Title Order Counts

First American's Title 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 only, which disproportionately reflect title order activity in the western U.S. The commentary and excel table do not include transaction activity from First American’s agents.

Title order updates will be posted approximately 10-12 days after the end of each calendar month.

Monthly Overview – September 2018

September total open orders were down 20% compared with August (with 19 business days in September vs. 23 business days in August) and were down 18% compared with September of last year (with 19 business days this year vs. 20 business days last year). Open orders per day in September were 3,700, down 3% sequentially, while declining 13% compared with last year. September purchase open orders were 2,000 per day, down 2% compared with last month, while refinance transactions were down 5% at 900 per day. Compared with September 2017, purchase open orders per day were down 3% while refinance transactions per day were down 39%. Total closed orders per day were 2,900 in September essentially flat on a sequential basis, and down 16% compared with September 2017. In September, the refinance share of residential transactions was 31% for open orders and 30% for closed orders.

For the third quarter, open orders per day were 4,000, down 9% compared with the second quarter of 2018, and closed orders per day were 2,900, down 4%. In the third quarter, purchase open orders per day were down 11% compared with the second quarter of 2018, and down 4% compared with the third quarter of 2017. Refinance open orders for third quarter were down 6% compared with the second quarter of 2018, and down 32% compared to the third quarter of last year.

Year to date through September, open orders per day were down 7% compared with last year, and closed orders were down 11%. Year to date purchase open orders per day were down 1% compared with last year, while refinance open orders were down 21% compared with last year. The refinance share of residential transactions year to date was 33% for open orders, compared with 38% in 2017.

Historical Title Order Data

PLEASE NOTE ALL NUMBERS ARE APPROXIMATE. THOUGH PREVIOUSLY REPORTED DATA MAY BE ADJUSTED PERIODICALLY, FIRST AMERICAN DOES NOT UNDERTAKE TO UPDATE DATA AFTER THE DATE ON WHICH THEY ARE GIVEN. INVESTORS ARE ENCOURAGED TO USE THIS INFORMATION WITH CAUTION.