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Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

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Closing

First American names Ken DeGiorgio as president

Will have oversight responsibility of corporation’s operating groups

First American Financial Corporation has announced a new addition to its C-Suite.

Kenneth DeGiorgio, who joined First American in 1999, has been named president. In his new position, DeGiorgio will have oversight responsibility for the corporation’s operating groups, including its title insurance, specialty insurance and data and analytics businesses, the company said in a press release.

DeGiorgio currently serves as First American vice president where, among other responsibilities, he oversees mergers and acquisitions, legal, compliance, information security, enterprise risk management, and marketing and communications.

“Ken’s well-deserved appointment follows more than two decades of accomplished service to First American,” said Dennis Gilmore, First American CEO.

One of the “Big Four” title insurers, First American reported $7.1 billion in total 2020 revenue — a 14% increase year over year — in its annual earnings report, released in February. Net income was $696.4 million last year. Also announced was a total of $1.1 billion in 2020 cash flow operations, a return on equity of 14.9%, and a 15.7% segment pretax margin of title insurance and services.


How hybrid title and valuations help increase lending efficiency

Streamline by combining services. Why use several vendors for title searches, appraisals and underwriting when you can use one?

Presented by: Altisource

In January, First American announced it was selling its property and casualty subsidiaries. The sales were made with Safeco Insurance, a Liberty Mutual company, and Heritage Insurance Holdings. First American said the decision will help it focus on its core title business.

Another one of the “Big Four,” Old Republic, also announced an executive personnel move this week. Frank Sodaro, Old Republic’s current deputy chief financial officer, will succeed Karl Mueller as chief financial officer when Mueller retires at the end of June.

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