CoreLogic announced the Company has completed the acquisition of the 49.9% interest of Wells Fargo Bank, N.A. in RELS, LLC (RELS). RELS is a leading nation-wide provider of and appraisal solutions. RELS offers its clients access to high quality and experienced valuation professionals; electronic property appraisal ordering, tracking and fulfillment services and workflow best practices.
“RELS has been a leading provider of property valuation services for almost two decades under the joint ownership of CoreLogic and Wells Fargo.
Consolidating our ownership of RELS represents a logical next step in expanding the capabilities and scale of our property valuations offerings,” said Anand Nallathambi, President and Chief Executive Officer of CoreLogic. “RELS’s market leadership and proven operational excellence; together with our existing valuation-related assets and our recent acquisition of LandSafe Appraisal Services and the pending acquisition of FNC, allow us to bring unique insights and compelling solutions to the marketplace which should generate significant topline growth opportunities for CoreLogic in 2016 and beyond,” added CoreLogic Chief Operating and Financial Officer Frank Martell.
RELS’s operating results will be fully consolidated into CoreLogic’s financial reporting beginning in the first quarter of 2016. Previously, RELS operating results had been reflected in the Company’s financial reporting, in line with its ownership percentage, as a component of equity in earnings of affiliates. The transaction is expected to be accretive to 2016 financial results excluding one-time integration investments and reductions from transitional accounting items. The transaction was funded using cash on hand.