Residential property information, analytics and services provider CoreLogic has purchased Bank of America's (BofA) flood zone determination and tax processing services assets.
In addition, CoreLogic has entered into a services agreement to continue to provide these services to Bank of America.
CoreLogic plans to integrate the Bank of America divisions with its existing flood and tax servicing business units. The combined financial results of those divisions will be reported within CoreLogic's mortgage origination services segment.
According to a press release, CoreLogic paid for the Bank of America assets in cash – however terms of the deal, which closed July 1, were not disclosed.
Anand Nallathambi, president and CEO of CoreLogic, said the deal ‘is in line with our long-stated business imperative of driving scale and operating leverage in our mortgage origination services segment.’
Frank Martell, chief financial officer for CoreLogic, said ‘the integration of Bank of America's flood and tax servicing operations into CoreLogic's existing business units is expected to create significant revenue growth and margin expansion opportunities over the balance of 2013 and beyond.’
