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 – December 2022

December total open orders were down 10% compared with November (with 21 business days in the current month compared with 20 days in November) and were down 43% compared with December of last year (with 21 business days in both periods). Open orders per day in December were 2,200, down 14% sequentially, and down 43% compared with last year. December purchase open orders were 1,000 per day, down 18% compared with last month, and refinance transactions were down 18% to 300 open orders per day. Compared with December 2021, purchase open orders per day were down 37%, while refinance transactions per day were down 74%. Total closed orders per day were 2,000 in December, down 1% on a sequential basis, and down 51% compared with December 2021. In December, the refinance share of residential transactions was 24% for open orders and 23% for closed orders. 

For the fourth quarter of 2022, open orders per day were 2,500, down 23% compared with the third quarter of 2022, and closed orders per day were 2,000, down 19%. Fourth quarter purchase open orders per day were down 31% compared with the third quarter of 2022, and down 37% compared with the fourth quarter of 2021. Refinance open orders for the fourth quarter were down 30% compared with the third quarter of 2022, and down 73% compared to the fourth quarter of last year.

For the full year of 2022, open orders per day were 3,600 down 30% compared with last year. Closed orders per day were 2,800, down 34% compared with last year. Full year 2022 purchase open orders per day were down 19% compared with last year, while refinance open orders were down 65% compared with last year. The refinance share of residential transactions for 2022 was 27% for open orders, compared with 46% in 2021.

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.