CoreLogic: Difference between revisions

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'''CoreLogic, Inc.''' is an [[Irvine, CA]]–based corporation providing financial, property, and [[Customer data|consumer information]], analytics, and [[business intelligence]]. The company analyzes information assets and data to provide clients with analytics and customized data services. The company also develops proprietary research, and tracks current and historical trends in a number of categories, including [[consumer credit]], [[capital markets]], real estate, fraud, regulatory compliance, natural hazards, and disaster projections.<ref>{{cite web|url=http://geospatial-solutions.com/corelogic-natural-hazard-risk-summary-covers-2014-disasters/ |title=CoreLogic Natural Hazard Risk Summary Covers 2014 Disasters |publisher=geospatial-solutions.com |date=2015-01-02 |accessdate=2015-05-07}}</ref><ref>{{cite web|url=https://www.nytimes.com/2011/12/03/your-money/credit-scores/corelogics-new-credit-score-exposes-even-more-of-your-financial-life.html?_r=0 | title=A Credit Score That Tracks You More Closely |publisherwork=NYTimes.com |date=2011-12-02 |accessdate=2015-05-07}}</ref><ref>{{cite web|url=http://www.nationalmortgagenews.com/news/origination/mortgage-fraud-risk-increases-32-corelogic-1042992-1.html |title=Mortgage Fraud Risk Increases 3.2%: CoreLogic |publisher=nationalmortgagenews.com |date=2014-10-29 |accessdate=2015-05-07}}</ref><ref>{{cite web|url=http://www.ibamag.com/news/analytics-service-launches-wind-verification-technology-22064.aspx |title=Analytics service launches wind verification technology |publisher=ibamag.com |date=2015-04-13 |accessdate=2015-05-07}}</ref><ref>{{cite web|url=http://www.realtor.com/news/corelogic-foreclosures-report-february-2015/ |title=Foreclosures Are Way Down From 2014—but Still Double Prerecession Rates|publisher=realtor.com |date=2015-04-14 |accessdate=2015-05-07}}</ref> The company reported full 2020 revenue of $1.6 billion.<ref>{{Cite web|url=https://investor.corelogic.com/sites/default/files/2021-03/corelogic-reports-record-full-year-and-fourth-quarter-2020-03-01-21.pdf|title = CoreLogic® - Property Data Leader & Property Solutions}}</ref>

==History==

CoreLogic dates back to September 1991, when [[TRW Inc.|TRW]] Real Estate Information Services entered into a partnership with three real estate information service units from Elsevier, the Dutch Publishing company now known as [[Reed Elsevier]].<ref>{{cite web|url=https://articles.latimes.com/1991-09-04/business/fi-1687_1_estate-information |title=TRW, Elsevier Merge Real Estate Information Operations : Information: Joint venture will be headquartered in Riverside. Companies cite high costs of developing new business. |publisherwork=LATimes.comLos Angeles Times |date=1991-09-04 |accessdate=2015-04-09}}</ref>

In September 1996, the group, by then known as TRW Information Systems & Services, was spun off and renamed [[Experian]].<ref>{{cite web|url=https://articles.latimes.com/1996-09-22/business/fi-46515_1_credit-reporting-industry |title=Leading the Way at a Company Called Experian |publisherwork=LATimes.comLos Angeles Times |date=1996-09-22 |accessdate=2015-03-28}}</ref>

In September 1997, majority ownership of Experian's real estate information business was acquired by The [[First American Corporation]], in a partnership with Experian.<ref>{{cite web|url=https://articles.latimes.com/1997/sep/11/business/fi-31011 |title=First American and Experian in Venture |publisherwork=LATimes.comLos Angeles Times |date=1997-09-11 |accessdate=2015-05-09}}</ref> The partnership was called FARES LLC, and the new entity began operating under the name First American Real Estate Solutions (RES).<ref>{{cite web|url=http://www.inman.com/2007/02/05/first-american-res-corelogic-in-merger/ |title=First American RES, CoreLogic in merger |publisher=inman.com |date=2007-02-05 |accessdate=2015-05-09}}</ref>

Also in 1997, Kraig Clark and Steve Schroeder co-founded C&S Marketing in [[Sacramento, California|Sacramento, CA]].<ref>{{cite web|url=http://www.bizjournals.com/sacramento/print-edition/2013/10/18/corelogic-vets-auqeo-tech-support-vets.html?page=all |title=CoreLogic vets’vets' new firm, Auqeo, provides sales support for tech startups |publisher=bizjournals.com |date=2013-10-18 |accessdate=2015-05-09}}</ref> Created to provide [[fraud prevention]] and collateral [[risk management]] solutions to the mortgage banking industry, the company was later renamed as CoreLogic Systems.

In October 2003, First American RES acquired Transamerica's property information business, combining their real estate information and analytics businesses.<ref>{{cite web|url=http://www.bizjournals.com/dallas/stories/2003/09/29/daily41.html |title=First American buys Transamerica units for $375M |publisher=bizjournals.com |date=2003-10-02 |accessdate=2015-05-09}}</ref>

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In April 2018, CoreLogic acquired "a la mode technologies, LLC", a real estate appraisal software company, for $120 million.<ref>{{Cite news|date=2018-04-12|title=CoreLogic Acquires a la mode technologies, LLC|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/press-releases/2018-04-12/corelogic-acquires-a-la-mode-technologies-llc|access-date=2020-11-06}}</ref>

In May 2018, CoreLogic launched a non-weather-related fire and water risk solution.<ref>{{Cite web|url=http://dsnews.com/headline/05-25-2018/corelogic-launches-first-non-weather-related-risk-solution|title=CoreLogic Launches First Non-Weather-Related Risk Solution - DSNews|last=Ojha|first=Radhika|website=dsnews.com|date=25 May 2018|language=en-US|access-date=2018-06-20}}</ref>

In December 2018 CoreLogic purchased Symbility Solutions, Inc., a vendor of claims processing and estimating software based in Calgary, Alberta, Canada.<ref>{{cite news|title=Calgary claims vendor now owned by CoreLogic | author=Meckbach, Greg | date=December 19, 2018 | url=https://www.canadianunderwriter.ca/claims/calgary-claims-vendor-now-owned-by-corelogic-1004150025/ | work=Canadian Underwriter | access-date=December 2, 2020 }}</ref>

In June 2020, Cannae Holdings and Senator Investment Group launched a hostile takeover of CoreLogic.<ref name="2020-06-aggressive-takeover">{{Cite web|url=https://www.businesswire.com/news/home/20200626005201/en/Cannae-Holdings-Senator-Investment-Group-Submit-Proposal|title=Cannae Holdings and Senator Investment Group Submit Proposal to Acquire CoreLogic|website=businesswire.com|date=26 June 2020|language=en-US|access-date=2020-06-26}}</ref> In response to CoreLogic raising quarterly guidance five days before the end of Q2<ref>{{Cite web|url=https://investor.corelogic.com/pressreleases/corelogic-raises-second-quarter-2020-financial-guidance-thu-06252020-2251|title=CoreLogic Raises Second Quarter 2020 Financial Guidance|website=investor.corelogic.com|language=en-US|access-date=2020-07-01}}</ref> and following up on "nine months performing extensive “outside-in” due diligence",<ref name="2020-06-aggressive-takeover"/> Cannae Holdings and Senaro Investment Group submitted their proposal to acquire CoreLogic. CoreLogic replied on June 26 that, despite not having previous knowledge of the offer, they will "carefully review the proposal" and "determine the course of action it believes is in the best interests of the Company and its shareholders" and insisting that "shareholders need take no action at this time".<ref>{{Cite web|url=https://picante.today/latest-news/2020/06/26/154302/corelogic-confirms-receipt-of-unsolicited-acquisition-proposal-from-cannae-holdings-and-senator-investment-group/|title=CoreLogic Confirms Receipt of Unsolicited Acquisition Proposal from Cannae Holdings and Senator Investment Group|website=picante.today|language=en-US|access-date=2020-07-01}}</ref> Cannae and Senator Investment secured financing with Bank of America and announced in a regulatory filling, on June 30, they own enough of CoreLogic to call for a special meeting.<ref>{{Cite web|url=https://finance.yahoo.com/news/cannae-senator-call-special-meeting-142322194.html|title=Cannae, Senator can call special meeting at CoreLogic, financing set|website=Yahoo Finance|language=en-US|access-date=2020-07-01}}</ref>

In June 2021, the company was acquired by Stone Point Capital and [[Insight Partners]].<ref>{{Cite press release|url=https://www.bloomberg.com/press-releases/2021-06-04/stone-point-capital-and-insight-partners-complete-acquisition-of-corelogic|title=Stone Point Capital and Insight Partners Complete Acquisition of CoreLogic|publisher=CoreLogic|via=Bloomberg|language=en-US|date=2021-06-04}}</ref>

==Business segments==

CoreLogic's operations are divided into two segments: Data and Analytics, and Technology and Processing Solutions.<ref name=nytimes1>{{cite webnews|url=http://topics.nytimes.com/top/news/business/companies/corelogic-inc/index.html |title=About CoreLogic |publisherwork=NYTimes.com |accessdate=2015-05-14}}</ref>

===Data and analytics===

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CoreLogic releases reports to the real estate and mortgage industries:

*Equity Report: showing the distribution of equity across all single-family homes in the US with a mortgage.<ref>{{cite web|url=http://themreport.com/news/data/03-17-2015/corelogic-releases-equity-report |title=CoreLogic Releases Equity Report |publisher=themreport.com |date=2015-03-17 |accessdate=2015-05-22}}</ref> This report initially debuted as a "Negative Equity Report", highlighting how many homeowners were underwater on their mortgage.<ref>{{cite web |url=http://www.mcclatchydc.com/latest-news/article24186958.ece/BINARY/First%20American%20CoreLogic%E2%80%99s%20Negative%20Equity%20Data%20Report |title=First American CoreLogic’sCoreLogic's Negative Equity Data Report |publisher=mcclatchydc.com |date=2008-09-30 |accessdate=2017-03-22 |archive-url=https://web.archive.org/web/20161220113340/http://www.mcclatchydc.com/latest-news/article24186958.ece/BINARY/First%20American%20CoreLogic%E2%80%99s%20Negative%20Equity%20Data%20Report |archive-date=2016-12-20 |url-status=dead }}</ref>

*National Foreclosure Report: showing the foreclosure inventory and the number of completed foreclosures, which is an indication of the total number of homes actually lost to foreclosure.<ref>{{cite web|url=http://www.housingwire.com/articles/33198-corelogic-foreclosure-inventory-drops-332-over-last-january |title=CoreLogic: Foreclosure inventory drops 33.2% over last January |publisher=housingwire.com |date=2015-03-10 |accessdate=2015-05-22}}</ref>

*The MarketPulse: offering insight into the current and future health of the U.S. economic climate with particular focus on housing and mortgage metrics.<ref>{{cite web|url=http://www.housingwire.com/articles/29676-brilliant-insights-in-the-corelogic-april-marketpulse |title=5 brilliant insights in the CoreLogic April MarketPulse|publisher=housingwire.com|date=2014-04-15 |accessdate=2015-05-22}}</ref>