FNF Core Title Operation Performance
The second quarter of 2017 carried the torch of strong performance lit by the first quarter, as we generated second quarter adjusted pre-tax title earnings of $310 million, the largest amount of quarterly adjusted pre- tax title earnings since 2003. Adjusted pre-tax title margin for the second quarter of 2017 was 16.2%.
Looking Forward to the Second Half of 2017
As we progress through the third and fourth quarters of 2017, we continue to strive to maximize earnings from our operations and remain the most profitable title insurance company in the country.
Residential Real Estate Overview
Fidelity National Title Group purchase opened and closed orders increased by 6% and 9%, respectively in the second quarter versus the second quarter of 2016. In addition, the mix of business during the first quarter continued to trend more towards purchase transactions, with purchase business accounting for 66% of open orders and 67% of closed orders.
Commercial Real Estate Overview
Our commercial operations experienced a strong second quarter. Total commercial revenue of $261 million was a 7% increase over the second quarter of 2016. Total commercial open orders increased by 2% in the second quarter of 2017 compared to the same quarter in 2016.
Ticor Title is a member of the Fidelity National Financial family of companies and the nation’s largest group of title companies and title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York – that collectively issue more title insurance policies than any other title Company in the United States.
To learn more, click on Ticor’s company fact sheet for Quarter 2, 2017, below: