Best automation opportunities for loan processing

Join our expert panelists to learn how lenders can achieve their goals using the integration of intelligent document automation and RPA technology.

4 Strategies to Strengthen Customer Relationships

Discover the right strategies to execute fast-acting campaigns, track results and improve your bottom line – all while strengthening customer relationships.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Closing

Old Republic’s title insurance income soars in 2020

Gains in title made up for losses in general earned premiums

Old Republic International Corp. reported positive revenue for 2020, in large part because its title insurance arm made up for a decrease in general earned premiums.

The Chicago-based company saw a total of $670 million in net income in 2020, excluding investment gains or losses, up 21% from $554 million in 2019. This growth stemmed from greater profitability in the general and title insurance segments.

This comes as no surprise as mortgage title insurance premiums surged by 17.6% year over year in the third quarter to $5.1 billion, according to the market share analysis released at the end of last year from the American Land Title Association.

The company said that while COVID-19 and the response to the pandemic resulted in lower earned premiums for its general insurance segment, title insurance remained strong.

“The COVID-19 pandemic and the associated governmental responses continued to have a widespread impact on the U.S. economy in the fourth quarter,” Old Republic stated in its earnings release. “A majority of Old Republic’s approximately 9,000 associates are working remotely. The pandemic’s impact on employment levels, businesses, and other economic activities contributed to a slight reduction in earned premiums in the General Insurance segment. The Title Insurance segment experienced strong growth in premium and fee revenues.”


Here’s what lenders should look for in a title provider

HousingWire recently spoke with Susan Falsetti, managing director of Origination Title and Close at ServiceLink, about the state of the title industry.

Presented by: ServiceLink

Old Republic reported a 20% increase in title insurance income for the full year in 2020, rounding out at $3.29 billion, compared to $2.74 billion in 2019.

“Title Insurance operating revenues were up 30.3% in the fourth quarter and 19.8% for the full year,” the company stated. “This performance was driven by a robust real estate market supported by a continued low interest rate environment, resulting in an increase in home sales and refinance activity. Net investment income was relatively flat for the quarter and increased slightly for the year-to-date period.”

Leave a comment

Most Popular Articles

Chopra warns of post-COVID housing market fallout

Rohit Chopra warned of housing market fallout and said he would focus on helping struggling homeowners at his Senate Confirmation hearing.

Mar 03, 2021 By

Latest Articles

CFPB delays QM compliance date to October 2022

The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.

Mar 04, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please