Fair Value Of Financial Instruments

3 Months Ended

Mar. 31, 2012

Fair Value Of Financial Instruments [Abstract]

Fair Value Of Financial Instruments

Note 11 – Fair Value of Financial Instruments

Guidance requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate that value. In the measurement of the fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, the guidance excludes certain financial instruments including those related to insurance contracts, pension and other postretirement benefits, and equity method investments.

In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions:

Cash and cash equivalents

The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments.

Accounts and accrued income receivable, net

The carrying amount for accounts and accrued income receivable, net is a reasonable estimate of fair value due to the short-term maturity of these assets.

Loans receivable, net

The fair value of loans receivable, net was estimated based on the discounted value of the future cash flows using the current rates being offered for loans with similar terms to borrowers of similar credit quality.

Investments

The carrying amount of deposits with savings and loan associations and banks is a reasonable estimate of fair value due to their short-term nature.

The methodology for determining the fair value of debt and equity securities is discussed in Note 3 Debt and Equity Securities to the condensed consolidated financial statements.

The fair value of notes receivable, net is estimated based on the discounted value of the future cash flows using approximate current market rates being offered for notes with similar maturities and similar credit quality.

Deposits

The carrying value of escrow and passbook accounts approximates fair value due to the short-term nature of this liability. The fair value of investment certificate accounts was estimated based on the discounted value of future cash flows using a discount rate approximating current market rates for similar liabilities.

Accounts payable and accrued liabilities

The carrying amount for accounts payable and accrued liabilities is a reasonable estimate of fair value due to the short-term maturity of these liabilities. The Company did not include the carrying amounts and fair values of pension costs and other retirement plans as the guidance excludes them from disclosure.

Due to CoreLogic, net

The carrying amount for due to CoreLogic, net is a reasonable estimate of fair value due to the short-term maturity of this liability.

Notes and contracts payable

The fair values of notes and contracts payable were estimated based on the current rates offered to the Company for debt of the same remaining maturities.

The carrying amounts and fair values of the Company's financial instruments as of March 31, 2012 and December 31, 2011 are presented in the following table:

	March 31, 2012				December 31, 2011
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:
Cash and cash equivalents	$	672,529	$	672,529	$	418,299	$	418,299
Accounts and accrued income receivable, net	$	236,763	$	236,763	$	227,847	$	227,847
Loans receivable, net	$	130,431	$	137,210	$	139,191	$	144,868
Investments:
Deposits with savings and loan associations and banks	$	66,230	$	66,230	$	56,201	$	56,201
Debt securities	$	2,186,123	$	2,186,123	$	2,201,911	$	2,201,911
Equity securities	$	217,828	$	217,828	$	184,000	$	184,000
Notes receivable, net	$	15,292	$	14,280	$	15,581	$	14,534
Financial Liabilities:
Deposits	$	1,386,659	$	1,387,185	$	1,093,236	$	1,093,771
Accounts payable and accrued liabilities	$	259,855	$	259,855	$	303,478	$	303,478
Due to CoreLogic, net	$	41,832	$	41,832	$	35,951	$	35,951
Notes and contracts payable	$	276,684	$	281,841	$	299,975	$	304,806

The following table presents the fair value of the Company's financial instruments as of March 31, 2012 and December 31, 2011, classified using the three-level hierarchy for fair value measurements:

(in thousands)	Fair Value as of March 31, 2012		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	672,529	$	672,529	$	—	$	—
Accounts and accrued income receivable, net	$	236,763	$	236,763	$	—	$	—
Loans receivable, net	$	137,210	$	—	$	—	$	137,210
Investments:
Deposits with savings and loan associations and banks	$	66,230	$	66,230	$	—	$	—
Debt securities	$	2,186,123	$	—	$	2,155,186	$	30,937
Equity securities	$	217,828	$	217,828	$	—	$	—
Notes receivable, net	$	14,280	$	—	$	—	$	14,280
Financial Liabilities:
Deposits	$	1,387,185	$	1,345,147	$	42,038	$	—
Accounts payable and accrued liabilities	$	259,855	$	259,855	$	—	$	—
Due to CoreLogic, net	$	41,832	$	41,832	$	—	$	—
Notes and contracts payable	$	281,841	$	—	$	268,906	$	12,935

(in thousands)	Fair Value as of December 31, 2011		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	418,299	$	418,299	$	—	$	—
Accounts and accrued income receivable, net	$	227,847	$	227,847	$	—	$	—
Loans receivable, net	$	144,868	$	—	$	—	$	144,868
Investments:
Deposits with savings and loan associations and banks	$	56,201	$	56,201	$	—	$	—
Debt securities	$	2,201,911	$	—	$	2,171,277	$	30,634
Equity securities	$	184,000	$	184,000	$	—	$	—
Notes receivable, net	$	14,534	$	—	$	—	$	14,534
Financial Liabilities:
Deposits	$	1,093,771	$	1,049,464	$	44,307	$	—
Accounts payable and accrued liabilities	$	303,478	$	303,478	$	—	$	—
Due to CoreLogic, net	$	35,951	$	35,951	$	—	$	—
Notes and contracts payable	$	304,806	$	—	$	291,178	$	13,628