Sperlonga will help associations and management companies by reporting assessment payment history each month to a credit bureau. Simply put, our service would create a record of the current or delinquent payment each month, for each owner, and report the payment status to a credit bureau. Credit reporting would give associations a tool to reward timely payments with positive impacts to credit reports, while also reporting delinquent owners and generating negative impacts to credit reports.
Sperlonga’s goal will be to empower associations and management companies with the same credit reporting tool that banks and lenders already use to manage debt and credit related payments. Utilization of such a tool could encourage property owners to view their association payment as being on par with their mortgage, auto or credit card payment.
Sperlonga will use automation to extract assessment payment data from the management company accounting software4
Sperlonga will manage any property owner disputes on behalf of the association and the management company2
Sperlonga will use its proprietary data application to transform the data into the required credit bureau format3
Sperlonga will submit the payment data to the credit bureau each month
The Sperlonga History and Mission
Sperlonga was founded in April of 2011. At the time, our country was in the midst of the greatest mortgage crisis in history. Banks, lenders, institutional investors, and government agencies were desperately seeking reliable, easily retrievable, and standardized data on existing HOA accounts for foreclosed properties in homeowner and condominium associations.
Sperlonga stepped in to meet the market need and serve as a bridge between the mortgage industry stakeholders and the association industry to help manage and reduce delinquent association account risk for both industries. Sperlonga created a first to market solution and as of August 2015, has connected Banks with associations and facilitated over $30 million of assessment payments from banks and mortgage investors to associations throughout the country.
The next evolution of Sperlonga is to build a credit reporting service for the association industry. The service will focus on elevating the importance of the association assessment payment in relation to the other debt obligations of property owners. We’ll accomplish this by helping associations and management companies use our proprietary data application to report association payments to a credit bureau. Property owners that pay on time would be rewarded with a positive impact to their credit report and those who do not pay on time would have a negative impact. The positive and negative remarks on a credit report could last for up to seven years.
Sperlonga Data & Analytics is an affiliate company of Chronos Solutions. Chronos is a market innovator that delivers a broad range of real estate service solutions to the mortgage industry and mortgage related government agencies.