Early last year API issued a Do Not Sign Advice for members regarding the CoreLogic ‘Valuer Data Processing and Security Terms’. Since then API has worked with CoreLogic and a range of senior industry stakeholders to refine and develop these terms to try and achieve a position that minimises, as far as possible, risk to our members and service provision to continue.

As part of our ongoing commitment to member advocacy, the API has spent the last 15 months in discussions with CoreLogic to achieve a commercially viable resolution to the Valuer Data Processing and Security Terms. These terms were first developed in response to an increased regulatory regime from lenders with regard to Information Security and Privacy, a goal which API supports.

The focus of our negotiations were around clauses pertaining to Information security, Data breach notification requirements, and enhanced compliance audit rights. Whilst individual negotiation over specific clauses and commercial arrangements will still fall to individual firms or businesses to conduct on their own behalf, the API felt it was necessary for us to support the development of a framework which was acceptable for our members to work within.

The API would like to acknowledge the time, and energy that all parties have put into this collaboration and appreciate the willingness of all parties to consider the needs of our members and look forward to building on the goodwill and positive steps taken in this process.