47 – Meet Erika Stanley, our new Facts Guru
3:30 – So why was Hurricane Ian so devastating?
5:26 – Let’s talk about the Florida insurance landscape and how Hurricane Ian will affect things
7:00 – How has the Florida Legislature worked to help the insurance industry recover?
10:20 – The Sip: The numbers you need to know in the property market
11:25 – Will Hurricane Ian make waves in the reinsurance market?
13:34 – Will this storm affect the National Flood Insurance Program (NFIP)?

Why Was the Texas Deep Freeze So Extreme? Mar 10, 2021

Show notes

A few weeks ago, Texas was on thin ice. A combination of below freezing temperatures and widespread power outages resulted in a multi-pronged crisis: no heat, no water, no food, no gas.

In this episode, catastrophe risk expert Tom Larsen dives deep with Core Conversations host Maiclaire Bolton Smith to answer the lingering questions. What caused people to suffer? How were homes damaged so badly? And is this sort of phenomenon the new normal?

How Did Swiss Re Pioneer Parametric Hail? Feb 24, 2021

Show notes

The insurance industry had a big shake up last year, and Swiss Re was at the heart of it. Traditional insurance hasn't fundamentally changed since the '80s--the 1880s, that is--but with new technologies, Swiss Re has been able to innovate and create protection for the most frequently occurring, highest-claims-causing natural disaster out there: hail.

Core Conversations host Maiclaire Bolton Smith chats with Dr. Megan Linkin and Cole Mayer from Swiss Re about how they did it and why it matters, and they address the question on everyone's minds: what's the next frontier for insurance?

Our TOPPODCAST Picks

Follow Us

Stay Connected

In This Episode:

In This Episode:

In This Episode:

In This Episode

In This Episode:

In This Episode:

In This Episode:

Related Podcasts

Links

Stay Connected