Mortgage vendor CoreLogic, Santa Ana, Calif., lost $35 million in the fourth quarter after booking a non-cash impairment charge and taking a loss on the sale of discontinued operations.
But the firm posted pre-tax income of almost $37 million on its 'business and information services' unit, compared to $26.6 million in the year-ago period.
CoreLogic had pretax income of just under $11 million for the period versus a pretax loss of $10.7 million one year prior. The company was spun off from First American Corp. on June 1, 2010.
Fourth quarter pre-tax income for its 'data and analytics' segment came to $22.5 million, compared to $26.5 million in the year-ago period. Fourth quarter adjusted EBITDA for the segment increased 5% to $45.8 million, compared with $43.8 million in the fourth quarter 2009. Higher revenue was driven by continued adoption of fraud and information analytic products and higher mortgage and consumer credit reporting volumes.
CoreLogic's mortgage origination services group saw revenues decrease 3% to $133 million in the quarter from $138 million as lower appraisal and tax servicing revenues were partially offset by growth in flood, geospatial services, and national joint ventures.
Appraisal services revenues declined during the quarter primarily due to lower appraisal volumes from a large customer.
