“We delivered strong results in our title insurance segment this quarter, with revenues up 10 percent,” said Dennis J. Gilmore, chief executive officer for First American Financial Corporation. “In our purchase business, closed orders were up 22 percent, and our commercial division continued its strong momentum with total revenues up 26 percent compared with last year.“In response to a decline in refinance activity during the quarter, we began making adjustments to our cost structure, primarily in business units tied to refinance transactions. As we move into the fourth quarter, we continue to manage our expenses in response to market activity.
|Title Insurance and Services ($ in millions, except average revenue per order)|
|For the Three Months Ended September 30,|
|Income before taxes||$||125.0||$||141.9|
|Direct open orders||316,000||438,500|
|Direct closed orders||273,400||305,600|
|Average revenue per order||$||10,200||$||8,800|
|* Includes commercial activity from the National Commercial Services division only.|