Title Operation Performance
Our title business began 2018 with strong momentum, as we generated first quarter adjusted pre-tax title earnings of $186 million. This represented an $11 million growth over the first quarter of 2017. Adjusted pre-tax title margin for the first quarter of 2018 was 11.7%, which was a 60 basis point increase over the same quarter of 2017.
Solid First Quarter Energizes 2018
Moving into the second quarter of 2018, we remain focused on executing our business plans and striving to remain the most profitable title insurance company in the nation.
Residential Real Estate Overview
Fidelity National Title Group purchase opened and closed orders increased by 4% and decreased by .5%, respectively, in the first quarter versus the same quarter of 2017. In addition, the mix of business during the first quarter continued to trend more towards purchase transactions, with purchase business accounting for 66% of opened orders and 62% of closed orders.
Commercial Real Estate Overview
Our commercial operations were strong out of the gate with first quarter total commercial revenue of $230 million, a 3% increase over the first quarter of 2017. This was driven by a 5% increase in closed commercial orders, offset somewhat by a 3% decline in total commercial fee per file. A 7% increase in opened commercial orders bodes well for commercial business over the next several quarters.
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.