Lender Processing Services Inc., Jacksonville, Fla., earned $80 million in the second quarter, a 7% increase from the same period last year.
Operating income at the company increased to $148 million, vs. $144 million for the second quarter 2009. Operating margins improved by 140 basis points to nearly 25%.
"Our mortgage processing business delivered another strong quarter and while our loan facilitation and default services businesses were both impacted by sluggish industry trends, we continued to expand market share in both areas," said LPS president and chief executive Jeff Carbiener.
Revenues from the default services unit came in at $275 million, a decline of just over 8% from the second quarter 2009 due to a 16% industry decline in foreclosure starts. Mortgage processing revenues increased to $102 million, up 14% from the second quarter 2009.
