Cognizant has acquired CoreLogic’s Global Services Private Ltd., the India-based captive operations of CoreLogic, in a move that transfers some operations used for U.S. mortgage industry outsourcing to the former company.
“By combining CoreLogic’s back-office services, software product development and analytical modeling with Cognizant’s industry-aligned technology and business process expertise, we will create greater value for our existing financial services clients and bring sophisticated analytics and next-generation business process solutions to the mortgage market,” said Prasad Chintamaneni, senior vice president and head of Cognizant’s Banking and Financial Services Practice, in a email sent to this publication.
The transaction will enable Cognizant to provide services across the mortgage value chain, from loan origination, escrow, title and closing services through secondary markets, loan administration, loan default management, and analytics, the Cognizant executive said.
"The sale of our Indian affiliate CoreLogic India to Cognizant leverages the strong foundation that we have already developed in India into a global delivery platform that will enable CoreLogic to expand in the U.S. and also into new global markets,” CoreLogic senior vice president Scott Brinkley said in an e-mail response to this publication, when asked about the deal.
In other CoreLogic news, the company also hired a new chief financial officer, Frank Martell.
Martell most recently was president and chief executive officer of the Western Institutional Review Board.
Senior vice president of finance and accounting, Michael Rasic, has been serving as principal financial officer. The company’s previous CFO stepped down in February after receiving a “Wells notice” in connection with certain disclosure matters during his tenure at his previous employer, Freddie Mac, that he was appealing.
The Wells notice indicates that Securities and Exchange Commission staff is considering recommending a civil enforcement action but it includes a sort of appeal process where the subject of the action can offer up a counterargument about why the action should not be pursued.
— Austin Kilgore contributed to this story
