First American Title's Order Transactions By Month For U.S. Direct Title Operations
The monthly overview and historical title order data below are prepared based on the company's production reporting system that tracks opened and closed title insurance order counts for First American's U.S. direct title insurance operations. The chart does not include orders opened or closed with First American agents. Updated postings will be made approximately 10-12 days after month-end and will include opened, as well as closed title order transactions.
Monthly Overview – March 2017
March total open orders were up 22% compared with February (with 23 business days in March compared with 19 days in February), and were down 12% compared with March of last year (same 23 business days in both periods). Open orders per day in March were 4,400, up 1% sequentially, and were down 11% compared with last year. March purchase open orders were 2,200 per day, up 7% compared with last month, with refinance transactions also up 7% to 1,300 per day. Compared with March 2016, purchase open orders per day up 2%, while refinance transactions per day were down 32%. Total closed orders per day were 3,000 in March, down 1% sequentially, and down 10% compared with March 2016. In March, the refinance share of residential transactions was 38% for open orders and 38% for closed orders.
In the first quarter of 2017, open orders per day were 4,200, down 2% compared with the fourth quarter of 2016, and closed orders per day were 3,100, down 24%. First quarter purchase open orders per day were up 22% compared with the fourth quarter of 2016, while refinance open orders were down 30%.
Year to date through March, open orders per day were down 14% compared with last year, and closed orders were down 1%. Year to date purchase open orders were up 1% compared with last year, while refinance open orders were down 37%. The refinance share of residential transactions year to date was 38% for open orders, compared with 50% in 2016.
The historical title order data table includes revisions to January and February 2017 that impacted open orders in our default business only.
Historical Title Order Data