First American CoreLogic Acquires BasePoint Analytics
First American CoreLogic, a subsidiary of real estate services conglomerate The First American Corporation (FAF), said Wednesday morning that it has acquired BasePoint Analytics, LLC, a well-known provider of predictive analytic fraud and risk management solutions for the mortgage and global banking industries. The purchase was not unexpected, sources familiar with the transaction told HousingWire. First American CoreLogic originally formed a strategic partnership with BasePoint Analytics in 2005, and held a 40 percent minority interest in the company. The transaction includes BasePoint Analytics' patent-pending process for fraud detection in the review of loan applications, CoreLogic said in a press statement. CoreLogic is looking to integrate BasePoint's technology for fraud detection with its own substantial loan-level data, according to First American CoreLogic CEO George Livermore. Once seen as a costly and unnecessary tool by lenders during the housing boom, Wednesday's acquisition signals just how important fraud prevention has become in a much-changed mortgage marketplace, as well. "This transaction is consistent with our strategy of continuously improving the fraud detection process for our clients," he said. "The complete acquisition of BasePoint Analytics provides an opportunity to intensify and accelerate the combination of First American CoreLogic's data and analytic resources with BasePoint Analytics' proven fraud technologies." Tim Grace has been appointed senior vice president of fraud analytics, to oversee the development and management of First American CoreLogic's fraud analytics solution suite, the company said. Grace was formerly president and chief operating officer at BasePoint, where he was responsible for managing the day-to-day operations of the company, as well as implementing strategic initiatives and pursuing new business opportunities. Write to Paul Jackson.