The level of consolidation within the mortgage space continued as CoreLogic has announced its acquisition of the valuation technology and appraisal management platform provider Mercury Network from Serent Capital.
In a statement issued by the Irvine, Calif.-based company, CoreLogic stated that it “acquired a 45 percent passive minority stake in Mercury Network,” with the purchase of the remaining portion expected to close later in the year. CoreLogic added that it plans to continue offering Mercury Network’s technology platforms and related services to emerging lenders and AMCs while focusing its own FNC technology offering on larger lenders. Mercury Network will continue to be headquartered in Oklahoma City.
“Mercury Network’s platforms complement the CoreLogic appraisal technology platforms and analytics business acquired from FNC in 2016,” said Frank Martell, CoreLogic president and CEO. “They will broaden the reach of CoreLogic’s valuation technology products and services to smaller and medium-sized lenders and AMCs. Through this acquisition, CoreLogic will improve its value proposition and go to market strategy for its broad range of valuation-related data and analytics to this important and growing segment of the industry.”