BETHESDA, MD -- CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of information services to the U.S. commercial real estate industry, signed national, multi-year agreements to provide its comprehensive data and technology to GMAC Commercial Mortgage (GMACCM) and Fannie Mae, two of the largest commercial real estate lenders in the U.S.
GMACCM is a leading international commercial mortgage originator and services over $134 billion in loans. Fannie Mae is the nation's largest source of financing for single-family and multifamily housing.
According to CoStar Group president & CEO Andrew C. Florance, these transactions reflect increasing demand among commercial real estate lenders for CoStar's comprehensive leasing and sales data. "Commercial real estate lenders like GMACCM and Fannie Mae are finding tremendous value in CoStar's independent, verified data to support their loan origination, underwriting and servicing activities," Florance stated. "CoStar Property™ and CoStar COMPS® have proven valuable both in minimizing risk and bringing increased efficiency to the due diligence process, whether it be in underwriting, appraising or performing day to day asset management."
The GMACCM agreement is a renewal and expansion of a previous license under which GMACCM professionals accessed CoStar's national leasing and sales data through their company's internal software. Under the new three-year, multi-million dollar agreement, hundreds of GMACCM professionals will have direct access to CoStar Property™, the nation's most comprehensive inventory of office and industrial properties, and CoStar COMPS®, the industry's only verified database of comparable sales transactions.
"Accessing CoStar data directly through our powerful front-end software, GMACCM professionals will have the most complete picture of market conditions at the property, market and submarket level, plus sophisticated analytics and reporting tools to support their multi-billion-dollar annual transaction activity," Florance stated.
CMBS surveillance analysts in GMACCM's RealPoint research arm also will be using CoStar information to analyze the underlying assets of commercial mortgage-backed securities.
Fannie Mae, a new CoStar subscriber, will use CoStar COMPS®, to access detailed information on multifamily property sales across the U.S. Professionals in Fannie Mae's Credit Risk Management Group will use comparable sales data provided by CoStar to benchmark markets for individual loan analysis as well as portfolio review. As part of its extensive real estate due diligence examination for loan acquisitions, Fannie Mae closely monitors activity in the multifamily market, analyzing supply and demand fundamentals, tracking new development and construction, and examining recent sales data to gain additional market insight.
"We're excited that Fannie Mae will be using CoStar COMPS® nationally to assist in its multifamily due diligence process," Florance added. "CoStar's national coverage and standardized methodology give commercial real estate finance professionals a reliable data standard to identify opportunities and assess risk across the broad range of markets and product types."
About CoStar Group, Inc.
Headquartered in Bethesda, MD, CoStar Group, Inc. (NASDAQ: CSGP), is the leading provider of information services to the U.S. commercial real estate industry. CoStar's suite of products offers customers access to the most comprehensive, verified database of commercial real estate information in over 50 U.S. markets. The company has approximately 850 employees and contractors in 27 offices nationally, including approximately 600 highly trained commercial real estate research professionals.
About Fannie Mae
Fannie Mae (NYSE: FNM) is the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided more than $3.6 trillion of mortgage financing for nearly 43 million families.
About GMAC Commercial Mortgage
GMAC Commercial Mortgage, a wholly owned subsidiary of GMAC Commercial Holding Corp., is a leading U.S. financial solutions provider serving commercial real estate borrowers and investors seeking relationship-based advice and consultation. GMACCM is an industry leader in loan origination, servicing, asset management and securitization of commercial mortgages. The diverse lending and servicing specialist and its affiliates have more than 85 offices worldwide. GMACCM has a servicing portfolio exceeding $134 billion, and provides a variety of financing products and services including permanent, interim, and construction lending, with specialized lending units focused on healthcare and hospitality as well as e-commerce offerings through Internet commercial mortgage lending.