Lender Processing Services had net income of $54 million in 1Q13, a 13% increase over the $47 million earned in the same quarter last year, even though revenue decreased 3% between the two periods. In 4Q12, when it settled some of the legal matters, LPS earned $2.8 million.
Origination services revenue was up 12%, driven by strong refinance volumes, while Technology, Data & Analytics had a 10% increase. Tom Schilling, chief financial officer, said, "TD&A is our growth platform and we expect it to deliver a growing share of LPS' future revenue and profitability.”
Servicing technology revenue increased almost 7%, while origination technology revenue was up 18%.
Lender Processing Services’ revenue decline is a result of lower default service revenue because of lower foreclosure volume.