Real estate information, analytics and services provider CoreLogic says it’s closing down the company’s marketing services business and will write off $140 million in goodwill and assets associated with it.
CoreLogic’s marketing services division includes LeadClick Media, which, according to the company’s website, connects consumers with service providers in the financial services, automotive and real estate industries.
Not affected by the shutdown are ListSource, which offers direct marketers access to a database of 134 million households, and iLeads, a lead generation network for insurance companies.
ListSource offers services for real estate brokers and agents including map-based search with flexible querying and filtering options including property characteristics, demographics, buying behavior and mortgage data.
CoreLogic’s iLeads operates a network of more than 185 sites, including Homeowners Wiz, a lead generation site for companies offering homeowners insurance.
In its most recent quarterly report to investors, CoreLogic said it was evaluating the marketing services business "and certain of our appraisal and default-related businesses, for alignment with our long-term strategy."
CoreLogic’s marketing services business is part of the company’s specialty finance solutions group, which generated $82.5 million in operating revenue during the second quarter, down 5 percent from a year ago.
The dip was attributed to a decrease in marketing services revenues "related to a deferral of $6.3 million in revenues associated with one customer," and lower volumes of mortgage-related credit orders. Those decreases were partially offset by "stronger consumer services revenues due to higher volumes of credit monitoring."
In its 2010 annual report to investors, CoreLogic said revenue from its marketing services business declined in part because of a change in the mix of marketing initiatives for customers "in order to improve margins and minimize collection risks."
In August, the company’s board of directors revealed they were exploring a sale of the company, due to the "challenging economic environment and current market conditions."
CoreLogic is a major provider of services to real estate brokers and agents and mortgage lenders, including public records data, software that powers multiple listing services, lead generation and management tools, and document and transaction management solutions.
Last month, CoreLogic acquired Tarasoft Corp., developer of the Matrix MLS platform, which the company will continue to offer alongside its other MLS platforms Tempo, MLXchange and InnoVia.
