Real estate data and analytics giant CoreLogic has signed a deal to acquire automated closing costs firm ClosingCorp, CoreLogic announced Wednesday.
The deal is expected to close in the third quarter if it receives regulatory approvals and meets “customary closing conditions,” the Irvine, California-based company said in a press release.
Stone Point Capital and Insight Partners acquired CoreLogic itself earlier this month for $5.9 billion after a nearly one-year long acquisition battle.
Per a definitive merger agreement, CoreLogic will acquire all outstanding shares of San Diego, California-based ClosingCorp. Founded in 2005, ClosingCorp offers products that “streamline the quoting and ordering of critical settlement services needed to originate and service a home loan, eliminating friction, cost and risk,” the release said.
ClosingCorp’s closing cost data is based on real rates and fees as reported by its more than 20,000 real estate service providers throughout the country, which include lender’s title, owner’s title, settlement, appraisal, recording fees, transfer taxes and more.
Bob Jennings
“ClosingCorp’s unique solutions coupled with the property-level digital content and platforms of CoreLogic enable us to continue our rapid growth and accelerate the introduction of new high-demand products,” said ClosingCorp CEO Bob Jennings in a statement.
“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.”
Frank Martell | Photo credit: CoreLogic
ClosingCorp’s customers include mortgage lenders, title and settlement companies and real estate professionals. The company claims 15 of the top 25 lenders in the country as customers.
“The combination of ClosingCorp and CoreLogic digital solutions, platforms and domain expertise is clearly additive for our clients and the broader housing ecosystem,” said Frank Martell, President and CEO of CoreLogic, in a statement.
CoreLogic and ClosingCorp declined to disclose the acquisition purchase price, details about ClosingCorp’s customers, products, and growth or the benefits of the deal for the companies’ customers.
“We’re not able to provide any additional information at this time besides what is on the press release. Once the deal has closed please reach back out for further details,” the companies told Inman in identical statements.
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