Investments in Affiliates

3 Months Ended

Mar. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliates [Text Block]

Investment in Affiliates

Investments in affiliates are accounted for under the equity method of accounting as we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. Investments are carried at the cost of acquisition, including subsequent capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of investment. We recorded equity in earnings of affiliates net of tax of $9.5 million and $6.3 million for the three months ended March 31, 2012 and 2011, respectively. Income tax expense of $6.0 million and $4.2 million was recorded on these earnings for the three months ended March 31, 2012 and 2011, respectively.

One of our subsidiaries owns a 50.1% interest in a joint venture that provides products and services used in connection with loan originations. This investment in affiliate contributed 80.7% and 81.1% of our total equity in earnings of affiliates, net of tax, for the three months ended March 31, 2012 and 2011, respectively. Based on the terms and conditions of the joint venture agreement, we have significant influence but do not have control of, nor a majority voting interest in, the joint venture. Accordingly, this investment is accounted for under the equity method. Summarized financial information for this investment (assuming a 100% ownership interest) is as follows: 

	For the Three Months Ended
	March 31,
(in thousands)	2012		2011
Statement of operations
Net revenues	$	123,329	$	84,694
Expenses	97,720		67,467
Income before income taxes	$	25,609	$	17,227
Net income	$	25,468	$	17,078
CoreLogic equity in earnings of affiliate, pre-tax	$	12,734	$	8,556