Corelogic Sells CMAX to a360inc


Advisory Role: Krall & Co. Inc. advised CoreLogic.

Announcement Date: September 9, 2019.

Target: CMAX (Claims Maximization) is a claims management and processing software system designed to help mortgage loan servicers generate accurate claims filings for reimbursement of advances made by the servicer on behalf of the Federal Housing Authority (FHA), Veterans Affairs (VA), Fannie Mae (FNMA), Freddie Mac (FHLMC) and private mortgage insurers (MIs) on defaulted loans pursuant to servicing contracts. CMAX helps servicers prepare, submit and manage claims filings in an accurate, compliant and efficient manner, thereby reducing claims processing costs and increasing the likelihood of full reimbursement.

Seller: CoreLogic is a provider of property information, analytics and data-enabled services. The Company‚Äôs two business segments are Property Intelligence & Risk Management Solutions (“PIRM”) and Underwriting & Workflow Solutions (“UWS”). The PIRM segment combines property information, mortgage information and consumer information to deliver housing market and property-level insights, predictive analytics and risk management capabilities. This segment offers proprietary technology and software platforms to access, automate or track this information and assist its clients with decision-making and compliance tools in the real estate and insurance industries. The UWS segment combines property, mortgage and consumer information to provide mortgage origination and monitoring solutions, including underwriting-related solutions and data-enabled valuations and appraisals.

Buyer: a360inc is a technology and outsourcing services provider to the financial services, real estate, and legal industries. Based in Carrollton, TX and with operations across six states, a360inc provides case management system technology and practice management services to law firms, title agencies and underwriters, mortgage companies and investors.

Deal Rationale: On December 20, 2018, Corelogic announced its intention to exit non-core businesses consisting of its loan origination software unit and its remaining legacy default management related platforms over the ensuing 24 months. CMAX, which operates within CoreLogic Default Information Services, LLC, a business unit entity of Corelogic, is one of the business units that had been designated for sale. Through the transaction, a360inc expands its product offerings.

Terms: a360inc. has acquired CMAX from CoreLogic, Inc. Terms were not disclosed.