CoreLogic Buys FNC For $475 Million

Posted by Patrick Barnard on December 18, 2015 No Comments
Categories : Residential Mortgage

In a move that will strengthen its presence in the valuations space, CoreLogic is acquiring appraisal software company FNC Inc. for $475 million.

FNC is 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. Upon completion of the transaction, FNC will become part of CoreLogic's Valuation Solutions Group.

The acquisition follows CoreLogic's purchase of appraisal management company LandSafe Appraisal Services from Bank of America earlier this year.

FNC offers expertise in appraisal compliance, workflow best practices and process efficiency. Its clients include mortgage lenders and servicers, appraisal management companies, and secondary and capital markets firms, as well as property and casualty insurance companies, CoreLogic says in a release.

FNC's platforms are integrated into the workflow systems of 18 of the 20 largest U.S. banks. These platforms provide broad connectivity to approximately 80,000 appraisal, title and inspection vendors. Its solutions allow industry participants to automate the collateral valuation and diligence process, monitor and optimize vendor performance, and facilitate compliance with regulatory and internal risk management policies.

The transaction is expected to close during the first quarter of 2016.

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