CoreLogic (CLGX) first-quarter profit and revenue rose as the company’s mortgage origination services and data and analytics divisions experienced continued growth, the firm said.
Gains on the data side are partly attributed to growing demand for mortgage analytics related to regulatory compliance.
First-quarter revenue reached $397.2 million, fueled by $176.5 million in mortgage origination services revenue and $161.1 million in revenue from the data and analytics segment.
The units were partially aided by an improving housing market, low interest rates, the extension of the government’s Home Affordable Refinance Programs and strategic investments in technology initiatives.
For the period, CoreLogic posted a profit of $34.2 million, or 35 cents a share.
"CoreLogic is off to a very strong start in 2013. We delivered double-digit top-line growth by capitalizing on an expanding number of opportunity areas presented by a gradually improving housing market. We also boosted margins through our relentless focus on cost productivity," said Anand Nallathambi, president and CEO of CoreLogic.
The company’s mortgage origination services grew on higher demand for credit reports, tax services and flood certifications along with gains in the tax services business.
Data and analytics also noted higher demand for property-related information and mortgage analytics, especially in the area of regulatory compliance.