Connecting Innovation and Opportunity
As college roommates, Kraig Clark and Steve Schroeder knew they had the right combination of talents to create a business together.
After they graduated and began their careers, both held onto the idea of creating a business and continued to brainstorm ideas. Schroeder’s position with TransAmerica Intellitech gave him insight into the real estate market’s need for information. The two partners began a test venture to connect mortgage lenders with prospects, helping them to gain insight into the industry. They sensed a greater promise when they heard about automated valuation models (AVMs) being developed and began marketing first one, then several.
In 1997, C&S Marketing was established as an AVM company that provided lenders access to multiple AVMs—one at a time. When the company developed an application that connected the AVMs, C&S turned the corner and became the first company to offer cascading AVMs requiring only a single data input to access multiple AVM models.
The partners quickly discovered that as accurate as AVMs proved to be, there were instances of inaccuracy that resulted from certain, identifiable conditions. Markets manipulated by fraud or volatility required a different type of tool to spot inaccurate values and questionable activities that were most often tied to loan defaults. HistoryPro’s debut as a collateral risk-analysis and fraud detection tool quickly earned C&S a place in a market beset by rampant fraud and rapidly escalating values.
Since HistoryPro came to market in 2002, the company has concentrated efforts on creating solutions that encompass all potential avenues to committing fraud. As the company quietly researched and developed an expanded suite of solutions and deployment options, C&S Marketing became a fixture in several of the nation’s top ten leading mortgage lenders.
By 2005, Clark and Schroeder had built a powerful set of solutions and an employee team capable of delivering category-leading products and services to mortgage lenders, mortgage insurers, and secondary market investors. In the fall of that year, the company changed its name to CoreLogic Systems, a name intended to convey the idea that a rigorous, logic-based approach to collateral screening and property valuation could provide core capabilities to clients, enabling them to streamline production and reduce risk dramatically. CoreLogic first appeared on Inc. magazine’s list of the 500 fastest growing U.S. companies in 2004, then repeated the increasingly difficult feat (as its revenues grew) in 2005 and 2006.
In February 2007, First American Real Estate Solutions bid for, then merged with CoreLogic Systems to form First American CoreLogic, Inc. Majority-owned by The First American Corporation (NYSE: FAF), an $8.5 billion Fortune 500 company, First American CoreLogic is now America’s largest provider of information and analytics for the real estate, origination, finance, securitization, and investor communities—helping clients in the U.S. and around the world evaluate property, identify trends, project performance, prevent fraud, monitor value, improve cost efficiency, and increase market share.