Mortgage Data
Modex collects mortgage data from public records nationwide. To gather the mortgage data we need to extract key data elements from millions of Deed of Trust documents recorded in thousands of counties.
How often is data refreshed? How historical is the data? How up to date is the data?
Modex refreshes its mortgage data on a monthly basis - generally on the 10th of the month (as long as it doesn't fall on a holiday or weekend). Historical data is defined at the county level and generally goes as far back as 2016 (and in some cases even further). Newer counties that Modex has brought online will be less historical. Usually our data is within 4-6 weeks of being up-to-date. Visit the Supported Counties page to see how historical our data is at the country level and how up-to-date it is as well.
What is the coverage of mortgage data?
Modex collects data on 95% of the US population's residential home loans. This is a growing database and we usually add 1-10 additional counties of coverage/month. To view our nationwide coverage, please visit our Supported Counties page.
Why is Modex under-reporting a loan officer, branch, or company's production?
Modex generally under-reports mortgage production data because the production was in a county that we currently don't cover, the loan(s) were closed under a manager's NMLS (common when a loan officer works on a team), or we are experiencing some sort of data lag (see below) in a county where the loan production happened.
Why is Modex over-reporting a loan officer, branch, or company's production?
Modex generally over-reports mortgage production because there was an error when extracting the relevant data elements from public record document images. Public record document image come in a wide range of qualities. As an example, a "$300,000.00" loan will have a smudged period to identify zero cents and our system will record that as a $30,000,000.00 loan.
Modex has multiple quality assurance and quality control systems in place to identify these anomalous loan transactions to ensure our client's get the best data possible. If an anomalous loan transaction is identified, we temporarily remove it from our system and submit it for manual extraction so the correct data is shown to our clients.
Why does the volume graph show a decrease in production in recent months? What is data lag?
No, the loan officer, branch, or company you're looking at isn't suddenly losing business! It is common to see a decrease in production in the most recent month due to how Modex ingests data (monthly) and how often counties report their public records. For example, if you look at a loan officer's production on March 8th it'll look like the loan officer barely did any production in February because we haven't updated our mortgage data since February 10th.
Beyond that, counties report their public record data at difference paces. More technologically advanced (think Los Angeles County or King County) counties report data quickly and digitally, while more rural counties still report things to paper and perhaps do not have the office staff to provide public record requests in a timely manner. Our general rule of thumb is that there is a 4-6 week lag in mortgage data.
How does Modex handle non-disclosure states?
A non-disclosure state (Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah, and Wyoming as of 2019) is a state that restricts the sale price of a property. Modex has ways around this by extracting data not at the public record level, but at the private title-plant level. We also augment our data with MLS data that often includes sale prices.