has announced plans to realign its corporate focus by dropping several business platforms and putting a new focus on others.
The Irvine, Calif.-based business said it planned to exit its loan origination software unit and its remaining legacy default management related platforms over the next 24 months. The company added that these non-core software platforms brought in approximately $40 million in revenue during the first three quarters of this year.
While this is taking place, CoreLogic plans to accelerate its appraisal management company operations through what it described as “the greater use of data-driven analytics, automation of workflows and enhanced utilization of its dedicated staff appraisers.” CoreLogic acknowledged that this focus is “expected to initially result in lower revenue in 2019,” but will bring greater profit margins in 2020 and beyond. CoreLogic’s appraisal management revenues in the first three quarters of this year came to roughly $65 million.
“CoreLogic remains focused on capitalizing on our scale and market leadership and the opportunities presented by our must have workflow solutions in the U.S. mortgage market,” said Frank Martell, President and Chief Executive Officer of CoreLogic. “The actions we are announcing today should further position the company to achieve its 30 percent margin target and enhanced organic growth rates in 2020.”