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First American Real Estate Solutions Merges With CoreLogic Systems, Inc.

Article Excerpt
- New, Combined Company to Deliver Comprehensive Line of Risk Management Analytics to the Mortgage Industry -

SANTA ANA, Calif., Feb. 5 /PRNewswire-FirstCall/ -- The First American Corporation , America's largest provider of business information, today announced that it has merged its First American Real Estate Solutions ("RES") division, a part of its FARES LLC subsidiary, with Sacramento, Calif.- based CoreLogic Systems, Inc., a leading provider of mortgage risk assessment and fraud prevention solutions. In 2006, RES and CoreLogic generated approximately $252 million and $74 million in revenues, respectively.

The new, combined company is majority owned by The First American Corporation through its FARES LLC joint venture with Experian Group Limited. CoreLogic's stockholders, comprised of its management team and TA Associates, hold an 18 percent economic interest and two of 10 board of director seats. The co-founders of CoreLogic, Steve Schroeder and Kraig Clark, have assumed key roles in the newly formed organization. The merger is the largest transaction in a series of analytic company acquisitions and minority investments completed by RES in recent years as a part of a larger domestic and international mortgage risk analytics strategy.

"This merger is a major milestone in our strategy to revolutionize the mortgage risk management process," said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. "This transaction unlocks value by creating a...