Analytics company CoreLogic has purchased flood zone determination and tax processing services assets and operating platforms from Bank of America and entered into a services agreement to provide these services to the bank.

"We believe this agreement will further deepen our longstanding relationship with this important market leader," CoreLogic President and Chief Executive Officer Anand Nallathambi said in a statement. "This agreement provides CoreLogic with an expanded platform to continue to grow our gold-standard flood and tax servicing operations."

Bank of America’s flood zone determination and tax servicing operations will be integrated in CoreLogic’s existing flood and tax servicing business units, and the combined financial results will be reported within the company’s Mortgage Origination Services segment. The purchase transaction closed on July 1 and was funded by cash on hand.