Investments in Affiliates

6 Months Ended

Jun. 30, 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 $4.7 million and $3.9 million for the three months ended June 30, 2015 and 2014, respectively, and $8.4 million and $6.3 million for the six months ended June 30, 2015 and 2014, respectively. For the three months ended June 30, 2015 and 2014, we recorded $5.2 million and $4.9 million, respectively, of operating revenues and $3.1 million and $3.2 million, respectively, of operating expenses related to our investment in affiliates. In addition, for the six months ended June 30, 2015 and 2014, we recorded $9.4 million and $8.9 million, respectively, of operating revenues and $6.5 million and $6.2 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 contributed 85.9% and 83.5% of our total equity in earnings of affiliates, net of tax, for the three months ended June 30, 2015 and 2014, respectively, and 84.9% for each of the six months ended June 30, 2015 and 2014. The following summarizes the financial information for this investment (assuming 100% ownership interest):

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
(in thousands)	2015		2014		2015		2014
Statements of income
Total revenues	$	69,759	$	60,978	$	128,205	$	108,501
Expenses and other	56,806		50,526		105,068		91,334
Net income attributable to RELS LLC	$	12,953	$	10,452	$	23,137	$	17,167
CoreLogic equity in earnings of affiliate, pre-tax	$	6,489	$	5,236	$	11,592	$	8,601

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