In the Matter of CoreLogic, Inc., a corporation, File No. 131 0199 #00025

Submission Number:
00025
Commenter:
M Small
State:
Virginia
Initiative Name:
In the Matter of CoreLogic, Inc., a corporation, File No. 131 0199
I understand the reasoning behind the FTC's proposed revised agreement with CoreLogic. I do not agree the agreement is sufficient to ensure a fair and open market of competition a CoreLogic has already demonstrated their inability to comply. The greed displayed by CoreLogic in acquiring so many competitors is simply not beneficial to consumer. It does not allow for a fair and open competitive market. I encourage the FTC to investigate the actions of CoreLogic from all angles. Clear documentation exists of monopolistic practices have been seen in the real estate and appraisal industry. Their ownership of these companies, not only eliminates competition, but allows them to control the data, in both format and content. A sample list of businesses CoreLogic now owns and controls are: Matrix MLS, Realist Tax, FNC, Appraisal Port, Mercury Network which includes Appraisal Scope and Data Courier; Marshall and Swift, Flood Cert, LSAM, RELs (CoreLogic Valuation Services,) and Stars Appraisal Management Company. CoreLogic now owns and operates the Columbia Institute, which partners with the National Association of Appraisers to provide education to appraiser. As of a few days ago, CoreLogic acquired 100% ownership of A La Mode Software, a major Real Estate Appraiser Software Company. Since CoreLogic as acquired the Matrix MLS system, the format in which property information is input is controlled by CoreLogic. This format is not presenting accurate information about a property. For example, Matrix lumps below grade and above grade finished areas into one field. The GSE's FHA, VA and all mortgage lenders require the below grade and above grade square footage to be separated. This simply cannot be accomplished with CoreLogic's Matrix system. The end result is we have a 1,000 Square foot ranch style home with finished basement reported as a 2,000 square foot home. This is harmful to consumers in overvaluing properties that transfer through the MLS system and creates havoc when the appraiser separates the above and below square footage as required. Often the opinion of market value is lower than the contract price. Buyers, sellers, appraisers, lenders and closing agents all are impacted by the false reporting of information that is controlled by CoreLogic. As an independent real estate appraiser in Virginia, the local MLS utilizes CoreLogic owned Matrix and CoreLogic owned Realist Tax. The software I use to complete appraisal reports A La Mode, was just acquired by CoreLogic. A La Mode uses FloodCert.com, a CoreLogic owned business, for property flood information. Marshall and Swift Costs data, also owned by CoreLogic is the industry standard for cost information necessary in our industry. When it comes to appraisal education, the Columbia Institute is one of two independent educational providers on a national level. They are now owned by CoreLogic. The industry is controlled by CoreLogic and there is no open and competitive market. The FTC should not have allowed CoreLogic to purchase DataQuick, or any of these other companies in the same industry. The FTC did not protect the consumer when they allowed these transactions to occur Te proposal to extend an agreement that CoreLogic failed to comply with will simply not be effective. The FTC enforcement needs to be the sale of DataQuick and other companies to ensure an open and competitive market.