CoreLogic acquires a la mode
Claims it’s the next step to its end-to-end valuation solution
CoreLogic, a property information, analytics and data-enabled services provider, announced Thursday that it acquired a la mode technologies.
a la mode provides subscription based software solutions to more than 40,000 appraiser professionals across the U.S. The software solutions provided by the company facilitate the aggregation of data, imagery and photographs in a GSE-compliant format for the completion of residential appraisals.
a la mode is now part of CoreLogic. We’re joining forces with @CoreLogicInc to help you work faster, more accurately, and with the highest level of credibility and support. Thank you for being part of this journey. Read more at https://t.co/2i2LzY0cMu.
— a la mode (@alamodeinc) April 12, 2018
The acquisition continues a significant expansion in CoreLogic’s valuations division that’s taken place over the last several years, including buying LandSafe Appraisal Services, FNC, and RELS for a total purchase price of approximately $587 million.
Two years ago, CoreLogic closed on the acquisition of FNC, a provider of real estate collateral information technology and solutions that automate property appraisal ordering, tracking, documentation and review for lender compliance with government regulations, for a total purchase price of $400 million.
That deal came on the heels of CoreLogic purchasing LandSafe, an appraisal management company, from Bank of America for $122 million in 2015.
CoreLogic purchased the rest of RELS, a provider of property valuation and appraisal services, from Wells Fargo in 2016. Prior to the acquisition, RELS operated under the joint ownership of CoreLogic and Wells Fargo, with CoreLogic previously owning 50.1% of the company and Well Fargo owning the remaining 49.9%. Under the terms of the agreement, CoreLogic was to pay $65 million to Wells Fargo for its ownership interest in RELS.
Then, in June 2017, CoreLogic announced it was buying Mercury Network, a purchase valuation technology company, from Serent Capital, which bought Mercury Network from a la mode back in 2015.
Since then, Mercury Network went on a bit of buying spree as well, acquiring Platinum Data Solutions, a QC technology company, in 2016, and announcing earlier last year that it planned to acquire Appraisal Scope, a provider of valuation management software.
Now, Platinum Data Solutions, Appraisal Scope, and Mercury Network are all a part of CoreLogic. As is a la mode.
“The acquisition of a la mode is an important next step in the development and scaling of our end-to-end valuation solutions workflow suite which includes data and market insights, analytics as well as data-enabled services and platforms,” CoreLogic President and CEO Frank Martell said. “a la mode tools and solutions help to make our professional appraiser community more productive and efficient.”
“The addition of a la mode to our existing workflow and technology offerings also provides CoreLogic with a seamless digital platform for ordering, preparing, quality assuring and delivering property valuations and allows us to expand the connectivity between a number of the major constituencies in the mortgage underwriting ecosystem,” Martell said.
The partnership first began back in 2011, when CoreLogic named a la mode as an appraisal administrator on its platform in order to achieve compliance with the GSE’s Uniform Mortgage Data Program.
So far, appraisers don’t seem too happy with the acquisition, as seen in the tweet below. But perhaps an even more telling sign of appraisers’ sentiments is one of the comments to this tweet, “What doesn’t CoreLogic own?”
— Joe Mier Appraiser (@tangiappraiser) April 12, 2018
Financial terms of the deal were not disclosed.
Source: Housing Wire