FNF Title Brands Remain Largest and Most Profitable in Industry

According to the 2012 edition of Demotech Performance of Title Insurance, released in December 2011, the title industry met with $18.9 million in losses in the third quarter, following two quarters of increasing operating results.

Collectively, the FNF title brands remain the largest and the most profit­able in the industry. As a company, we produced another strong quarter despite the continued difficult real estate market. This achievement can be attributed to our lo­cal employees’ ability to manage challenging market conditions and take advantage of opportunities as they arise. One such opportunity came with the meaningful decline in residential mortgage rates beginning in August.

This decline led to a significant increase in refinance order volumes. To­tal refinance open orders per day in August increased nearly 30% over July, and September totals remained nearly equal with August levels. As a result of the decline in mortgage rates, the quarter’s mix of business favored refinance transactions. Overall, during the quarter our direct op­erations opened 596,000 total orders and closed 378,800 orders.

Our commercial title business was strong again during the third quarter and generated over $99.1 million in revenue, which accounted for more than 26% of total direct title premiums in the quarter compared with 19% in the same quarter of 2010.

As always, we remain committed to managing our business with discipline, providing the best possible customer service, and remaining the financially strongest title insurance provider for our policyholders, clients, and partners.

Fidelity National Title Insurance Company is a member of the Fidelity National Financial family of companies (“FNF”); the leading provider of title insurance through its title insurance underwriters - Fidelity National Title Insurance Company, Chicago Title Insurance Company, Common­wealth Land Title Insurance Company and Alamo Title Insurance. FNF underwriters issue more title insurance policies than any other title com­pany in the United States.