REVENUE

Revenue includes service revenue, reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services and sales of short-term investments in real estate. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. Lenders One is included in revenue and reduced from net income to arrive at net income attributable to Altisource (see Note 1). The components of revenue were as follows for the three months ended March 31:



(in thousands)	2018		2017

Service revenue	$	188,766	$	229,839
Reimbursable expenses	8,147		10,029
Non-controlling interests	525		615

Total	$	197,438	$	240,483

As discussed in Note 1, the Company adopted Topic 606 effective January 1, 2018 using the cumulative effect method.

Disaggregation of Revenue

Disaggregation of total revenues by segment and major source is as follows for the three months ended March 31, 2018:



(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Mortgage Market
Servicer Solutions	$	129,536	$	18,273	$	7,602	$	155,411
Origination Solutions	9,185		2,686		56		11,927
Total Mortgage Market	138,721		20,959		7,658		167,338

Real Estate Market
Consumer Real Estate Solutions	1,405		—		2		1,407
Real Estate Investor Solutions	13,398		—		475		13,873
Total Real Estate Market	14,803		—		477		15,280

Other Businesses, Corporate and Eliminations	13,432		1,376		12		14,820
Total revenue	$	166,956	$	22,335	$	8,147	$	197,438

Contract Balances

Our contract assets consist of unbilled accounts receivable (see Note 4). Our contract liabilities consist of current deferred revenue as reported on the condensed consolidated balance sheets and non-current deferred revenue (see Note 11). Revenue recognized that was included in the contract liability at the beginning of the period, including amounts added to the contract liability as part of the cumulative effect of the adopting Topic 606, was $5.9 million for the three months ended March 31, 2018.