FTC vs Corelogic

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
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How the Agreement Between CoreLogic & the FTC Impacts Appraisers

…how the agreement between CoreLogic and the FTC from 2014 impacts appraisers…

The FTC vs CoreLogic: Why it is important to Appraisers

Some appraisers have reached out to VaCAP asking how the agreement between CoreLogic and the FTC from 2014 impacts appraisers. VaCAP wants to highlight the case and provide some key points of reference.

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 here. 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 here.

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:

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.

Here is where appraisers have an opportunity. CoreLogic has already demonstrated they did not fulfil their agreement on the purchase of DataQuick to maintain competition in the market. By commenting to the FTC, you, the appraiser, have the opportunity to express your opinions and concerns directly to the FTC in an open and official capacity. The comments should address the proposed modified agreement, however, there is nothing preventing you from referencing examples and analogies from your day to day activities as an appraiser. These comments will be read by the FTC.

This is an opportunity that we should not let pass by. The public comment period ends April 16th.

To place your comments with the FTC, click here.

Image credit flickr - Angela Taylor
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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15 Responses

  1. Cindy Logan says:

    I don’t see a place on the FTC website to make comments regarding Corelogic. There are options for filing a complaint, but not sure that is the correct way to go about it. Is there a specific link you can provide? Or maybe it is best to send a letter through the postal service?

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  2. Core logic is out of control, this is anti-trust territory

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  3. Cindy says:

    Thank you so much!

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  4. Baggins Baggins says:

    Give me a form letter or something, I’ll sign and send it.  What’s the best focus?

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  5. Chaz Thomas on on Facebook Chaz Thomas on on Facebook says:

    They are a monopoly, not in the best interests of the public. Why aren’t they being broken up?

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  6. Dean K says:

    Add Ala mode to the list. Totally out of control. Half your income goes to corrupt lenders and there amc’s and the other half goes Core Logic. Soon it will be the 1% and the poor. No more Middle Class.

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  7. They also bought alamode

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  8. Don says:

    Just Announced yesterday. Corelogic has purchased 100% of Alamode.

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  9. JC says:

    How many of you have commented with FTC? Can anyone post a sample comment for the rest of us to use?

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    • VaCAP Board VaCAP Board says:

      Today is the last day to comment and as of this morning there were not a lot of comments, so please do submit your comments.

      The comments need to be your own. Just give your opinion on the proposed modified agreement. You can comment on the control they have within the industry from MLS input, appraisal ordering, appraisal software, cost data, appraisal delivery, review programs, etc. Focus on the consumer and the lack of an open and competitive market.

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  10. Baggins Baggins says:

    Copied someone else’s letter but at least have one in there. Thank you.

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FTC vs Corelogic

by VaCAP Board time to read: 2 min
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