CoreLogic has purchased Bank of America’s flood zone determination and tax processing services businesses, including the operating platform. It has entered into an agreement to provide those services to B of A going forward.
The deal closed on July 1 and was funded using cash on hand. Other terms were not disclosed.
The acquired units will be integrated into CoreLogic’s existing flood and tax services operations. Their results will be reported in the company’s Mortgage Origination Services segment.
"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."
At the start of this month, CoreLogic announced a deal
