Mortgage

HereÕ how much CoreLogic paid Bank of America for LandSafe

Hint: It was a lot more than $70 million

CoreLogic (CLGX) revealed in its third-quarter earnings that it actually purchased LandSafe Appraisal Services, an appraisal management company, from Bank of America (BAC) for $122 million.

When HousingWire originally broke the news in August, sources said the AMC was purchased for $70 million.

Rumors started spreading back in May that Bank of America was selling LandSafe, with top names like Solutionstar, Fidelity and Solidifi in the running to buy the company.

LandSafe Closing Services companies were affiliated with Bank of America to provide closing services, including appraisal, credit report and verification. Only the appraisal company of LandSafe was sold.

AMCs provide appraisal management services to lenders, underwriters or other principles in the secondary mortgage markets, including contracting with licensed and certified appraisers to perform appraisal assignments.

CoreLogic reported third-quarter revenue of $386.4 million, climbing 5% above last year’s third quarter and up slightly from the second quarter, when the global property information, analytics and data-enabled services provider reported revenue of $386.0 million.

According to CoreLogic, the growth was driven primarily by property, insurance, international and underwriting solutions, which more than offset foreign currency translation impacts and lower project-related volumes.

CoreLogic declined to comment.

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