CoreLogic Acquires Bank Of America's Flood Zone Determination And Property Tax Processing Assets And Business Operations
IRVINE, Calif., July 18, 2013 /PRNewswire/ -- CoreLogic (CLGX) ® (NYSE: CLGX) a leading residential property information, analytics and services provider, today announced the Company has purchased flood zone determination and tax processing services assets and operating platforms from Bank of America and entered into a services agreement to continue to provide these services to Bank of America.
"We are excited to provide flood zone determination and tax processing services to Bank of America. We believe this agreement will further deepen our longstanding relationship with this important market leader," said CoreLogic President and Chief Executive Officer Anand Nallathambi. "This agreement provides CoreLogic with an expanded platform to continue to grow our gold-standard flood and tax servicing operations."
"This arrangement is in line with our long-stated business imperative of driving scale and operating leverage in our Mortgage Origination Services segment," said CoreLogic Chief Financial Officer Frank Martell. "The integration of Bank of America's flood and tax servicing operations into CoreLogic's existing business units is expected to create significant revenue growth and margin expansion opportunities over the balance of 2013 and beyond."
Bank of America's flood zone determination and tax servicing operations will be integrated in CoreLogic's existing flood and tax servicing business units and the combined financial results will be reported within the Company's Mortgage Origination Services segment. The purchase transaction closed on July 1, 2013 and was funded by cash on hand.
CoreLogic is a leading property information, analytics and services provider in the United States and Australia. The Company's combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, visit www.corelogic.com.
Safe Harbor / Forward Looking Statements
Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to future revenue and profit growth and margin expansion; anticipated benefits of the service agreement and related purchase of Bank of America's flood zone determination and tax servicing operations, as well as management's expectation concerning whether or not it will be accretive to the Company's 2013 financial results. Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include failure to successfully integrate the operations, technology, infrastructure and employees of Bank of America's flood zone determination and tax servicing operations into our Mortgage Origination Services segment; and the additional risks and uncertainties set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K, as amended or updated by our Quarterly Reports on Form 10-Q. These additional risks and uncertainties include but are not limited to: government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including the Consumer Financial Protection Bureau and with respect to the use of public records and consumer data; compromises in the security of our data transmissions, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer lending industries and the economy generally, together with our customer concentration and the impact of these factors thereon; and risks related to the outsourcing of services and our international operations. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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