The spin-off of the mortgage database division of First American CoreLogic, announced on Tuesday, will create a $2 billion firm that hopes to tie its future growth to increased demand for information.

The newly formed firm, CoreLogic (CLGX), will focus on information services, analytics and legal and marketing services. First American CoreLogic was formed through the merger of First America Real Estate Solutions and CoreLogic. First American is a title company based in Orange County, Calif.

Once spun off, the remaining company, First American Financial Corp. (FAF), will provide title insurance and settlement services.

This split is expected to replicate that of Lender Processing Services Inc. (LPS) from Fidelity National Information Services (FIS). LPS has established itself as a provider of technology services to the mortgage and real-estate sectors.

Even before the split, CoreLogic has the largest database of housing related consumer data from more than 99% of all counties in the U.S. Investors and market participants purchase the information to keep tabs on consumer performance and market trends.

The company expects to benefit from the push toward transparency and monitoring. However, 2010 is expected to be slower than previous years with earnings projected to be between $400 million and $430 million, and revenue estimated to be between $1.85 billion and $1.95 billion.

Revenue from these units totaled $2 billion in 2009, and earnings was at $468 million, the company said.

The former chief financial officer of Freddie Mac (FRE), Anthony "Buddy" Piszel, who became the CFO and treasurer of First Financial, will switch to CoreLogic and hold the same title.

-By Prabha Natarajan, Dow Jones Newswires; 212-416-2468;