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Title insurance premium volume surges 17.6% in Q3

Every state bar New York and Delaware sees increase

Mortgage title insurance premiums surged by 17.6% year-over-year in the third quarter this year to $5.1 billion, according to the latest market share analysis from the American Land Title Association.

This surge was up substantially even from the 8% increase to $4.18 billion in title insurance premiums seen in the second quarter this year.

But with home sales and mortgage origination volumes rising, it comes as no surprise that mortgage title insurance is also seeing an uptick. And economists expect this hot homebuyer market to continue into 2021.

This increase in volume was seen in every state across the U.S. except two: New York and Delaware. The District of Columbia also bucked the trend in the third quarter.

During the third quarter, total operating income for the industry was up 17.2% and operating expenses were up 16.9%, but loss and loss adjustment expenses were down 2.5%. The title industry has paid $347.8 million in claims during the first nine months of the year, down from $409.3 million in claims for the same period in 2019.

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

“Low interest rates, which just set the 14th record low of the year, continue to create high demand among consumers looking to buy as well as refinance,” ALTA CEO Diane Tomb said in a statement. “As title insurance premium volume depends on mortgage origination volume, the result of these record low interest rates is a third quarter with even higher volume than an already positive second quarter.”

Below are the top 4 companies in title by market share for the third quarter. Companies that constitute themselves within the family market – those that have a “family” of companies under their operating umbrella – made up 80.1% in total volume:

  • Fidelity: 33.4%
  • First American: 23.1%
  • Old Republic: 14.5%
  • Stewart: 9.1%

Independent companies made up the remaining 19.9% in volume. Here are the top 5:

  • Westcor Land Title Insurance: 6%
  • WFG National Title Insurance: 2.9%
  • Title Resources Guaranty: 2.6%
  • North American Title Insurance: 1.8%
  • Alliant National Title: 1.1%

The top performing companies in family markets remained the same since the previous quarter, however in terms of independent companies, Alliant National Title rose to ALTA’s top list in the third quarter while First National Title Insurance fell off.

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