CoreLogic: Difference between revisions

Revision as of 15:44, 24 August 2022

Revision as of 08:01, 11 November 2022

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{{short description|American business data company}}

{{Advert|date=November 2021}}

{{Infobox company

| name = CoreLogic, Inc.

| logo = CoreLogic logo.svg

| image = CoreLogic_HQ.png

| image_size = 190px

| image_caption = CoreLogic's Irvine CA headquarters

| type = [[Private company|Private]]

| traded_as =

| industry = [[Financial services]]

| foundation = [[California]], USA (2010)

| location_city = [[Irvine, California]], U.S.

| key_people = Patrick Dodd, President and CEO

| products = Financial, property and consumer information, analytics and business intelligence

| revenue = {{ubl|{{nowrap|{{decrease}} US$1.762&nbsp;billion (2019)<ref name=2019-10k>{{cite web|url=https://last10k.com/sec-filings/clgx#link_fullReport |title=Corelogic, Inc. (CLGX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019|publisher=United States Securities and Exchange Commission|date=2020-02-27 |accessdate=2020-07-02}}</ref>}}

| {{nowrap|{{decrease}} US$1.788&nbsp;billion (2018)<ref name=2019-10k/>}}}}

| operating_income = {{ubl|{{nowrap|{{decrease}} US$165.54&nbsp;million (2019)<ref name=2019-10k/>}}

| {{nowrap|{{decrease}} US$222.62&nbsp;million (2018)<ref name=2019-10k/>}}}}

| net_income = {{ubl|{{nowrap|{{decrease}} US$49.38&nbsp;million (2019)<ref name=2019-10k/>}}

| {{nowrap|{{decrease}} US$121.86&nbsp;million (2018)<ref name=2019-10k/>}}}}

| assets = {{ubl|{{nowrap|{{decrease}} US$4.159&nbsp;billion (2019)<ref name=2019-10k/>}}

| {{nowrap|{{increase}} US$4.169&nbsp;billion (2018)<ref name=2019-10k/>}}}}

| equity = {{ubl|{{nowrap|{{decrease}} US$0.951&nbsp;billion (2019)<ref name=2019-10k/>}}

| {{nowrap|{{decrease}} US$1.000&nbsp;billion (2018)<ref name=2019-10k/>}}}}

| num_employees = 5,100 (2019)<ref name=2019-10k/>

| owner = {{ubl|Stone Point Capital|[[Insight Partners]]}}

| website = {{url|corelogic.com}}

}}

'''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 |work=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> As of 2021, CoreLogic is a Fortune 1000 company.<ref>{{Cite web|title=CoreLogic {{!}} 2021 Fortune 500|url=https://fortune.com/company/corelogic/fortune500/|access-date=2021-08-06|website=Fortune|language=en}}</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. |work=Los 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 |work=Los 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 |work=Los 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' 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>

In March 2007, First American Corporation merged its First American RES subsidiary with CoreLogic Systems, under the FARES LLC subsidiary.<ref>{{cite web|url=https://www.questia.com/read/1G1-161610912 |title=First American RES Merges with CoreLogic |publisher= |date=2007-03-01 |accessdate=}}{{dl|date=July 2021}}</ref> The division began operating under the name First American CoreLogic.<ref name=spin1>{{cite web|url=http://www.bizjournals.com/sacramento/stories/2010/05/24/story10.html?page=all |title=Title company First American to spin off CoreLogic in June |publisher=bizjournals.com |date=2010-05-20 |accessdate=2015-05-09}}</ref>

In June 2010, CoreLogic, Inc. was established as a standalone business when The First American Corporation split its businesses to create two separate legal entities, CoreLogic, Inc and [[First American Corporation]] which provides title and financial services.<ref>{{cite web|url=http://www.housingwire.com/articles/first-american-completes-corelogic-spin |title=First American Completes CoreLogic Spin-Off |publisher=housingwire.com |date=2010-06-01 |accessdate=2015-05-09}}</ref>

In January 2011, the company acquired Australia-RP Data, a provider of residential and commercial property information in Australia and New Zealand, for $194 million.<ref>{{cite web|url=http://www.theaustralian.com.au/business/corelogic-snaps-up-rp-data-for-1940m/story-e6frgak6-1225986215839 |title=CoreLogic snaps up property information provider RP Data for $194m |publisher=theaustralian.com.au |date=2011-01-12 |accessdate=2016-09-28}}</ref>

In March 2011, CoreLogic acquired Dorado Network Systems Corp, a San Mateo-CA based cloud application and architecture development company servicing the financial services industry.<ref>{{cite web|url=http://www.bizjournals.com/sanjose/news/2011/03/15/corelogic-buys-dorado-for-32m.html |title=CoreLogic buys Dorado for $32M |publisher=bizjournals.com |date=2011-05-15 |accessdate=2015-05-09}}</ref>

In July 2011, the company sold its CoreLogic India operations to [[Cognizant]], for $50 million. As part of the transaction, the companies also announced five year, $324 million services agreement.<ref>{{cite web|url=http://www.infoworld.com/article/2622485/m-a/cognizant-acquires-corelogic-s-india-services-operations.html |title=Cognizant acquires CoreLogic's India services operations |publisher=infoworld.com |date=2011-07-26 |accessdate=2016-09-28}}</ref>

In January 2013 CoreLogic bought Middletown, CT-based CDS Business mapping, a provider of geospatial hazard reports including distance to coast, [[flood zone]]s, rating territories, proximity to brush, [[wind pool]] eligibility and [[earthquake]] information. CoreLogic reported it would integrate the business into its existing Spatial Solutions business.<ref>{{cite web|url=http://www.insurancejournal.com/news/east/2013/01/23/278439.htm |title=CoreLogic Buys CDS Business Mapping in Connecticut |publisher=insurancejournal.com |date=2013-01-23 |accessdate=2015-05-13}}</ref>

In April 2013, CoreLogic bought Case-Schiller, the producers of the [[Case–Shiller index|Case-Shiller home price index]], known as one of the most important measures of the health of the housing market.<ref name=case-shiller>{{cite web|url=https://blogs.wsj.com/developments/2013/04/26/housing-data-dance-corelogic-buys-case-shiller/ |title=Housing Data Dance: CoreLogic Buys Case-Shiller |publisher=WSJ.com |date=2013-04-26 |accessdate=2015-05-22}}</ref>

In December 2013, CoreLogic acquired catastrophic modeling firm Eqecat from Texas-based ABS Group.<ref>{{cite web|url=http://www.insurancejournal.com/news/national/2013/12/29/315600.htm |title=CoreLogic Acquires Catastrophe Modeling Firm Eqecat |publisher=insurancejournal.com |date=2013-12-29 |accessdate=2015-05-13}}</ref>

In March 2014, CoreLogic acquired Marshall & Swift/Boeckh, a Milwaukee, WI-based provider of building cost information, residential and commercial analytics and business management services, San Diego, CA-based DataQuick Information Systems, a property data and analytics information company, and the credit and flood services operations of DataQuick Lending Solutions. The three acquired units were part of [[TPG Capital]]'s Decision Insight Information Group.<ref>{{cite web|url=http://www.insurancejournal.com/news/west/2014/03/25/324408.htm |title=CoreLogic in California Acquires Marshall & Swift/Boeckh and DataQuick |publisher=insurancejournal.com |date=2013-12-29 |accessdate=2015-05-13}}</ref>

In June 2014, CoreLogic expanded its hail, wind and lightning weather risk-management capabilities by acquiring Weather Fusion,<ref>{{cite web|url=http://geospatial-solutions.com/corelogic-expands-insurance-offerings-with-hail-wind-and-lightning-weather-forensics/ |title=CoreLogic Expands Insurance Offerings with Hail, Wind and Lightning Weather Forensics |publisher=geospatial-solutions.com |date=2014-06-05 |accessdate=2015-05-13}}</ref> formerly known as livehailmap.com.<ref>{{cite web|url=http://www.claimsjournal.com/news/national/2013/02/07/222609.htm |title=LiveHailMap.com is Now Weather Fusion |publisher=claimsjournal.com |date=2013-02-07 |accessdate=2015-05-13}}</ref>

In August 2015, the company purchased LandSafe Appraisal Services, an appraisal management company, from Bank of America for $122 million.<ref name=housingwire>{{cite web|url=http://www.housingwire.com/articles/35953-corelogic-buys-rels-from-wells-fargo |title=CoreLogic buys rest of RELS from Wells Fargo |publisher=housingwire.com |date=2016-01-05 |accessdate=2016-07-18}}</ref>

In October 2015, CoreLogic acquired Australian construction data business Cordell from Europe media group [[RELX]], formerly known as Reed Elsevier.<ref>{{cite web|url=https://www.reuters.com/article/relx-disposal-idUSL5N1230FO20151005 |title=RELX agrees to sell Australian construction data unit-source|publisher=reuters.com |date=2015-10-05 |accessdate=2016-09-28}}</ref>

In December 2015, the company acquired [[FNC Inc.|FNC, Inc.]], another provider of real estate appraisal services, for $475 million.<ref name=housingwire/>

In January 2016, CoreLogic announced it was paying $65M to acquire total ownership of RELS, LLC, a provider of property valuation and appraisal services it owned in partnership with [[Wells Fargo]].<ref name=housingwire/>

In March 2017, its CEO Nallathambi died shortly after taking medical leave from the company.<ref>{{cite web|url=http://www.ocregister.com/articles/corelogic-745582-nallathambi-company.html |title=CoreLogic CEO Nallathambi, on medical leave, has died|publisher=ocregister.com |date=2017-03-03 |accessdate=2017-03-10}}</ref> Shortly thereafter, the company announced Frank Martell as its new President and CEO.<ref>{{cite web|url=http://www.ocbj.com/news/2017/mar/06/corelogic-names-martell-new-ceo/ |title=CoreLogic Names Martell CEO|publisher=ocbj.com |date=2017-03-06 |accessdate=2017-03-10}}</ref>

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 news|url=http://topics.nytimes.com/top/news/business/companies/corelogic-inc/index.html |title=About CoreLogic |work=NYTimes.com |accessdate=2015-05-14}}</ref>

===Data and analytics===

The D&A group acquires and links property, mortgage, and financial data using models and algorithms to produce analytics for clients. Services include advisory services, automated valuations, ___location intelligence, multiple listing technology and platforms, mortgage fraud management, property information and analytics, and rental screening and analytics.<ref name="nytimes1"/>

===Technology processing solutions===

The TPS group provides mortgage-related data services for mortgage lenders and servicers. Services and technology include flood data services, property tax services, credit verification services, underbanked credit services, compliance and management services, mortgage origination technology, and business process outsourcing and cloud computing-based mortgage servicing solutions.<ref name="nytimes1"/>

==Reports==

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'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>

==Data sources==

Data is the core of many of CoreLogic's products, analytics and services. The data includes real property information, [[Mortgage loan|mortgage]] information and consumer information. Data sources include public sources, data contributed by company clients, and data obtained from data aggregators.<ref name="2015-10k">{{cite web|date=2016-02-26|title=CoreLogic 2015 Annual Report Form (10-K)|url=https://www.last10k.com/sec-filings/clgx#sE8CC36DB0D2D5A87BC68751455BBD24E|accessdate=2016-07-18|publisher=United States Securities and Exchange Commission|format=}}</ref>

Public data sources include data and documents from federal, state and local governments. This information is augmented by data from other public and non-public sources, allowing the identification of physical property characteristics, boundaries and tax values, current and historical ownership, voluntary and involuntary liens, tax assessments and delinquencies, replacement cost, property risk including environmental, flood and hazard information, criminal data, [[Planning permission|building permits]], local trends, summary statistics, and household demographics.

Client contributed data includes loan performance information (from loan servicers, trustees, [[Securitization|securitizers]], issuers and others), mortgage, auto, property rental, and under-banked loan applications from various loan originators, landlords, and property owners.

Data acquired from aggregators includes property listing and tenant/landlord rental information from Boards of Realtors, [[real estate agents]], brokers, [[landlord]]s, and owners of multi-tenant properties. The company also collects appraisals and property valuations from appraisers, and licenses consumer credit history information from credit reporting agencies, lenders, and auto dealers.

==See also==

*[[Black Knight, Inc.|Black Knight (Company)]]