CoreLogic announced it has bought out the remaining stock of RELS, a leading nationwide provider of quality and experienced valuation professionals, electronic property appraisal ordering, tracking and fulfillment services and workflow practices.
CoreLogic had owned 50.1 percent of the company, with the remaining 49.9 percent owned by Wells Fargo Bank. CoreLogic bought out the remaining stake from Wells Fargo for $65 million, the company said, which is accretive to 2016 financial results.
The acquisition enables CoreLogic to facilitate significant future growth opportunities in the U.S. and globally as it relates to the company’s Valuation Solutions Group (VSG).
“RELS has been a leading provider of property valuation services for almost two decades under the joint leadership of CoreLogic and Wells Fargo,” CoreLogic CEO Anand Nallathambi said in the press release announcing the purchase. “Consolidating our ownership of RELS represents a logical step next in expanding the capabilities and scale of our property valuations offerings.”
CoreLogic Chief Operating Officer and Chief Financial Officer Frank Martell said the acquisition was a piece of a larger puzzle in the appraisal industry for CoreLogic.
“RELS’ market leadership and proven operational excellence, together with our existing valuation-related assets and our recent acquisition of LandSafe Appraisal Services and the pending acquisition of FNC, allow us to bring unique insights and compelling solutions to the marketplace which should generate significant topline growth opportunities for CoreLogic in 2016 and beyond,” Martell said.
Wells Fargo Home Lending Executive Vice President Franklin Codel said the move would expand services.
“CoreLogic, through its management of the RELS AMC operations, has consistently demonstrated its value as a service provider with a strong commitment to quality products and services,” Codel said. “Our teams will continue to work well together and we expect CoreLogic to remain a valued service provider and an important part of Wells Fargo’s valuation vendor management strategy.”