Investments in Affiliates

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliates

Investment in Affiliates, Net

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 the investment. We recorded equity in earnings of affiliates, net of tax of $3.8 million and $2.4 million for the three months ended March 31, 2015 and 2014, respectively. For the three months ended March 31, 2015 and 2014 we recorded $4.3 million and $4.0 million, respectively, of operating revenues and $3.4 million and $3.0 million, respectively, of operating expenses related to our investment in affiliates.

One of our subsidiaries owns a 50.1% interest in RELS LLC ("RELS"), a provider of appraisals and appraisal management services used in connection with mortgage loan originations. This investment in affiliate contributed 81.3% and 84.7% of our total equity in earnings of affiliates, net of tax, for the three months ended March 31, 2015 and 2014, respectively. The following summarized financial information for this investment (assuming 100% ownership interest), is as follows:

	For the Three Months Ended
	March 31,
(in thousands)	2015		2014
Statements of income
Total revenues	$	58,446	$	47,523
Expenses and other	48,262		40,808
Net income attributable to RELS LLC	$	10,184	$	6,715
CoreLogic equity in earnings of affiliate, pre-tax	$	5,102	$	3,364

See Note 9 - Fair Value of Financial Instruments for further discussion on investment in affiliates, net, measured at fair value on a nonrecurring basis.