CoreLogic's first-quarter net income was down 54% from the prior year as lower mortgage origination volume reduced the need for some of its services.
Net income was $13 million, compared with $28 million one year prior. The reason for the drop was lower income from operating activities.
Operating income totaled $33 million for the first quarter compared with $58 million a year ago because of lower application volumes as well as charges associated with cost reduction programs and investments in technology, innovation and compliance.
The company is sensitive to application volume declines because the majority of its products are used "early upfront in the origination process," Chief Financial Officer James Balas said during the earnings call.
Revenue also declined, but only 3% to $440 million from $454 million in the first quarter of 2016. Market share and pricing-related gains as well as new products in its Property Intelligence and Risk Management and Work Flow segments offset the impact of lower mortgage application volume on CoreLogic's revenue, said President and CEO Frank Martell.
