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Appraisal Management Company (AMC) Shutting Down

Mortgage service provider CoreLogic is closing down its appraisal management company.  The business, which now faces more regulatory scrutiny, is in ongoing litigation over appraisals performed for Washington Mutual Bank.  The Santa Ana, Calif.-based company reported a $67 million loss during 2011, about the same as its 2010 loss.

CoreLogic, which was divested from The First American Corp. in June 2010, said last August that its board was exploring several options to enhance shareholder value including cost-cutting initiatives, a capital structure evaluation and the possible repurchase of debt and common stock.

Source: Californiarealtysite.com

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