CoreLogic buys cloud computing firm Dorado for $32 million
Mortgage information provider CoreLogic (CLGX) purchased cloud computing firm, Dorado Network Systems Corp., Tuesday for $32 million. San Mateo, Calif.-based Dorado is one of first firms to push mortgage technology to embrace the now buzz-worthy term of cloud computing, which allows end users to access data remotely. CoreLogic intends to keep the nearly 200 employees of Dorado and maintain the California headquarters. CoreLogic Dorado, as it will be known, will bring cloud computing to CoreLogic clients. The new service will involve enterprise lending solutions automating loan originations. Dorado's cloud computing allows many members of staff the ability to work on multiple loan files at the same time. Clients currently include big banks and mortgage lenders in the U.S. and Canada. Dorado technology not only automates data handling, but also facilitates the integration of real-time borrower, organizational and market information into mortgage finance transactions so that lenders, mortgage servicers, investors and borrowers experience improved loan quality and transaction transparency. CoreLogic anticipates expanding cloud services to enhance its 360-degree approach to delivering improved loan quality and transaction transparency from point of sale through investor delivery to the secondary market, the company said in a statement. Write to Jacob Gaffney. Follow him on Twitter @JacobGaffney.