Executive Summary:

The following research report addresses the timing of data uploads. Data timeliness, as measured by the difference between the loan-level data (LLD) upload timestamp and the pool cut-off date (PCD) of the data, is key to our data users. In this paper, we measure the observed timeliness for the data submitted to our database and see how it has evolved.

We found that:

  • The average reporting lag from PCD to timestamp is approximately 34 days
  • There are important differences in timeliness depending on the country and asset class
  • Data timeliness has not changed significantly since we started collecting data

Three dates are relevant to our data users:

  • PCD, which is the “as of” date of the data
  • The Interest Payment Date (IPD), which should be after the PCD
  • The timestamp date, the date on which the data is uploaded

The ECB defines timeliness as part of their eligibility criteria. It specifies that following the IPD, the data provider has one month to upload the data. Furthermore, the reporting frequency should be at least quarterly, deals with monthly IPDs should report monthly, the data in the loan level data (LLD) should match that of the investor report and there should be no more than four months between two uploads.1 As a result, the LLD is typically provided to our website after the IPD, whereas the investor reports are usually made available before the IPD. As a result, there is typically a first lag from the PCD to the IPD and another from the IPD to the upload timestamp.