In its first quarterly report as an independent company, CoreLogic, Santa Ana, Calif., had net income of $24 million, down from $29 million in the first quarter and $70 million one year prior.
The company said GAAP requires the company to report three items that do not reflect its operations on a stand-alone basis. These are corporate expenses involving its former parent First American Corp. of nearly $39 million on a pre-tax basis; one-time costs of $7 million and tax expense of $10 million.
Anand Nallathambi, president and chief executive, said "While we are cautious in our outlook for growth tied to mortgage originations, we expect that a shift towards generating revenues tied to more differentiated data, analytics and consultative business solutions will strengthen our results as we work through this period in the mortgage market."
Chief financial officer Buddy Piszel added that CoreLogic benefited from an improved business mix in its default businesses and a rebound in mortgage origination volumes as well as growth in its data and analytics segment.
Adjusted revenues from mortgage origination services increased by 6% to $130 million, with increased contributions from the appraisal, flood zone certification and national joint ventures businesses; adjusted revenue from tax services declined modestly due to a decline in the number of loans under tax service.
Default and technology services' adjusted revenues were up by 7% to $112 million.
In June, CoreLogic was spun-off from the title and specialty insurance businesses of First American Financial.
