CoreLogic Partner InfoNet Achieves Major Operational Milestone
Email Dan Smith
March 28, 2011, Santa Ana, Calif. –
––First revenue sharing payments distributed to MLS Partners––
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that its MLS revenue sharing program, Partner InfoNet, reached a major milestone by completing the delivery of risk management solutions that are enhanced by MLS data. With this successful delivery, CoreLogic released the first revenue sharing payments to participating MLSs. In addition, CoreLogic announced that the program grew, adding eight more multiple listing services (MLS) partners.
Launched in May 2010, Partner InfoNet is a revenue-sharing program in which MLSs securely license their listing data to CoreLogic for use in its risk management products. The milestone announced today validates the program’s underlying business model and propels it into a new operational phase. Underscoring the success of the program, CoreLogic recently released two new MLS-data enhanced products: the previously announced Listing and Market Activity Report and ValueWatch. ValueWatch is a notification service that analyzes lender portfolios for listing status and other risk factors that may affect property values. Other products that use the enhanced data are currently in development.
The eight new MLSs to join Partner InfoNet represent more than 14,200 real estate professionals, bringing the program’s total number to more than 156,000 professionals and more than 424,000 active listings. As of February 15, 2011, the new MLSs include Greater El Paso Association of REALTORS®, Savannah Multi-List Corporation, New Smyrna Beach Board of REALTORS®, Greenville-Pitt Association of REALTORS®, Brunswick County Association of REALTORS®, Tucson Association of REALTORS®, Western Arizona REALTOR® Data Exchange, and Brooklyn New York Multiple Listing Service.
As demand for their data grows, CoreLogic MLS Partners are discovering additional benefits of the program beyond the revenue sharing proceeds.
“Participating in Partner InfoNet allows us to see our data used by originators and servicers so they have a better picture of the real estate market,” said Sharron Ramirez, CEO of Greater El Paso Association of REALTORS®. “We anticipate that adding our data to their existing tools will accelerate the lending and closing process.”
Nancy Ryan, CEO of Western Arizona REALTOR® Data Exchange, added, “Local real estate professionals have insights and information that no amount of macro-information analysis can match. We hope that using this data will enable originators to better appreciate the market and ultimately speed up the transaction process.”
Ben Graboske, CEO CoreLogic MarketLinx, said, “Issuing revenue-sharing royalty payment checks to our MLS partners is an important milestone for our MLS partners and validates the business model we introduced last May. Our MLS partners are helping us enhance industry-leading analytics with MLS data. As more products are developed and we increase distribution of these products, we expect the MLS royalties to grow.”
According to Graboske, most Partner InfoNet signatories use CoreLogic as their exclusive data-licensing partner for risk management solutions. Exclusive partners also receive free access to RealAVM, the CoreLogic MLS-enhanced automated valuation model (AVMs) and the MarketLinx MLS Data Co-op, a new data-sharing tool that makes it easy for MLSs to share listings with MLSs from around the country while securely controlling access to their data. For more information on the Partner InfoNet program, visit http://www.marketlinx.com/pin.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic and MarketLinx are registered trademarks of CoreLogic. Partner InfoNet, RealAVM, and ValueWatch are trademarks of CoreLogic. All other trademarks are the properties of their respective holders.