—Reports Fourth Quarter Earnings of $1.97
per Share or $1.80 per Share Excluding Net Realized
Investment Gains— —Agrees to Acquire Docutech—
First American Financial Corporation (NYSE: FAF), a leading
global provider of title insurance, settlement services and risk
solutions for real estate transactions, today announced financial
results for the fourth quarter and year ended Dec. 31, 2019.
Current Quarter Highlights
- Total revenue of $1.7 billion, up 22 percent compared with last
year
- Closed title orders up 27 percent, driven by a 131 percent
increase in refinance orders
- Average revenue per order down 8 percent, driven by the shift
to refinance transactions
- Net realized gains of $23.8 million, primarily due to the
change in the fair value of equity securities
- Title Insurance and Services segment pretax margin of 17.8
percent
- 16.8 percent excluding net realized investment gains
- Commercial revenues of $238.9 million, up 3 percent compared
with last year
- Title Insurance and Services segment investment income of $69.8
million, up 1 percent vs. 2018
- Specialty Insurance segment pretax margin of 16.7 percent
- 14.7 percent excluding net realized investment gains
- Debt-to-capital ratio of 18.5 percent
Full Year 2019 Highlights
- Total revenue of $6.2 billion, up 8 percent compared with last
year
- Record Title Insurance and Services segment pretax margin of
16.1 percent
- 15.2 percent excluding net realized investment gains
- Record commercial revenues of $767.0 million, up 2 percent
compared with last year
- Title Insurance and Services segment investment income of
$282.9 million, up 27 percent vs. 2018
- Specialty Insurance segment pretax margin of 13.2 percent,
highest since 2014
- 11.3 percent excluding net realized investment gains
- Cash flow from operations of $913.1 million, up 15 percent
compared with last year
- Return on equity of 17.3 percent
- In January 2020, raised common stock dividend by 5 percent to
an annual rate of $1.76 per share
- Named to the Fortune 100 Best Companies to Work For® list for
the fourth consecutive year
Docutech Acquisition
Today, the company announced the signing of an agreement to
acquire Docutech, a leading provider of document, eClose and
fulfillment technology for the mortgage industry. The acquisition
advances First American’s ability to provide lender customers with
end-to-end digital mortgage and settlement services. Docutech’s
technology platform, which is fully integrated with leading
third-party and proprietary loan origination systems and reaches
more than 175 lenders, deepens the company’s relationships with
these industry players. The $350 million all-cash transaction is
expected to close by the end of March and be accretive to earnings
in 2020.
Selected Financial Information
($ in millions, except per share data)
Three Months Ended
Full Year Ended
December 31,
December 31,
2019
2018
2019
2018
Total revenue
$
1,728.7
$
1,417.1
$
6,202.1
$
5,747.8
Income before taxes
288.5
118.9
905.0
609.5
Net income
$
224.0
$
91.6
$
707.4
$
474.5
Net income per diluted share
1.97
0.81
6.22
4.19
Total revenue for the fourth quarter of 2019 was $1.7 billion,
an increase of 22 percent relative to the fourth quarter of 2018.
Net income in the current quarter was $224.0 million, or $1.97 per
diluted share, compared with net income of $91.6 million, or 81
cents per diluted share, in the fourth quarter of 2018. Net
realized investment gains in the current quarter were $23.8
million, or 16 cents per diluted share, compared with net realized
investment losses of $67.5 million, or 47 cents per diluted share,
in the fourth quarter of last year. These net realized investment
gains and losses were primarily due to the change in the fair value
of equity securities.
Total revenue for the full year of 2019 was $6.2 billion, up 8
percent compared with the prior year. Net income was $707.4
million, or $6.22 per diluted share, compared with net income of
$474.5 million, or $4.19 per diluted share, in 2018. Net realized
investment gains in 2019 were $66.4 million, or $0.46 per diluted
share, compared with net realized investment losses of $56.5
million, or $0.39 per diluted share, in 2018. These net realized
investment gains and losses were primarily due to the change in the
fair value of equity securities.
“Our strong fourth-quarter results closed out another year of
record financial performance,” said Dennis J. Gilmore, chief
executive officer at First American Financial Corporation.
“Favorable market conditions combined with our continued focus on
operational efficiency enabled our title segment to deliver a
record annual pretax margin of 16.1 percent. Our specialty
insurance segment achieved a pretax margin of 13.2 percent, its
highest since 2014.
“The acquisition of Docutech reflects our steadfast commitment
to invest in and grow our core business. Moreover, it demonstrates
our dedication to improving the home-buying experience for
consumers and driving the digital transformation of the real estate
settlement process. We’re excited to soon welcome to First American
the people of Docutech, a highly respected leader in the document
technology solutions industry. Together, we will accelerate the
evolution of real estate closings.
“Looking forward to 2020, we are optimistic about market
conditions and expect to continue to deliver strong financial
results. Given our continued confidence in the prospects for our
business and our commitment to maximize long-term shareholder
value, we raised the dividend by 5 percent in January.”
Title Insurance and Services
($ in millions, except average revenue per
order)
Three Months Ended
December 31,
2019
2018
Total revenues
$
1,591.2
$
1,314.4
Income before taxes
$
283.8
$
136.4
Pretax margin
17.8
%
10.4
%
Title open orders(1)
251,700
202,400
Title closed orders(1)
224,200
176,500
U.S. Commercial
Total revenues
$
238.9
$
232.2
Open orders
32,900
29,700
Closed orders
20,900
20,800
Average revenue per order
$
11,400
$
11,200
(1) U.S. direct title insurance orders
only.
Total revenues for the Title Insurance and Services segment
during the fourth quarter were $1.6 billion, up 21 percent compared
with the same quarter of 2018. Direct premiums and escrow fees were
up 17 percent compared with the fourth quarter of 2018, driven by a
27 percent increase in the number of direct title orders closed
that was partially offset by an 8 percent decline in the average
revenue per direct title order closed. The average revenue per
direct title order declined to $2,603 due to the shift in the order
mix to lower-premium residential refinance transactions, despite
higher average revenue per order for residential purchase,
residential refinance and commercial transactions. Agent premiums,
which are recorded on approximately a one-quarter lag relative to
direct premiums, were up 15 percent in the current quarter as
compared with last year.
Information and other revenues were $203.0 million this quarter,
up 11 percent compared with the same quarter of last year. The
increase was primarily due to growth in real estate transaction
activity that led to higher demand for the company’s title
information products.
Investment income was $69.8 million in the fourth quarter, up
$0.5 million, or 1 percent. Higher average balances, primarily due
to strength in the tax-deferred property exchange and warehouse
lending businesses, were largely offset by the impact of the
decline in short-term interest rates on the company’s investment
portfolio and cash balances. Net realized investment gains totaled
$20.6 million in the current quarter, compared with losses of $58.0
million in the fourth quarter of 2018.
Personnel costs were $450.2 million in the fourth quarter, an
increase of $24.5 million, or 6 percent, compared with the same
quarter of 2018. This increase was primarily driven by higher
incentive compensation, overtime and temporary employee
expense.
Other operating expenses were $224.0 million in the fourth
quarter, up $24.8 million, or 12 percent, compared with the fourth
quarter of 2018. The increase was due to higher production-related
costs as a result of the increase in order volume, and higher
software and professional services expense.
The provision for policy losses and other claims was $51.9
million in the fourth quarter, or 4.0 percent of title premiums and
escrow fees, consistent with a 4.0 percent loss provision rate in
the fourth quarter of 2018. The current quarter rate reflects an
ultimate loss rate of 4.0 percent for the current policy year and
no change in the loss reserve estimates for prior policy years.
Depreciation and amortization expense was $29.6 million in the
fourth quarter, a decline of $2.0 million, or 6 percent, compared
with the same period last year. The decrease was primarily
attributable to lower software license amortization.
Pretax income for the Title Insurance and Services segment was
$283.8 million in the fourth quarter, compared with $136.4 million
in the fourth quarter of 2018. Pretax margin was 17.8 percent in
the current quarter, compared with 10.4 percent last year.
Excluding the impact of net realized investment gains and losses,
the pretax margin was 16.8 percent this year, compared with 14.2
percent last year.
Specialty Insurance
($ in millions)
Three Months Ended
December 31,
2019
2018
Total revenues
$
131.6
$
111.6
Income before taxes
$
22.0
$
0.8
Pretax margin
16.7
%
0.7
%
Total revenues for the Specialty Insurance segment were $131.6
million in the fourth quarter of 2019, an increase of 18 percent
compared with the fourth quarter of 2018. Excluding the impact of
net realized investment gains and losses, total revenues this
quarter were up 6 percent. Both the home warranty and property and
casualty business lines grew revenues this quarter and benefited
from lower claim losses, primarily due to reduced claim severity.
The property and casualty business also experienced lower
wildfire-related claim losses this year. As a result, the overall
loss ratio for the segment declined significantly to 51.2 percent
this quarter, compared with 61.9 percent in the prior year. The
segment’s pretax margin in the current quarter was 16.7 percent,
compared with 0.7 percent in the fourth quarter of last year.
Excluding net realized investment gains and losses, the current
quarter’s pretax margin was 14.7 percent, compared with 8.5 percent
last year.
Teleconference/Webcast
First American’s fourth-quarter and year-end 2019 results will
be discussed in more detail on Thursday, Feb. 13, 2020, at 11 a.m.
EST, via teleconference. The toll-free dial-in number is
877-407-8293. Callers from outside the United States may dial
+1-201-689-8349.
The live audio webcast of the call will be available on First
American’s website at www.firstam.com/investor. An audio replay of
the conference call will be available through Feb. 27, 2020, by
dialing 201-612-7415 and using the conference ID 13698002. An audio
archive of the call will also be available on First American’s
investor website.
About First American
First American Financial Corporation (NYSE: FAF) is a
leading provider of title insurance, settlement services and risk
solutions for real estate transactions that traces its heritage
back to 1889. First American also provides title plant management
services; title and other real property records and images;
valuation products and services; home warranty products; property
and casualty insurance; banking, trust and wealth management
services; and other related products and services. With total
revenue of $6.2 billion in 2019, the company offers its products
and services directly and through its agents throughout the United
States and abroad. In 2019, First American was named to the Fortune
100 Best Companies to Work For® list for the fourth consecutive
year. More information about the company can be found at
www.firstam.com.
Website Disclosure
First American posts information of interest to investors at
www.firstam.com/investor. This includes opened and closed title
insurance order counts for its U.S. direct title insurance
operations, which are posted approximately 10 to 12 days after the
end of each month.
Forward-Looking Statements
Certain statements made in this press release
and the related management commentary contain, and responses to
investor questions may contain, forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts and may contain the words “believe,” “anticipate,” “expect,”
“intend,” “plan,” “predict,” “estimate,” “project,” “will be,”
“will continue,” “will likely result,” or other similar words and
phrases or future or conditional verbs such as “will,” “may,”
“might,” “should,” “would,” or “could.” These forward-looking
statements include, without limitation, statements regarding future
operations, performance, financial condition, prospects, plans and
strategies. These forward-looking statements are based on current
expectations and assumptions that may prove to be incorrect. Risks
and uncertainties exist that may cause results to differ materially
from those set forth in these forward-looking statements. Factors
that could cause the anticipated results to differ from those
described in the forward-looking statements include, without
limitation: interest rate fluctuations; changes in the performance
of the real estate markets; uncertainty from the expected
discontinuance of LIBOR and transition to any other interest rate
benchmark; volatility in the capital markets; unfavorable economic
conditions; failures at financial institutions where the company
deposits funds; regulatory oversight and changes in applicable laws
and government regulations, including data privacy laws; heightened
scrutiny by legislators and regulators of the company’s title
insurance and services segment and certain other of the company’s
businesses; use of social media by the company and other parties;
regulation of title insurance rates; limitations on access to
public records and other data; changes in relationships with large
mortgage lenders and government-sponsored enterprises; changes in
measures of the strength of the company’s title insurance
underwriters, including ratings and statutory capital and surplus;
losses in the company’s investment portfolio; material variance
between actual and expected claims experience; defalcations,
increased claims or other costs and expenses attributable to the
company’s use of title agents; any inadequacy in the company’s risk
management framework; systems damage, failures, interruptions and
intrusions or unauthorized data disclosures; innovation efforts of
the company and other industry participants and any related market
disruption; technological and other developments that change the
way real estate transactions are conducted and related documents
are processed; errors and fraud involving the transfer of funds;
the company’s use of a global workforce; inability of the company’s
subsidiaries to pay dividends or repay funds; and other factors
described in the company’s quarterly report on Form 10-Q for the
quarter ended September 30, 2019, as filed with the Securities and
Exchange Commission. The forward-looking statements speak only as
of the date they are made. The company does not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made.
Use of Non-GAAP Financial Measures
This news release and related management
commentary contain certain financial measures that are not
presented in accordance with generally accepted accounting
principles (GAAP), including personnel and other operating expense
ratios, success ratios, net operating revenues; and adjusted
revenues, adjusted pretax income, adjusted earnings per share, and
adjusted pretax margins for the company, its title insurance and
services segment and its specialty insurance segment. The company
is presenting these non-GAAP financial measures because they
provide the company’s management and investors with additional
insight into the operational efficiency and performance of the
company relative to earlier periods and relative to the company’s
competitors. The company does not intend for these non-GAAP
financial measures to be a substitute for any GAAP financial
information. In this news release, these non-GAAP financial
measures have been presented with, and reconciled to, the most
directly comparable GAAP financial measures. Investors should use
these non-GAAP financial measures only in conjunction with the
comparable GAAP financial measures.
First American Financial
Corporation
Summary of Consolidated
Financial Results and Selected Information
(in thousands, except per
share amounts and title orders, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2019
2018
2019
2018
Total revenues
$
1,728,664
$
1,417,113
$
6,202,061
$
5,747,844
Income before income taxes
$
288,513
$
118,918
$
905,018
$
609,538
Income tax expense
63,907
25,744
195,170
133,640
Net income
224,606
93,174
709,848
475,898
Less: Net income attributable to
noncontrolling interests
608
1,525
2,438
1,402
Net income attributable to the Company
$
223,998
$
91,649
$
707,410
$
474,496
Net income per share attributable to
stockholders:
Basic
$
1.98
$
0.81
$
6.26
$
4.21
Diluted
$
1.97
$
0.81
$
6.22
$
4.19
Cash dividends declared per share
$
0.42
$
0.42
$
1.68
$
1.60
Weighted average common shares
outstanding:
Basic
113,301
112,768
113,080
112,613
Diluted
113,984
113,387
113,655
113,279
Selected Title
Insurance Segment Information
Title orders opened(1)
251,700
202,400
1,093,000
981,800
Title orders closed(1)
224,200
176,500
795,800
730,800
Paid title claims
$
42,469
$
43,342
$
162,207
$
165,771
(1) U.S. direct title insurance orders
only.
First American Financial
Corporation
Selected Consolidated Balance
Sheet Information
(in thousands,
unaudited)
December 31,
December 31,
2019
2018
Cash and cash equivalents
$
1,485,959
$
1,467,129
Investments
6,589,443
6,225,520
Goodwill and other intangible assets,
net
1,242,741
1,253,538
Total assets
11,519,167
10,630,635
Reserve for claim losses
1,063,044
1,042,679
Notes and contracts payable
728,232
732,019
Total stockholders’ equity
$
4,420,484
$
3,741,881
First American Financial
Corporation
Segment Information
(in thousands,
unaudited)
Three Months Ended
Title
Specialty
Corporate
December 31, 2019
Consolidated
Insurance
Insurance
(incl. Elims.)
Revenues
Direct premiums and escrow fees
$
748,443
$
626,130
$
122,313
$
—
Agent premiums
671,602
671,602
—
—
Information and other
205,973
202,972
3,253
(252
)
Net investment income
78,806
69,843
2,753
6,210
Net realized investment gains
23,840
20,608
3,232
—
1,728,664
1,591,155
131,551
5,958
Expenses
Personnel costs
476,683
450,153
19,874
6,656
Premiums retained by agents
529,749
529,749
—
—
Other operating expenses
256,251
224,024
23,421
8,806
Provision for policy losses and other
claims
114,515
51,912
62,603
—
Depreciation and amortization
31,484
29,600
1,846
38
Premium taxes
19,725
17,950
1,775
—
Interest
11,744
3,951
—
7,793
1,440,151
1,307,339
109,519
23,293
Income (loss) before income taxes
$
288,513
$
283,816
$
22,032
$
(17,335
)
Three Months Ended
Title
Specialty
Corporate
December 31, 2018
Consolidated
Insurance
Insurance
(incl. Elims.)
Revenues
Direct premiums and escrow fees
$
652,834
$
537,414
$
115,420
$
—
Agent premiums
583,075
583,075
—
—
Information and other
185,377
182,646
2,995
(264
)
Net investment income
63,289
69,307
2,629
(8,647
)
Net realized investment losses
(67,462
)
(58,011
)
(9,451
)
—
1,417,113
1,314,431
111,593
(8,911
)
Expenses
Personnel costs
436,494
425,605
18,122
(7,233
)
Premiums retained by agents
458,028
458,028
—
—
Other operating expenses
225,123
199,200
17,841
8,082
Provision for policy losses and other
claims
116,238
44,820
71,418
—
Depreciation and amortization
33,393
31,615
1,740
38
Premium taxes
17,938
16,245
1,693
—
Interest
10,981
2,481
—
8,500
1,298,195
1,177,994
110,814
9,387
Income (loss) before income taxes
$
118,918
$
136,437
$
779
$
(18,298
)
First American Financial
Corporation
Segment Information
(in thousands,
unaudited)
Year Ended
Title
Specialty
Corporate
December 31, 2019
Consolidated
Insurance
Insurance
(incl. Elims.)
Revenues
Direct premiums and escrow fees
$
2,659,273
$
2,188,056
$
471,217
$
—
Agent premiums
2,373,140
2,373,140
—
—
Information and other
787,831
776,124
12,742
(1,035
)
Net investment income
315,413
282,910
11,249
21,254
Net realized investment gains
66,404
55,722
10,682
—
6,202,061
5,675,952
505,890
20,219
Expenses
Personnel costs
1,806,005
1,701,742
80,120
24,143
Premiums retained by agents
1,874,266
1,874,266
—
—
Other operating expenses
923,298
805,480
80,705
37,113
Provision for policy losses and other
claims
446,040
182,450
263,590
—
Depreciation and amortization
129,021
121,643
7,225
153
Premium taxes
70,612
62,938
7,674
—
Interest
47,801
15,220
—
32,581
5,297,043
4,763,739
439,314
93,990
Income (loss) before income taxes
$
905,018
$
912,213
$
66,576
$
(73,771
)
Year Ended
Title
Specialty
Corporate
December 31, 2018
Consolidated
Insurance
Insurance
(incl. Elims.)
Revenues
Direct premiums and escrow fees
$
2,507,669
$
2,052,951
$
454,718
$
—
Agent premiums
2,284,906
2,284,906
—
—
Information and other
781,467
770,725
11,802
(1,060
)
Net investment income
230,289
223,318
10,190
(3,219
)
Net realized investment losses
(56,487
)
(49,119
)
(7,368
)
—
5,747,844
5,282,781
469,342
(4,279
)
Expenses
Personnel costs
1,748,949
1,671,846
75,355
1,748
Premiums retained by agents
1,799,836
1,799,836
—
—
Other operating expenses
900,208
793,364
74,025
32,819
Provision for policy losses and other
claims
452,633
173,520
279,113
—
Depreciation and amortization
125,927
119,053
6,721
153
Premium taxes
69,775
62,646
7,129
—
Interest
40,978
7,513
—
33,465
5,138,306
4,627,778
442,343
68,185
Income (loss) before income taxes
$
609,538
$
655,003
$
26,999
$
(72,464
)
First American Financial
Corporation
Reconciliation of Pretax
Margins and Earnings per Diluted Share
Excluding Net Realized
Investment Gains and Losses ("NRIG(L)")
(in thousands, except margin
and per share amounts, unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2019
2018
2019
2018
Consolidated
Total revenues
$
1,728,664
$
1,417,113
$
6,202,061
$
5,747,844
Less: NRIG(L)
23,840
(67,462
)
66,404
(56,487
)
Total revenues excluding NRIG(L)
$
1,704,824
$
1,484,575
$
6,135,657
$
5,804,331
Pretax income
$
288,513
$
118,918
$
905,018
$
609,538
Less: NRIG(L)
23,840
(67,462
)
66,404
(56,487
)
Pretax income excluding NRIG(L)
$
264,673
$
186,380
$
838,614
$
666,025
Pretax margin
16.7
%
8.4
%
14.6
%
10.6
%
Less: Pretax margin impact of NRIG(L)
1.2
%
(4.2
)%
0.9
%
(0.9
)%
Pretax margin excluding NRIG(L)
15.5
%
12.6
%
13.7
%
11.5
%
Earnings per diluted share (EPS)
$
1.97
$
0.81
$
6.22
$
4.19
Less: EPS impact of NRIG(L)
0.16
(0.47
)
0.46
(0.39
)
EPS excluding NRIG(L)
$
1.80
$
1.28
$
5.76
$
4.58
Title Insurance and Services
Segment
Total revenues
$
1,591,155
$
1,314,431
$
5,675,952
$
5,282,781
Less: NRIG(L)
20,608
(58,011
)
55,722
(49,119
)
Total revenues excluding NRIG(L)
$
1,570,547
$
1,372,442
$
5,620,230
$
5,331,900
Pretax income
$
283,816
$
136,437
$
912,213
$
655,003
Less: NRIG(L)
20,608
(58,011
)
55,722
(49,119
)
Pretax income excluding NRIG(L)
$
263,208
$
194,448
$
856,491
$
704,122
Pretax margin
17.8
%
10.4
%
16.1
%
12.4
%
Less: Pretax margin impact of NRIG(L)
1.0
%
(3.8
)%
0.9
%
(0.8
)%
Pretax margin excluding NRIG(L)
16.8
%
14.2
%
15.2
%
13.2
%
Specialty Insurance Segment
Total revenues
$
131,551
$
111,593
$
505,890
$
469,342
Less: NRIG(L)
3,232
(9,451
)
10,682
(7,368
)
Total revenues excluding NRIG(L)
$
128,319
$
121,044
$
495,208
$
476,710
Pretax income
$
22,032
$
779
$
66,576
$
26,999
Less: NRIG(L)
3,232
(9,451
)
10,682
(7,368
)
Pretax income excluding NRIG(L)
$
18,800
$
10,230
$
55,894
$
34,367
Pretax margin
16.7
%
0.7
%
13.2
%
5.8
%
Less: Pretax margin impact of NRIG(L)
2.0
%
(7.8
)%
1.9
%
(1.4
)%
Pretax margin excluding NRIG(L)
14.7
%
8.5
%
11.3
%
7.2
%
Note: Beginning in the first quarter of 2018, the company
adopted new accounting guidance, which requires investments in
equity securities to be measured at fair value, with changes in
fair value recognized in net income, through net realized
investment gains or losses, rather than through the balance sheet
as previously required. Totals may not sum due to rounding.
First American Financial
Corporation
Expense and Success Ratio
Reconciliation
Title Insurance and Services
Segment
($ in thousands,
unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2019
2018
2019
2018
Total revenues
$
1,591,155
$
1,314,431
$
5,675,952
$
5,282,781
Less: Net realized investment gains
(losses)
20,608
(58,011
)
55,722
(49,119
)
Net investment income
69,843
69,307
282,910
223,318
Premiums retained by agents
529,749
458,028
1,874,266
1,799,836
Net operating revenues
$
970,955
$
845,107
$
3,463,054
$
3,308,746
Personnel and other operating expenses
$
674,177
$
624,805
$
2,507,222
$
2,465,210
Ratio (% net operating revenues)
69.4
%
73.9
%
72.4
%
74.5
%
Ratio (% total revenues)
42.4
%
47.5
%
44.2
%
46.7
%
Change in net operating revenues
$
125,848
$
154,308
Change in personnel and other operating
expenses
49,372
42,012
Success Ratio(1)
39
%
27
%
(1) Change in personnel and other
operating expenses divided by change in net operating revenues.
First American Financial
Corporation
Supplemental Direct Title
Insurance Order Information(1)
(unaudited)
Q419
Q319
Q219
Q119
Q418
Open Orders per Day
Purchase
1,622
2,108
2,251
1,907
1,611
Refinance
1,487
1,922
1,408
1,001
763
Refinance as % of residential orders
48
%
48
%
38
%
34
%
32
%
Commercial
522
523
515
491
471
Default and other
364
405
454
335
368
Total open orders per day
3,995
4,958
4,628
3,734
3,213
Closed Orders per Day
Purchase
1,469
1,639
1,626
1,205
1,413
Refinance
1,391
1,256
854
605
603
Refinance as % of residential orders
49
%
43
%
34
%
33
%
30
%
Commercial
332
289
301
271
330
Default and other
366
318
291
392
456
Total closed orders per day
3,559
3,502
3,072
2,474
2,802
Average Revenue per Order
(ARPO)
Purchase
$
2,541
$
2,528
$
2,560
$
2,430
$
2,446
Refinance
1,195
1,159
1,128
1,119
1,093
Commercial
11,425
10,791
9,356
8,960
11,153
Default and other
209
257
358
223
245
Total ARPO
$
2,603
$
2,513
$
2,620
$
2,475
$
2,824
Business Days
63
64
64
61
63
(1) U.S. operations only.
Totals may not sum due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200213005174/en/
Media Contact: Marcus
Ginnaty Corporate
Communications First
American Financial Corporation 714-250-3298
Investor Contact: Craig Barberio Investor Relations First
American Financial Corporation 714-250-5214
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