IRVINE, Calif. ‚Äď Real estate data firm CoreLogic has purchased flood zone determination and tax processing services assets and operating platforms from Bank of America Corp.
CoreLogic, which announced the purchase Thursday, also entered into a services agreement to continue to provide these services to Bank of America.
‚ÄúWe are excited to provide flood zone determination and tax processing services to Bank of America. We believe this agreement will further deepen our longstanding relationship with this important market leader,‚ÄĚ CoreLogic President and CEO Anand Nallathambi said in a statement. ‚ÄúThis agreement provides CoreLogic with an expanded platform to continue to grow our gold-standard flood and tax servicing operations.‚ÄĚ
According to a release, Bank of America‚Äôs flood zone determination and tax servicing operations will be integrated into CoreLogic‚Äôs existing flood and tax servicing business units. The combined financial results will be reported in the mortgage origination services segment.
The purchase closed on July 1 and was funded by ‚Äúcash on hand,‚ÄĚ according to CoreLogic. Other financial terms of the deal were not disclosed.
‚ÄúThis arrangement is in line with our long-stated business imperative of driving scale and operating leverage in our Mortgage Origination Services segment,‚ÄĚ CoreLogic Chief Financial Officer Frank Martell said in prepared remarks. ‚ÄúThe integration of Bank of America‚Äôs flood and tax servicing operations into CoreLogic‚Äôs existing business units is expected to create significant revenue growth and margin expansion opportunities over the balance of 2013 and beyond.‚ÄĚ