CoreLogic_LogoExpands Capabilities and Scale of Valuation Solutions Group

  • FNC’s collateral valuation workflow technology platform complements CoreLogic’s property valuation-related data-driven services and analytics.
  • Combined company creates a scaled, integrated property valuation solution provider powered by a broad suite of fulfilment, platform, data and analytics capabilities and assets.
  • CoreLogic’s Valuation Solutions Group (VSG) expected to facilitate significant future growth opportunities in the U.S. and globally.
  • Purchase price of $475 million; accretive to 2016 financial results.

CoreLogic® announced the Company has entered into a definitive agreement to acquire FNC, Inc. (FNC), a leading provider of real estate collateral information technology and solutions that automate property appraisal ordering, tracking, documentation and review for lender compliance with government regulations.

FNC delivers deep expertise in appraisal compliance, workflow best practices, and process efficiency to mortgage lenders and servicers, appraisal management companies, secondary and capital markets firms as well as property and casualty insurance companies. In addition, its platforms are integrated into the workflow systems of 18 of the 20 largest U.S. banks. FNC 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 and is subject to customary closing conditions including regulatory clearance. The purchase price of $475 million represents approximately 13.5 times pro forma projected 2016 adjusted EBITDA. The transaction is expected to be accretive to 2016 financial results excluding one-time reductions from transaction-related fees and transitional accounting items. The transaction will be funded using cash on hand and debt.

Following the close of the transaction, FNC operations will be consolidated within the VSG which is reported within CoreLogic’s Data and Analytics segment. The Company expects to provide further updates on its VSG strategy including FNC in conjunction with its release of 2016 financial guidance during January 2016.

About FNC

FNC® revolutionized real estate collateral information technology. Since the mid-1990s, FNC has offered solutions that automate appraisal ordering, tracking, documentation and review for lender compliance with government regulations. FNC’s clients have realized reduced costs and more efficient loan processing. With its Collateral Management System® (CMS®) and collateral-focused data and analytics, FNC provides advanced insight into the property backing a loan from origination to capital markets. No one understands real estate collateral better than FNC. Visit FNC online at www.fncinc.com for more information.

Source: CoreLogic Press Release