Lunch & Learn: The State of Housing

As housing supply dwindles, affordability concerns grow while competition heats up the market. This Lunch & Learn will examine the current state of housing, featuring experts who have an eye on the market.

HousingWire Annual Virtual Summit

Join us on October 25 for a chance to see a handpicked selection of sessions from HousingWire Annual along with technology demos from the most innovative tech companies! Register now for FREE to experience HW Annual just like you were there.

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When a lender works with a borrower to improve their credit score, they are able to offer the most competitive rate and terms. Learn more here!

Volly’s Grant Moon on challenges facing veterans

In this episode of HousingNews, we are joined by Grant Moon who discusses the difficulties veterans face during the home-buying process and misconceptions about VA loans.

Closing

Purchase orders give boost to Fidelity’s title segment in Q2

Foley: Company is delivering through changing environments

Big-four title company Fidelity National Financial released its second-quarter earnings this week, after Old Republic, First American, and Stewart Title announced their numbers in July.

Fidelity reported $3.9 billion in total revenue for the second quarter, up from $2.4 billion year over year. That’s also up more than 50% from the company’s first quarter 2021 total revenue, when Fidelity announced “only” $2 billion in total revenue.

Net earnings were reported at $546 million.

In title revenue, Fidelity announced an even $3 billion, up from $2.2 billion in the second quarter of 2020. Pre-tax earnings were $644 million, versus $528 million in the second quarter of 2020.

Fidelity’s total commercial revenue was $347 million, an 89% increase year-over-year driven by a 65% increase in closed orders. Total commercial orders opened also increased 58% year over year.


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Presented by: Radian

Chairman William Foley said the company’s investments in technology, operations and automation have improved efficiency in the wake of the COVID-19 pandemic.

“We are building a company that has a financial model designed to deliver earnings and cash flow through changing market environments,” Foley said.

The company also announced a pre-tax title margin of 21.5%, and an adjusted pre-tax title margin of 22.7% against 2020’s pre-tax title margin of 23.7% and adjusted pre-tax title margin of 18.4%.

Second quarter refinance orders opened and closed both decreased this quarter — 25% and 5%, respectively, on a daily basis. However, purchase orders opened increased 41% on a daily basis, and purchase orders closed increased 57% on a daily basis versus the second quarter of 2020.

Foley said the company recently announced a third quarter dividend of $0.40 per share — an increase of 11% from Fidelity’s previous quarterly dividend.

“We have continued to make share repurchases throughout the second quarter, executing against our $500 million share repurchase plan,” Foley said. “During the quarter we purchased 4 million shares at an average purchase price of $43.36 per share.”

First American reported $2.3 billion in total revenue for the second quarter, a 41% increase year over year and up from $2 billion in the first quarter of 2021. Rival Stewart Title reported $802 million in total revenue for the second quarter, and Old Republic reported $2.25 billion.

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