CoreLogic, the data and analytics spin-off of the First American Corp., on Tuesday purchased mortgage technology vendor Dorado Network Systems for $32 million in cash.
CoreLogic previously held a 38% interest in San Mateo, Calif.-based Dorado, which specializes in software-as-a-service origination technology, including a loan origination system, point of sale tool, product and pricing engine and other products.
In July, the U.S. Patent and Trademark Office issued a Notice of Allowance to Dorado for a patent application it submitted in April 2006. The patent, "Dynamic Workflow Architectures for Loan Processing,"
Other LOS platforms have a static workflow, meaning that there is a fixed order for the steps to process the loan. With Dorado's architecture, multiple steps can happen at once. The patented technology has applications beyond the LOS. A new Dorado product uses the fluid workflow process to integrate third-party fulfillment vendors like document preparation, title services, appraisals and other underwriting services, with an LOS.
With the transaction, CoreLogic acquires that intellectual property and will run the company as a division called CoreLogic Dorado. Dorado CEO Dain Ehring and chief technology officer Rob Carpenter will remain with the company, leading it under the CoreLogic banner.
The publicly traded CoreLogic is based in Santa Ana, Calif. On a horrible day for the stock market, CoreLogic's share price was up slightly to $17.46.
