Frank Nothaft, a prominent housing expert who served as chief economist for both Irvine-based CoreLogic and government-sponsored mortgage giant Freddie Mac, passed away over the weekend, CoreLogic said in a statement on Monday, June 6th. He was 66 years old.
The death was “sudden and unexpected,” according to the company’s statement.
Nothaft, known for his distinctive ties, has been CoreLogic’s chief economist since 2015, joining the company after 25 years in Freddie Mac’s economic analysis unit. He worked as an economist for the Federal Reserve Governing Council from 1983 to 1986, according to his LinkedIn post.
Nothaft was headquartered in Virginia, leading a research team that provided economic analysis, feedback, and forecasts in the global real estate, insurance, and mortgage markets.
“He was a prodigious data provider, the expert on trends and forecasts, and a trusted colleague and friend of many at CoreLogic and the housing industry in general,” the company statement said. “Dr. Nothaft was a brilliant spokesman and ambassador for the brand, frequently seen and quoted in Bloomberg News, CNBC and the Wall Street Journal.
The soft-spoken economist has been a frequent speaker at real estate and housing conferences, offering clear and simple market analysis and housing price prospects.
“He was the best real estate market analyst in the business, able to convey clearly and concisely information that helped our industry understand the current market and make decisions to prepare for the future.” HousingWire quotes Mike Fratantoni, chief economist of the Mortgage Bankers Association, as saying. “And Frank had an inimitable style, both in his presentations and in his ever-present bond.”
Nothaft has been active in its local community through its volunteer commitments, according to the CoreLogic statement. He served on the board of the nonprofit Falls Church Housing Corporation, which owns Section 8 homes in northern Virginia. He received the Freddie Mac Community Service Award and was also the recipient of the 2020 HousingWire Vanguard Award.
Nothaft earned a bachelor’s degree in mathematics and computer science with a major in economics from New York University in 1976, graduating with honors. He received his doctorate in economics from Columbia University in 1986.
He was a tenured professor at the Johns Hopkins Institute for Policy Studies during 2002-03, teaching microeconomics for the graduate public policy program, according to his LinkedIn profile. From 2010 to 2015, he was a faculty member at Georgetown University School of Continuing Studies teaching urban real estate economics to graduate students.
“Most people knew Frank as one of the country’s leading housing economists,” CoreLogic spokesman Robin Wachner said in a statement. “She was also an outstanding leader and one of those extraordinary people who was loved and admired by all who were lucky enough to meet her.”
CoreLogic’s database includes at least 4.5 billion records covering 99 percent of U.S. properties in the last 50 years. The records cover deeds, mortgages, credit, risk risks, and other relevant property data.
The company produces three major monthly home price surveys, including the S&P Case-Shiller Home Price Index and the CoreLogic Home Price Index, as well as periodic reports on foreclosures, cash sales, natural disaster risks, and digital mapping. .
CoreLogic is a leading provider of property information for lenders looking for background information during the loan service process and for insurance companies that rely on the company to obtain data on property value and replacement costs. Customers include Fannie Mae, Freddie Mac and Wells Fargo Bank.
The company is no stranger to unexpected loss. In March 2017, Irvine president and chief executive Anand Nallathambi died unexpectedly at the age of 55 after a brief illness.
“Dr. Nothaft’s absence will be felt deeply throughout the organization and beyond, ”the CoreLogic statement said.
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