CoreLogic 2Q Income Grows on Revenue from New Valuation Group

CoreLogic reported higher net income during the second quarter, reflecting the positive impact of its new valuation subsidiary and acquisitions.

The company's net income jumped 23% year-over-year to $40.4 million. Diluted earnings per share were 45 cents.

Revenue increased sharply from 2015, rising 30% to $500 million. The increase largely stemmed from recent acquisitions related to the Valuation Solutions Group that was launched in September 2015. CoreLogic completed its acquisition of FNC in April and acquired full ownership of RELS in January. The company also bought LandSafe Appraisal Services as part of the VSG launch.

The VSG also helped to drive the Property Intelligence segment's revenue 72% higher to $277 million. The segment's results also reflected growth in insurance and international operations.

Operating expenses also expanded 31% to $424.7 million, mainly on costs associated with the VSG acquisitions and integrations, higher tax provisions and investments in cybersecurity, compliance and cost reduction programs.

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