Tributes flow in for respected veteran
The mortgage finance industry in the United States, Australia and New Zealand is mourning the sudden death of long-serving chief economist Dr Frank Nothaft.
The 66-year-old is said to have passed away unexpectedly over the weekend.
Nothaft (pictured), was the chief economist at CoreLogic and led its economics team based in Virginia in the US – delivering analysis, commentary and forecasting in global real estate, insurance and mortgage markets.
CoreLogic’s headquarters are in Irvine California and it also operates well-known property data analytics businesses CoreLogic Australia and CoreLogic New Zealand.
Before joining CoreLogic in 2015, Nothaft held a variety of leadership positions at Freddie Mac, including deputy chief economist and senior economist, before being promoted to chief economist at the US mortgage giant in 2001, according to his LinkedIn profile.
Mortgage Bankers Association chief economist and senior vice president, research and industry technology Mike Fratantoni said Nothaft had been a “key voice for the mortgage industry” for decades at Freddie Mac and Core Logic.
The MBA was shocked and saddened by his passing, he said.
“He was the best housing market analyst in the business, able to clearly and concisely convey information that helped our industry understand the current market and make decisions to prepare for the future,” Fratantoni said.
“Frank had an inimitable style, both in terms of his presentations and his ever-present bow tie. Our thoughts and prayers are with his family”.
Referring to the unexpected passing of Nothaft as tragic, CoreLogic said he was “one of the nation’s premier housing economists” and was also an “outstanding leader”.
Nothaft was “loved and admired by everyone who was lucky enough to know him”, the property data and analytics provider said.
“As you can imagine, the CoreLogic family has been greatly impacted by this sudden loss. We appreciate your understanding as we navigate through the days ahead,” CoreLogic said.
“We will miss Frank and his great talents, warmth, integrity and friendship. Please join us in keeping Frank’s family friends and team members in your thoughts during this incredibly difficult time.”
Nothaft was formerly an economist with the Board of Governors of the Federal Reserve System, serving as an assistant to Governor Henry C. Wallich, and as an economist for the research and statistics division (mortgage and consumer finance section).
He was president of the American Real Estate and Urban Economics Association, and a board member of the National Association for Business Economics and the Financial Management Association. He was also an advisory board member of the Real Estate Research Institute, and editorial board member of the Journal of Real Estate Finance and Economics.
After graduating from New York University with a BA in mathematics and computer science, Nothaft went on to complete a PhD in economics at Columbia University.
Following news of his death, friends and colleagues of Nothaft shared tributes, as well as condolences to his family, to US media.
Director of the University of Southern California Lusk Center for Real Estate, Professor Richard Green, who worked with Nothaft at Freddie Mac, told Los Angeles Daily News Nothaft “knew housing data better than anyone” and knew how to be “at once exacting and kind”.
California Association of Realtors’ chief economist Leslie Appleton-Young told the publication that Nothaft was “engaging, informative, generous with his time and expertise,” and that he “generally made us all better economists”.
“His integrity was impeccable – a straight shooter who welcomed any opportunity to educate on the importance of housing, the value of homeownership as well as lessons learned in the wake of the Great Recession,” Appleton-Young said.
