MortgageReal Estate

CoreLogic profit grows on lending services

[Update 1: Clarifies timeline of CoreLogic acquisitions.]

CoreLogic (CLGX) posted significant financial results for the second quarter, lifted by its expanding mortgage origination services and data/analytics segments.

The Irvine, Calif.-based company reported net income of $44.9 million, or 46 cents a share, in the second quarter, up 17.9% from the same time period a year earlier.

"CoreLogic delivered outstanding financial results in the second quarter and first half of 2013. Our MOS and D&A segments continue to grow at double-digit rates through a combination of product and service innovation, operating leverage and market share gains," said Anand Nallathambi, president and CEO of CoreLogic. 

He added, "Importantly for the future, we continue to aggressively reinvest in strategic growth areas and our technology transformation initiative." 

Revenue from mortgage origination services grew 24.6% to $184.4 million as demand for credit reports, tax services and flood certifications picked up.

Additionally, data and analytics revenue rose 11.2% to $169 million, driven mainly by higher demand for property-related analytics, advisory services and regulatory compliance.

Subsequent to the close of the second quarter, CoreLogic purchased assets and platforms tied to Bank of America (BAC) for a total of $62.5 million, with the transaction set to be funded in cash and pending final approval.

The company also announced the pending acquisition of Marshall & Swift/Boeckh and DataQuick for $661 million, with that deal expected to close in the third quarter. 

"Our strong margin and cash flow profile provides the financial flexibility to complete the recently-announced acquisitions and, at the same time, significantly increase the return of capital to our shareholders by expanding our 2013 repurchase program to at least 8 million shares," concluded Frank Martell, chief financial officer of CoreLogic. 

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