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:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2018		2017		2018		2017

Service revenue	$	208,861	$	238,107	$	397,627	$	467,946
Reimbursable expenses	9,008		11,891		17,155		21,920
Non-controlling interests	687		687		1,212		1,302

Total	$	218,556	$	250,685	$	415,994	$	491,168

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:



	Three months ended June 30, 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	$	139,084	$	18,525	$	8,460	$	166,069
Origination Solutions	10,243		2,292		58		12,593
Total Mortgage Market	149,327		20,817		8,518		178,662

Real Estate Market:
Consumer Real Estate Solutions	2,312		—		—		2,312
Real Estate Investor Solutions	21,352		—		481		21,833
Total Real Estate Market	23,664		—		481		24,145

Other Businesses, Corporate and Eliminations	14,215		1,525		9		15,749
Total revenue	$	187,206	$	22,342	$	9,008	$	218,556



	Six months ended June 30, 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	$	268,620	$	36,798	$	16,062	$	321,480
Origination Solutions	19,428		4,978		114		24,520
Total Mortgage Market	288,048		41,776		16,176		346,000

Real Estate Market:
Consumer Real Estate Solutions	3,717		—		2		3,719
Real Estate Investor Solutions	34,750		—		956		35,706
Total Real Estate Market	38,467		—		958		39,425

Other Businesses, Corporate and Eliminations	27,647		2,901		21		30,569
Total revenue	$	354,162	$	44,677	$	17,155	$	415,994

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 $5.4 million and $11.3 million for the three and six months ended June 30, 2018, respectively.