CoreLogic Purchases Flood Zone Determination Assets From BofA

CoreLogic has announced the company has purchased flood zone determination and tax processing services assets and operating platforms from Bank of America and has entered into a services agreement to continue to provide these services to Bank of America. "We are excited to provide flood zone determination and tax processing services to Bank of America. We believe this agreement will further deepen our longstanding relationship with this important market leader," said CoreLogic President and Chief Executive Officer Anand Nallathambi. "This agreement provides CoreLogic with an expanded platform to continue to grow our gold-standard flood and tax servicing operations." Bank of America's flood zone determination and tax servicing operations will be integrated in CoreLogic's existing flood and tax servicing business units and the combined financial results will be reported within the Company's Mortgage Origination Services segment. The purchase transaction closed on July 1, 2013 and was funded by cash on hand. "This arrangement is in line with our long-stated business imperative of driving scale and operating leverage in our Mortgage Origination Services segment," said CoreLogic Chief Financial Officer Frank Martell. "The integration of Bank of America's flood and tax servicing operations into CoreLogic's existing business units is expected to create significant revenue growth and margin expansion opportunities over the balance of 2013 and beyond." Bank of America's flood zone determination and tax servicing operations will be integrated in CoreLogic's existing flood and tax servicing business units and the combined financial results will be reported within the Company's Mortgage Origination Services segment. The purchase transaction closed on July 1, 2013 and was funded by cash on hand.