In the Matter of CoreLogic, Inc., a corporation, File No. 131 0199
The agreement revolves around the purchase of DataQuick by its competitor CoreLogic in 2014. The FTC at that time allowed the transaction with some parameters in which CoreLogic agreed to. See the analysis of the agreement on the post below. A summary of the parameters are below: 1. CoreLogic agreed to settle the matter by divesting assets to RealtyTrac so RealtyTrac could essentially take over the competition in the market from DataQuick. 2. CoreLogic was to provide RealtyTrac with the data DataQuick was providing to its customers so there would be adequate competition in the market. 3. RealtyTrac, after two years, discovered CoreLogic was not providing all the data as required by the agreement, thus harming RealtyTrac's ability to compete with CoreLogic. 4. CoreLogic eventually provided some of the missing data, but not all. 5. CoreLogic failed to provide all the required support to RealtyTrac as dictated by the order. The FTC has proposed a modified agreement with CoreLogic, basically extending the time frame three years and requiring the disclosure of specific actions that will be taken to ensure compliance. The FTC wants public comments on if it should approve the modified agreement. See the proposed modified agreement in section V on page 12580 of the Federal Register. Consumers benefit from an open and competitive market. In the appraisal profession, CoreLogic is in control of so many of the resources appraisers rely on, so the question becomes is it open and competitive market? Some examples of CoreLogics' businesses in the appraisal profession are: Matrix MLS Realist Tax ACI Software Appraisal Port (FNC) Appraisal Scope Mercury Network Data Courier Marshall and Swift, FloodCert.com LSAM RELS (now CoreLogic w/ staff appraisers) Columbia Institute In March 2017, VaCAP published an article by our guest author Ace Appraiser and it went nationwide through AppraisersBlogs and on Facebook. The article highlighted how it was difficult for an appraiser to complete an appraisal without the use of a CoreLogic product. See the article here. http://appraisersblogs.com/corelogic-big-corporation-vs-ap Â…/ CoreLogic has already demonstrated they did not fulfil their agreement on the purchase of DataQuick to maintain competition in the market. It is imperative that the real estate appraiser continue to play an active part of the market. To limit our ability to choose the best neutral/unbiased resources by a monopoly will only lead to another downfall in the housing market which may very well likely be worse than the most recent meltdown. It will happen...AGAIN... We appraisers are sounding the alarm again in the hopes that it will be heard. We implore you to listen and to stop this from happening.