CoreLogic plans to sell Asset Management and Processing Solutions
Company reorganizes into two segments
Residential property information, analytics and services provider CoreLogic (CLGX) continues to move forward with its previously announced strategic business plan.
The latest is the businesses comprising the Asset Management and Processing Solutions segment will be classified as "for sale".
Core business operations have been reorganized into two operating segments -- Data and Analytics (D&A) and Technology and Processing Solutions (TPS).
"We are taking aggressive actions to further sharpen our focus on CoreLogic's core businesses, which are uniquely positioned to capitalize on our competitive strengths in data and analytics, payment processing and data-enabled services," said Anand Nallathambi, president and chief executive officer of CoreLogic. "These businesses benefit from their leading market presence, unique data assets, intellectual property and world-class domain expertise."
The company worked on restructuring solutions for the better part of two years.
Here's how the rest of the company will likely be reorganized, if all continues to go as planned:
1. Under Data & Analytics
Property Information and Analytics
Insurance and Spatial Solutions
EQECAT: This is a recently purchased global catastrophe modeling service
2. Under Technology and Processing Solutions
Residential and Commercial Property Tax Processing
Originations and Underwriting Services (Credit and Verification Services and Flood Zone Determination)
Technology and Outsourcing Solutions (previously reported in the former Mortgage Origination Services)
"Despite lower mortgage origination volumes in 2014, we expect to continue to make progress toward our imperative of growing our D&A segment to over 50% of our total revenues and our TPS operations are well-positioned to outperform their respective markets," said Frank Martell, Chief Financial Officer of CoreLogic.
The company's document processing, retrieval and loan file review operations will also be transferred from D&A to TPS.