Collateral Analytics (CA) develops real estate analytic products and tools to support financial institutions, institutional and retail investors, as well as property capital market activities.

As technological innovation fundamentally changes the structure of the real estate industry, CA empowers our partners, investors and clients with greater and faster access to information and the tools they need to make more informed property investment decisions.

CA is comprised of a team of analytics and technology professionals led by Dr. Michael Sklarz. Our team has been working closely together for nearly 10 years and has been primarily focused on building and delivering AVM models, collateral and mortgage risk tools and related products with XML delivery, batch valuation processing and the application of sophisticated analytics to a wide range of real estate related databases.


Michael Sklarz, Ph.D. Chairman and Chief Executive Officer

Dr. Sklarz has more than 30 years of professional experience in real estate research, analysis and real estate technology product development in the United States. Previously, Dr. Sklarz was Head of Analytics at Fidelity National Financial and Chief Valuation Officer for Fidelity National Information Solutions. Dr. Sklarz was also the Director of Research at Prudential Locations, Inc., where he helped pioneer the development of new analytic tools and databases to track and forecast the U.S. real estate market. Dr. Sklarz holds a B.S. in engineering mathematics from Columbia University and an M.S. and Ph.D. in ocean engineering from the University of Hawaii.

Bob Raffa Vice Chairman and Chief Financial Officer

Mr. Raffa has more than 35 years of professional experience in mergers and acquisitions, mortgage servicing, operations and product development and strategic planning. Previously, Mr. Raffa was Chief Operating Officer at TransUnion Settlement Services. Mr. Raffa held also senior level positions at Chicago Title where he headed the company’s entry into the non-title business as well as Merrill Lynch Realty and Prudential Insurance Company.

Jonah Ungacta Chief Information Officer

Mr. Ungacta has been developing software for over 18 years with the last 12 focused on real estate technologies. Prior to Collateral Analytics, he architected and led the development effort for several real estate valuation and analytics products at Fidelity National Information Systems. At New City Technology, he led the development effort for building an AVM for the Japanese real estate market. Prior to that, he worked on machine translation systems and workplace giving solutions for non-profit organizations. Mr. Ungacta holds a B.S. in Information and Computer Science from University of Hawaii at Manoa.

Stefan Pampulov Executive Vice President and Chief Operating Officer

Mr. Pampulov has experience in real estate research, analysis and real estate technology product development in the United States and Japan. Prior to Collateral Analytics, Mr. Pampulov was the Director of Research and Analytics at New City Technology where he worked on developing real estate solutions for the Japanese market.  Mr. Pampulov was also an automated valuation model analyst at Fidelity National Information Solutions. Mr. Pampulov holds a B.S. in International Business and a M.B.A. from Hawaii Pacific University.

Keith Agena Executive Vice President and Chief Administration and Legal Officer

Mr. Agena has experience in real estate transactions, lease negotiations and business acquisitions. Prior to joining Collateral Analytics, Mr. Agena was a partner with Bendet Fidell Sugimura, Attorneys at Law, where his practice focused on the areas of corporate law and real estate transactions. Mr. Agena holds a B.A. from the University of Hawaii, and a J.D. from Willamette University, College of Law. Mr. Agena is a member of the Hawaii State Bar Association and the Oregon State Bar Association.

Research and Analytics

Norm Miller, Ph.D. Senior Vice President of Research and Development

Dr. Miller is a professor at the Burnham-Moores Center for Real Estate at the University of San Diego. Previously, he was at the University of Cincinnati. He received his Ph.D. in finance and real estate from Ohio State University. He is active on the editorial boards of several national and international journals and is a past president of ARES, the American Real Estate Society.Dr. Miller has numerous academic articles, books and articles on housing, brokerage, mortgage risk, valuation and many other topics. His most recent book “Commercial Real Estate Analysis and Investment” with Geltner, Eicholtz and Clayton is the leading graduate level textbook on a global basis. He has worked extensively with various trade associations and became one of the first “Distinguished Fellows” of NAIOP. He has worked with Michael Sklarz, President of Collateral Analytics, for over twenty years on various cutting edge research projects. His research covers housing risk analysis, price forecasting, AVMs and mortgage risk analysis. As a Homer Hoyt Land Use Institute Faculty and Board member based in North Palm Beach, Fla., he is involved with premier thought leaders in a think tank setting for annual conferences on real estate issues and trends.

James Follain, Ph.D. Product Development Consultant and General Research

Dr. Follain is an economist with over 35 years of experience in the analysis of housing and mortgage markets, much of which involved the measurement and management of the risk associated with lending and investing in the mortgage and housing markets and public policies in the area. He serves as an advisor to FI Consulting, which is a financial services firm founded by his son, Tom Follain, and currently led by his former student Roman Iwachiw. Dr. Follain is also a Senior Fellow at the Rockefeller Institute of Government and a member of the extended faculty at the Lincoln Institute of Land Policy. Dr Follain has held a number of positions as an economist within major academic institutions and with various business, government, and policy-oriented organizations. He held senior positions at Freddie Mac (1998-2003) and the Federal Reserve Board (2003-2004). Dr. Follain served also as a Professor of Economics at Syracuse University from 1988-1998 and a Professor of Finance at the University of Illinois at Urbana-Champaign (1984-1988). Dr. Follain was the President of the American Real Estate and Urban Economics Association in 1988.

Business Development

Darlene Swain Senior Vice President of Collateral Risk

Ms. Swain is a 16-year industry veteran, with experience expanding as both an appraisal operations and compliance executive and proven consultative sales leader with expertise in the areas of collateral valuations, underwriting and risk. Previously, she held senior positions at SouthTrust Bank, TransUnion and DataQuick. She is an alumnae of Fairmont University, where she earned a B.S. Degree in Business Administration.