Data analytics giant CoreLogic announced on Wednesday the acquisition of closing cost data and tech provider ClosingCorp.
According to the merger agreement, CoreLogic will acquire all outstanding shares of ClosingCorp and expects to complete the deal in the third quarter of 2021. Further details of the acquisition were not disclosed.
“Pairing our fees and order management platform with the greater resources that CoreLogic brings will create significant benefits for our customers in terms of simplified workflow and continuous innovation,” said Bob Jennings, ClosingCorp CEO.
Previously, ClosingCorp integrated CoreLogic’s Property Tax Estimator into its SmartFees service and closing platforms in 2018. The closing data company also utilized CoreLogic’s home price data to release its first national refinance closing cost report in 2021, so there’s quite a bit of familiarity between the two firms.
In February, CoreLogic began making headway in the closing space of the industry, launching a digital title and closing solution attached to Complete Collateral ― what it calls its version of the “end-to-end” mortgage experience.
This case study explores how Plaza Mortgage was able to reduce its property tax estimation time by upwards of 90% per loan by implementing CoreLogic’s Property Tax Estimator (PTE). Download this case study to find out about the integration process and the results it yielded.
Presented by: CoreLogic (Plaza Buyer’s Guide)
ClosingCorp’s software provides high-level insights on closing costs, and is used by the majority of the nation’s top 25 lenders. It claimed over 35% market share in 2020 and was an HWTech 100 winner in 2020 for mortgage.
ClosingCorp Fees integrates loan file information, transfer tax, recording data, service fees and lender business rules and requirements into one platform. It touts that its platform allows LOs to receive actual rates, not estimates. In addition to ClosingCorp Fees, it has a web portal that enables “anyone involved in a residential mortgage transaction” to order and receive settlement services from vendors.
Wednesday’s acquisition of ClosingCorp arrived less than one month after CoreLogic’s own acquisition by Stone Point Capital on June 4 for $80 per share. The acquisition represented a significant and final milestone in an almost year-long battle for the analytics giant.
CoreLogic began combating a takeover bid from investors who jointly own or have an economic interest equivalent to approximately 15% of CoreLogic’s outstanding common stock. In a July letter sent to its board of directors, Cannae Holdings and Senator Investment Group proposed buying the firm in an all-cash offer for $66 a share.
After much dispute from both parties, the investors dropped the bid after CoreLogic announced it was exploring multiple offers to sell at or above $80 per share. CoStar Group and Insight Partners also made attempts to acquire the company in 2021 to no avail.