FNF Reports Second Quarter 2021 Diluted EPS from Continuing Operations of $1.90 and Adjusted Diluted EPS from Continuing Operations of $2.06, Pre-Tax Title Margin of 21.5% and Adjusted Pre-Tax Title Margin of 22.7%

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JACKSONVILLE, Fla., Aug. 3, 2021 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the period ended June 30, 2021.

  • Total revenue of $3.9 billion in the second quarter versus $2.4 billion in the second quarter of 2020

  • Second quarter net earnings from continuing operations of $546 million and adjusted net earnings from continuing operations of $592 million versus net earnings from continuing operations of $304 million and adjusted net earnings of $301 million for the second quarter of 2020

  • Second quarter diluted EPS from continuing operations of $1.90 and adjusted diluted EPS from continuing operations of $2.06 versus diluted EPS from continuing operations of $1.09 and adjusted diluted EPS from continuing operations of $1.08 in the second quarter of 2020

  • Recognized gains were $232 million in the second quarter versus $162 million in the second quarter of 2020 primarily due to mark to market accounting treatment of equity and preferred stock securities whether the securities were disposed of in the quarter or continue to be held in our investment portfolio

Title

  • Total revenue of $3.0 billion versus $2.2 billion in total revenue in the second quarter of 2020

  • Total revenue, excluding recognized gains and losses, of $3.0 billion versus $2.1 billion in the second quarter of 2020, an increase of 47%

  • Pre-tax earnings of $644 million and adjusted pre-tax earnings of $688 million versus pre-tax earnings of $528 million and adjusted pre-tax earnings of $378 million in the second quarter of 2020

  • Pre-tax title margin of 21.5% and adjusted pre-tax title margin of 22.7% versus pre-tax title margin of 23.7% and adjusted pre-tax title margin of 18.4% in the second quarter of 2020

  • Second quarter refinance orders opened decreased 25% on a daily basis and refinance orders closed decreased 5% on a daily basis versus the second quarter of 2020; purchase orders opened increased 41% on a daily basis and purchase orders closed increased 57% on a daily basis versus the second quarter of 2020

  • Total commercial revenue of $347 million, an 89% increase versus total commercial revenue in the second quarter of 2020, driven by a 65% increase in closed orders; second quarter total commercial orders opened increased 58% compared to the prior year

  • Overall second quarter average fee per file of $2,444, a 29% increase versus the second quarter of 2020

Title Orders




Direct Orders Opened *



Direct Orders Closed *

Month


/ (% Purchase)


/ (% Purchase)

April 2021



236,000

52%



200,000

43%

May 2021



223,000

52%



176,000

48%

June 2021



236,000

54%



192,000

50%








Second Quarter 2021



695,000

53%



568,000

47%











Direct Orders Opened *



Direct Orders Closed *

Month


/ (% Purchase)



/ (% Purchase)

April 2020



210,000

31%



157,000

34%

May 2020



218,000

39%



150,000

33%

June 2020



265,000

42%



180,000

38%








Second Quarter 2020



693,000

37%



487,000

35%

* Includes an immaterial number of non-purchase and non-refinance orders

F&G

F&G, a leading provider of annuities and life insurance, reported operating results for the second quarter of 2021. As a result of acquisition accounting (purchase accounting or PGAAP), financial results for periods after June 1, 2020 are generally not comparable to the results of prior periods. Certain metrics, such as sales and policyholder account values, are not affected by PGAAP and are comparable to prior period data.

  • Total Retail Annuity Sales of $1.6 billion in the second quarter, an increase of 80% to the prior year, and an increase of 9% over the sequential quarter

  • Fixed Indexed Annuities (FIA) Sales of $1.1 billion in the second quarter, an increase of 31% to the prior year, and an increase of 8% over the sequential quarter

  • F&G entered the Institutional market with a $750 million funding agreement-backed note issuance on June 29, 2021, and has secured its first pension risk transfer transaction which represents pension obligations of approximately $65 million and is expected to close in August 2021

  • Average Assets Under Management (AAUM) of $30.4 billion for the second quarter, up from $29.0 billion in the sequential period driven by net new business asset flows

  • Net Investment Spread: FIA spread for the second quarter of 335 basis points; Total Spread, including all product lines, for the second quarter of 295 basis points

  • Net Earnings Attributable to Common Shareholders of $82 million for the second quarter, including a $6 million gain from discontinued operations and $16 million net favorable mark-to-market and other items which are excluded from Adjusted Net Earnings

  • Adjusted Net Earnings From Continuing Operations Attributable to Common Shareholders of $92 million for the second quarter, including $22 million of net favorable notable items

William P. Foley, II, Chairman, commented, "I am very pleased with our second quarter results as we continue to set records in our Title business and in F&G's sales results, further validating our decision to acquire the company just over one year ago. We are building a company that has a financial model designed to deliver earnings and cash flow through changing market environments. One year in, we can already see the early signs of our success and I would like to thank all of our employees for their hard work and dedication for without their efforts this would not be possible.

Looking at our Title results, we generated record adjusted pre-tax title earnings of $688 million and an adjusted pre-tax title margin of 22.7%, compared to adjusted pre-tax title earnings of $378 million and an adjusted pretax title margin of 18.4% in the 2020 comparable quarter. Our second quarter margins matched our record margins from the fourth quarter of 2020 and were driven, in part, by our investments in technology, operations and automation over the years as we have worked to improve our efficiency across all facets of our Title business as we strive to continuously improve our profitability. Total commercial revenues reached record levels of $347 million for the quarter, compared to $184 million in the second quarter of 2020, as total commercial orders closed increased 65%, as compared to the year ago quarter.

Turning to F&G, we continue to make great progress on our diversified growth strategy. During the second quarter we entered the Institutional market with a $750 million funding agreement-backed note issuance and, just last week, secured our first pension risk transfer deal. In addition, sustained momentum in the bank and broker dealer distribution channels, launched following the 2020 acquisition, have propelled retail sales to record levels in the quarter, while still maintaining attractive spreads. These new markets have advanced us as a well-diversified player in the retail and institutional spaces, all while leveraging our existing core capabilities."

Mr. Foley concluded, "Our capital allocation strategy remains a key focus of the Board. Our disciplined strategy is focused on returning capital to shareholders, while making necessary investments in our businesses to drive growth. We recently announced our third quarter dividend of $0.40 per share, an increase of 11% from our previous quarterly dividend, and have continued to make share repurchases throughout the second quarter, executing against our $500 million share repurchase plan. During the quarter we purchased 4 million shares at an average purchase price of $43.36 per share."

Conference Call

We will host a call with investors and analysts to discuss second quarter 2021 FNF results on Wednesday, August 4, 2021, beginning at 12:00 p.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at www.fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at www.fnf.com. The telephone replay will be available from 3:00 p.m. Eastern Time on August 4, 2021, through August 11, 2021, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13720504. An expanded quarterly financial supplement providing segment results is available on the FNF Investor Relations website.

About Fidelity National Financial, Inc.

Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its 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. More information about FNF can be found at www.fnf.com.

About F&G

F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of annuity and life insurance products and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, FNF has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings, adjusted earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), F&G adjusted earnings, F&G adjusted earnings attributable to common shareholders, F&G adjusted operating return on common shareholders' equity excluding AOCI, F&G net investment spread, F&G average assets under management and F&G sales.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.

Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: the ability of FNF to successfully integrate F&G's operations and employees; the potential impact of the consummation of the F&G transaction on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business, political and COVID-19 conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission ("SEC").

FNF-E

FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


F&G


Corporate and
Other

Three Months Ended





June 30, 2021





Direct title premiums


$

904



$

904



$



$


Agency title premiums


1,256



1,256






Escrow, title related and other fees


948



839



62



47


Total title and escrow


3,108



2,999



62



47











Interest and investment income


514



27



487




Recognized gains and losses, net


232



(30)



253



9


Total revenue


3,854



2,996



802



56











Personnel costs


890



826



32



32


Agent commissions


970



970






Other operating expenses


476



425



26



25


Benefits & other policy reserve changes


575





575




Depreciation and amortization


105



34



65



6


Claim loss expense


97



97






Interest expense


28





7



21


Total expenses


3,141



2,352



705



84











Pre-tax earnings (loss) from continuing operations


$

713



$

644



$

97



$

(28)











Income tax expense (benefit)


176



160



21



(5)


Earnings (loss) from equity investments


14



14






Earnings from discontinued operations, net of tax


6





6




Non-controlling interests


5



5















Net earnings (loss) attributable to common shareholders


$

552



$

493



$

82



$

(23)











EPS from continuing operations attributable to common
shareholders - basic


$

1.91








EPS from discontinued operations attributable to common
shareholders - basic


0.02








EPS attributable to common shareholders - basic


$

1.93

















EPS from continuing operations attributable to common
shareholders - diluted


$

1.90








EPS from discontinued operations attributable to common
shareholders - diluted


0.02








EPS attributable to common shareholders - diluted


$

1.92

















Weighted average shares - basic


286








Weighted average shares - diluted


288








FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


F&G


Corporate and
Other

Three Months Ended





June 30, 2021





Net earnings (loss) attributable to common shareholders


$

552



$

493



$

82



$

(23)











Earnings from discontinued operations, net of tax


6





6













Net earnings (loss) from continuing operations attributable to
common shareholders


$

546



$

493



$

76



$

(23)











Pre-tax earnings (loss) from continuing operations


$

713



$

644



$

97



$

(28)











Non-GAAP Adjustments









Recognized (gains) and losses, net


(42)



30



(63)



(9)


Indexed product related derivatives


75





75




Purchase price amortization


24



14



6



4


Transaction costs


4





2



2











Adjusted pre-tax earnings (loss)


$

774



$

688



$

117



$

(31)











Total non-GAAP, pre-tax adjustments


$

61



$

44



$

20



$

(3)


Income taxes on non-GAAP adjustments


(14)



(11)



(4)



1


Non-controlling interest on non-GAAP adjustments


(1)







(1)


Total non-GAAP adjustments


$

46



$

33



$

16



$

(3)











Adjusted net earnings (loss) from continuing operations attributable
to common shareholders


$

592



$

526



$

92



$

(26)











Adjusted EPS from continuing operations attributable to common
shareholders - diluted


$

2.06








FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


F&G


Corporate and
Other

Three Months Ended





June 30, 2020





Direct title premiums


$

575



$

575



$



$


Agency title premiums


784



784






Escrow, title related and other fees


747



655



20



72


Total title and escrow


2,106



2,014



20



72











Interest and investment income


152



41



111




Recognized gains and losses, net


162



169



(7)




Total revenue


2,420



2,224



124



72











Personnel costs


692



625



9



58


Agent commissions


598



598






Other operating expenses


446



374



12



60


Benefits & other policy reserve changes


155



...



155




Depreciation and amortization


46



37



3



6


Claim loss expense


61



61






Interest expense


21



...

1



3



17


Total expenses


2,019



1,696



182



141











Pre-tax earnings (loss)


$

401



$

528



$

(58)



$

(69)











Income tax expense (benefit)


89



130



(14)



(27)


Earnings from equity investments


1



2





(1)


Earnings from discontinued operations, net of tax


5





5




Non-controlling interests


9



9















Net earnings (loss) attributable to common shareholders


$

309



$

391



$

(39)



$

(43)











EPS from continuing operations attributable to common
shareholders - basic


$

1.10








EPS from discontinued operations attributable to common
shareholders - basic


$

0.02








EPS attributable to common shareholders - basic


$

1.12

















EPS from continuing operations attributable to common
shareholders - diluted


$

1.09








EPS from discontinued operations attributable to common
shareholders - diluted


$

0.02








EPS attributable to common shareholders - diluted


$

1.11

















Weighted average shares - basic


277








Weighted average shares - diluted


279








FIDELITY NATIONAL FINANCIAL, INC.

SECOND QUARTER SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


F&G


Corporate and
Other

Three Months Ended





June 30, 2020





Net earnings (loss) attributable to common shareholders


$

309



$

391



$

(39)



$

(43)











Earnings from discontinued operations, net of tax


$

5



$



$

5



$











Net earnings (loss) from continuing operations, attributable to
common shareholders


$

304



$

391



$

(44)



$

(43)











Non-GAAP Adjustments









Recognized (gains) and losses, net


(123)



(169)



46




Indexed product related derivatives


43





43




Debt issuance costs


4







4


Purchase price amortization


25



18



2



5


Transaction costs


45





7



38


Other adjustments


1



1















Adjusted pre-tax earnings (loss)


$

396



$

378



$

40



$

(22)











Total non-GAAP, pre-tax adjustments


$

(5)



$

(150)



$

98



$

47


Income taxes on non-GAAP adjustments


5



37



(21)



(11)


Non-controlling interest on non-GAAP adjustments


(3)



(2)





(1)


Total non-GAAP adjustments


$

(3)



$

(115)



$

77



$

35











Adjusted net earnings attributable to common shareholders


$

301



$

276



$

33



$

(8)











Adjusted EPS attributable to common shareholders - diluted


$

1.08

























FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)













Consolidated


Title


F&G


Corporate and
Other

Six Months Ended





June 30, 2021





Direct title premiums


$

1,650



$

1,650



$



$


Agency title premiums


2,314



2,314






Escrow, title related and other fees


1,799



1,584



126



89


Total title and escrow


5,763



5,548



126



89











Interest and investment income


916



56



860




Recognized gains and losses, net


275



(89)



355



9


Total revenue


6,954



5,515



1,341



98











Personnel costs


1,702



1,580



61



61


Agent commissions


1,777



1,777






Other operating expenses


934



830



54



50


Benefits & other policy reserve changes


549





549




Depreciation and amortization


288



67



209



12


Claim loss expense


178



178






Interest expense


56





15



41


Total expenses


5,484



4,432



888



164











Pre-tax earnings (loss) from continuing operations


$

1,470



$

1,083



$

453



$

(66)











Income tax expense (benefit)


342



263



93



(14)


Earnings (loss) from equity investments


27



22





5


Earnings from discontinued operations, net of tax


11





11




Non-controlling interests


9



9















Net earnings (loss) attributable to common shareholders


$

1,157



$

833



$

371



$

(47)











EPS from continuing operations attributable to common
shareholders - basic


$

3.99








EPS from discontinued operations attributable to common
shareholders - basic


0.04








EPS attributable to common shareholders - basic


$

4.03

















EPS from continuing operations attributable to common
shareholders - diluted


$

3.96








EPS from discontinued operations attributable to common
shareholders - diluted


0.04








EPS attributable to common shareholders - diluted


$

4.00

















Weighted average shares - basic


287








Weighted average shares - diluted


289








FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)













Consolidated


Title


F&G


Corporate and
Other

Six Months Ended





June 30, 2021





Net earnings (loss) attributable to common shareholders


$

1,157



$

833



$

371



$

(47)











Earnings from discontinued operations, net of tax


11





11













Net earnings (loss) from continuing operations attributable to common
shareholders


$

1,146



$

833



$

360



$

(47)











Pre-tax earnings (loss) from continuing operations


$

1,470



$

1,083



$

453



$

(66)











Non-GAAP Adjustments









Recognized (gains) and losses, net


(65)



89



(145)



(9)


Indexed product related derivatives


(110)





(110)




Purchase price amortization


49



28



13



8


Transaction costs


10





4



6











Adjusted pre-tax earnings (loss)


$

1,354



$

1,200



$

215



$

(61)











Total non-GAAP, pre-tax adjustments


$

(116)



$

117



$

(238)



$

5


Income taxes on non-GAAP adjustments


19



(28)



48



(1)


Non-controlling interest on non-GAAP adjustments


(1)







(1)


Total non-GAAP adjustments


$

(98)



$

89



$

(190)



$

3











Adjusted net earnings (loss) from continuing operations attributable to
common shareholders


$

1,048



$

922



$

170



$

(44)











Adjusted EPS from continuing operations attributable to common
shareholders - diluted


$

3.63








FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)








F&G



Six Months Ended


Consolidated


Title



Corporate and
Other

June 30, 2020





Direct title premiums


$

1,121



$

1,121



$



$


Agency title premiums


1,516



1,516






Escrow, title related and other fees


1,348



1,265



20



63


Total title and escrow


3,985



3,902



20



63











Interest and investment income


205



89



111



5


Recognized gains and losses, net


(158)



(144)



(7)



(7)


Total revenue


4,032



3,847



124



61











Personnel costs


1,306



1,266



9



31


Agent commissions


1,158



1,158






Other operating expenses


857



754



12



91


Benefits & other policy reserve changes


155





155




Depreciation and amortization


89



74



3



12


Claim loss expense


119



119






Interest expense


33



1



3



29


Total expenses


3,717



3,372



182



163











Pre-tax earnings (loss) from continuing operations


$

315



$

475



$

(58)



$

(102)











Income tax expense (benefit)


61



111



(14)



(36)


Earnings from equity investments


2



3





(1)


Earnings from discontinued operations, net of tax


5





5




Non-controlling interests


13



13















Net earnings (loss) attributable to common shareholders


$

248



$

354



$

(39)



$

(67)











EPS from continuing operations attributable to common
shareholders - basic


$

0.88








EPS from discontinued operations attributable to common
shareholders - basic


$

0.02








EPS attributable to common shareholders - basic


$

0.90








EPS from continuing operations attributable to common
shareholders - diluted


$

0.87








EPS from discontinued operations attributable to common
shareholders - diluted


$

0.02








EPS attributable to common shareholders - diluted


$

0.89

















Weighted average shares - basic


275








Weighted average shares - diluted


278








FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except order information in thousands)

(Unaudited)




Consolidated


Title


F&G


Corporate and
Other

Six Months Ended





June 30, 2020





Net earnings (loss) attributable to common shareholders


$

248



$

354



$

(39)



$

(67)











Earnings from discontinued operations, net of tax


5





5












Net earnings (loss) from continuing operations attributable to
common shareholders


$

243



$

354



$

(44)



$

(67)











Non-GAAP Adjustments









Recognized (gains) and losses, net


197



144



46


7


Indexed product related derivatives


43





43



Debt issuance costs


4







4


Purchase price amortization


48



37



2


9


Transaction costs


51





7


44


Other adjustments


1



1















Adjusted pre-tax earnings (loss)


$

659



$

657



$40


$

(38)











Total non-GAAP, pre-tax adjustments


$

344



$

182



$

98



$

64


Income taxes on non-GAAP adjustments


(78)



(42)



(21)



(15)


Non-controlling interest on non-GAAP adjustments


(6)



(5)





(1)


Total non-GAAP adjustments


$

260



$

135



$

77



$

48











Adjusted net earnings (loss) attributable to common shareholders


$

503



$

489



33


$

(19)











Adjusted EPS attributable to common shareholders - diluted


$

1.81








FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions)




June 30,
2021


December 31,
2020



(Unaudited)


(Unaudited)

Cash and investment portfolio



$

41,968




$

37,766


Goodwill



4,506




4,495


Title plant



400




404


Total assets



54,520




50,455


Notes payable



2,663




2,662


Reserve for title claim losses



1,677




1,623


Secured trust deposits



930




711


Non-controlling interests



42




41


Total equity and non-controlling interests



8,888




8,392


Total equity attributable to common shareholders



8,846




8,351


Non-GAAP Measures and Other Information

Title

The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.


Three Months Ended



Six Months Ended

(Dollars in millions)

June 30, 2021

June 30, 2020



June 30, 2021

June 30, 2020

Pre-tax earnings (loss)

$

644


$

528




$

1,083


$

475


Non-GAAP adjustments before taxes







Recognized (gains) and losses, net

30


(169)




89


144


Purchase price amortization

14


18




28


37


Other adjustments


1





1


Total non-GAAP adjustments

44


(150)




117


182


Adjusted pre-tax earnings

$

688


$

378




$

1,200


$

657


Adjusted pre-tax margin

22.7

%

18.4

%



21.4

%

16.5

%

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)




Q2 2021


Q1 2021


Q4 2020


Q3 2020


Q2 2020


Q1 2020


Q4 2019


Q3 2019

Quarterly Opened Orders ('000's except % data)

Total opened orders*


695



770



728



847



693



682



492



592


Total opened orders per day*


10.9



12.6



11.6



13.2



10.8



11.0



7.8



9.3


Purchase % of opened orders


53

%


42

%


38

%


40

%


37

%


41

%


50

%


52

%

Refinance % of opened orders


47

%


58

%


62

%


60

%


63

%


59

%


50

%


48

%

Total closed orders*


568



597



617



571



487



377



417



409


Total closed orders per day*


8.9



9.8



9.8



8.9



7.6



6.1



6.6



6.4


Purchase % of closed orders


47

%


34

%


38

%


42

%


35

%


46

%


49

%


55

%

Refinance % of closed orders


53

%


66

%


62

%


58

%


65

%


54

%


51

%


45

%


















Commercial (millions, except orders in '000's)

Total commercial revenue


$

347



$

257



$

322



$

216



$

184



$

245



$

321



$

301


Total commercial opened orders


69.4



62.2



57.0



58.1



43.9



56.3



55.1



56.0


Total commercial closed orders


42.3



34.8



39.5



30.6



25.7



31.0



39.1



36.4



















National commercial revenue


$

176



$

127



$

177



$

113



$

96



$

132



$

186



$

172


National commercial opened orders


27.4



23.4



21.4



21.7



15.2



21.5



22.6



23.8


National commercial closed orders


14.9



11.2



13.4



9.8



8.8



10.7



16.2



14.1



















Total Fee Per File

Fee per file


$

2,444



$

1,944



$

2,116



$

2,063



$

1,889



$

2,224



$

2,384



$

2,459


Residential fee per file


$

2,030



$

1,644



$

1,661



$

1,803



$

1,614



$