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ASA, NAIFA File Comments with FTC Raising Concerns with CoreLogic’s Treatment of RealtyTrac, Recent Acquisition of a la mode

by User Not Found | Apr 18, 2018
On April 16, the American Society of Appraisers and the National Association of Independent Fee Appraisers filed comments with the Federal Trade Commission (FTC) regarding a proposed Order Modifying Order (OMO) affecting CoreLogic and its treatment of RealtyTrac. As part of a prior acquisition, CoreLogic had consented to divest some of its data business into RealtyTrac. However, the OMO notes that CoreLogic did not fully comply with the terms of the original Order governing the divestiture, and the OMO would extend the term of the original Order for three years. It would, however, change CoreLogic's compliance reporting requirements to every 90 days, instead of the original 60 day requirement.

ASA and NAIFA opposed the change to the reporting requirements, and urged the FTC to retain the 60 day reporting requirement. In addition, the groups suggested that the extension of the original Order be for five years, acknowledging that CoreLogic did not substantially comply with the terms of the original Order for its entire term.

Finally, ASA and NAIFA raised concerns with the recent acquisition by CoreLogic of a la mode, especially in light of CoreLogic's treatment of RealtyTrac under the original Order, and urged the FTC to give the a la mode acquisition scrutiny.

To read the comments from ASA and NAIFA to the FTC, click here.