CoreLogic’s Plan To Acquire DataQuick Clears Major Hurdle

Posted by Patrick Barnard on March 25, 2014 No Comments
Categories : Residential Mortgage

CoreLogic's plan to acquire DataQuick for around $661 million overcame a major hurdle Monday after CoreLogic agreed to resolve objections from the Federal Trade Commission (FTC) that the deal would give CoreLogic too much of a lock on national assessor and recorder bulk data.

The FTC had initially opposed the deal because it would lead to the elimination of one of only three companies delivering national assessor and recorder bulk data – CoreLogic, DataQuick and RealtyTrac – thus increasing the risk of anticompetitive coordination between the remaining two market participants.

More specifically, the FTC feared that CoreLogic, which would have an edge on RealtyTrac in terms of products and services, would use its market dominance to raise prices and gauge customers.

To resolve that concern, the FTC's settlement requires CoreLogic to license to RealtyTrac national assessor and recorder bulk data, as well as several ancillary data sets that DataQuick provides to its customers.

As proposed, the order allows RealtyTrac to offer customers the data and services that DataQuick now offers and to become an effective competitor in the market.

Before the agreement is finalized, it will be subject to public comment for 30 days, through April 23.

CoreLogic announced its intention to acquire DataQuick in June 2013.

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