Mortgage economist Frank Nothaft dies suddenly

Frank Nothaft, the dapper chief economist for CoreLogic, died suddenly on June 5 of unknown causes. Published reports said he was 66.

“Most people knew Frank as one of the nation’s premier housing economists,” Robin Wachner, principal, communications at CoreLogic, said in an email. “He was also an outstanding leader and one of those extraordinary people who was loved and admired by everyone who was lucky enough to know him.”

Frank Nothaft

Nothaft joined CoreLogic in January 2015, after spending a 28-year career at Freddie Mac. He started at the government-sponsored enterprise in 1986 as a senior economist before being promoted to deputy chief economist and then in 2001 he became chief economist.

Prior to that, Nothaft was an economist at the Federal Reserve for three years.

Nothaft was held in high esteem, well respected and liked by his peers, even when he might be at odds with them. He would sometimes take difficult positions, but he was always professional and respectful, Fannie Mae Chief Economist Doug Duncan said.

Nothaft’s efforts were about trying to understand what’s true, Duncan continued. “And typically, people who are focused that way and have respect for others around them have a strong reputation and Frank absolutely had that reputation.”

Any differences of opinion with his fellow economists were explored in a collegial way. “He would always have information and data behind where he were stood,” Duncan said. “And anytime that there was ultimately a disagreement on what the inferences of something were, it wasn’t a matter of anything personal ever.”

Nothaft will be missed both on a professional and a personal level, Duncan said, and that was a common theme among those memorializing him.

“Frank was a Freddie Mac alumni, an exceptional economist and a beloved member of the housing industry,” said Sam Khater, its current chief economist. “But most importantly, he was a good and decent person, mentor and friend.”

Khater said it was gratifying that this same sentiment was expressed about Nothaft for years by so many, and not just now after his passing.

“We send our deepest condolences to the Nothaft family, particularly his wife Lisa and their children and we thank him for his nearly 30 years of service to our company,” Khater said.

Others concurred with Khater and Duncan.

“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,” Mike Fratantoni, the Mortgage Bankers Association’s chief economist, said in a statement. “Frank had an inimitable style, both in terms of his presentations and his ever-present bow tie.”

Mark Fleming, who held the chief economist position at CoreLogic before moving over to First American Financial in 2015, also remembered Nothaft fondly.

“Frank was a mentor, friend and idol of mine,” Fleming said. “As a younger aspiring housing economist, I have always looked up to him for his professional skills and, most importantly, his kind and caring personality.”

David Stevens, currently the CEO of Mountain Lake Consulting and the former MBA President and CEO as well as the Federal Housing commissioner in the Obama administration, worked with Nothaft at Freddie Mac from 1998 to 2005. Their friendship lasted for decades following their time together at the GSE.

“Frank was a good friend, former tennis partner, and simply one of the nicest people I ever had the chance to work with and get to know,” Stevens said in a LinkedIn post. “So sad to hear and such a loss to a planet that truly needs nice people.”

This is not the first time CoreLogic has been stunned with the sudden passing of a key figure. Its President and CEO Anand Nallathambi died unexpectedly after a short illness in March 2017.

“We will miss Frank and his great talents, warmth, integrity and friendship,” the email from Wachner added. “Please join us in keeping Frank’s family, friends and team members in your thoughts during this incredibly difficult time.”