First American Financial Reports First Quarter 2018 Results

Reports Earnings of 67 Cents per Diluted Share


April 26, 2018, Santa Ana, Calif.

First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced financial results for the first quarter ended March 31, 2018.

Download the complete press release as a PDF

Current Quarter Highlights

  • Total revenue of $1.3 billion, down 1 percent compared with last year
  • Title Insurance and Services segment pretax margin of 8.6 percent
  • Purchase revenues up 8 percent compared with last year
    • Average revenue per order up 6 percent
    • Closed orders per day up 1 percent
  • Commercial revenues of $152.9 million, up 5 percent compared with last year
  • Specialty Insurance segment total revenues up 3 percent, with a pretax margin of 8.7 percent
  • Debt-to-capital ratio of 17.4 percent as of March 31, 2018
  • Cash flow from operations of $43.2 million, compared with $6.1 million last year

Selected Financial Information

($ in millions, except per share data)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Total revenue

 

$

1,297.4

 

 

$

1,317.0

 

Income before taxes

 

 

93.1

 

 

83.9

 

 

 

 

 

 

 

 

 

 

Net income

 

$

76.2

 

 

$

58.3

 

Net income per diluted share

 

 

0.67

 

 

0.52

 

 

Total revenue for the first quarter of 2018 was $1.3 billion, a decline of 1 percent relative to the first quarter of 2017. Net income in the current quarter was $76.2 million, or 67 cents per diluted share, compared with net income of $58.3 million, or 52 cents per diluted share, in the first quarter of 2017. Net realized investment losses in the current quarter were $5.7 million, or 4 cents per diluted share, compared with net realized losses of $0.1 million last year. This quarter's effective tax rate of 18.2 percent includes a benefit of $4.7 million, or 4 cents per diluted share, related to stock-based compensation. In the first quarter of 2017, stock-based compensation also reduced the effective tax rate due to the impact of a $2.4 million benefit, or 2 cents per diluted share.

"The year is off to a strong start, with the company achieving a pretax title margin of 8.6 percent in the first quarter," said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. "Revenue growth in our purchase and commercial businesses largely offset the impact of the downward trend in refinance transactions. We benefited from our continued focus on operating efficiency and from higher investment income driven by the rise in short-term interest rates.

"As we approach the peak of the spring selling season, we remain optimistic about the outlook for 2018. Given the ongoing economic expansion and current trends in the housing market, we expect further revenue growth in our purchase business. Our commercial business has a healthy pipeline of activity and we will continue to benefit from rising investment income.

"Longer term, First American is well positioned in the marketplace, with a strong balance sheet and ample financial flexibility to take advantage of strategic growth opportunities. We are focused on growing our core title and settlement business and leveraging our unique assets, such as our data, technology and bank, to provide innovative solutions to our customers."

Title Insurance and Services

($ in millions, except average revenue per order)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Total revenues

 

$

1,185.5

 

 

$

1,202.9

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

102.4

 

 

$

98.2

 

Pretax margin

 

 

8.6

%

 

 

8.2

%

 

 

 

 

 

 

 

 

 

Direct open orders

 

 

254,500

 

 

 

259,600

 

Direct closed orders

 

 

173,600

 

 

 

191,300

 

 

 

 

 

 

 

 

 

 

U.S. Commercial

 

 

 

 

 

 

 

 

   Total revenues

 

$

152.9

 

 

$

146.3

 

   Open orders

 

 

31,500

 

 

 

31,400

 

   Closed orders

 

 

19,000

 

 

 

19,200

 

   Average revenue per order

 

$

8,100

 

 

$

7,600

 

 

Total revenues for the Title Insurance and Services segment during the first quarter were $1.2 billion, down 1 percent compared with the same quarter of 2017. Direct premiums and escrow fees were up 3 percent compared with the first quarter of 2017, driven by a 13 percent increase in the average revenue per direct title order that was largely offset by a 9 percent decline in the number of direct title orders closed. The growth in the average revenue per direct title order to $2,303 was primarily attributable to the shift in the order mix to higher-premium residential purchase and commercial transactions, the increase in the average revenue per commercial order, and higher residential real estate values. Agent premiums, which are recorded on approximately a one-quarter lag relative to direct premiums, were down 8 percent in the current quarter as compared with last year, primarily due to the decline in refinance activity.

Information and other revenues were $186.0 million this quarter, up 3 percent compared with the same quarter of last year. Higher revenues from recent acquisitions were partly offset by lower revenues from the company's centralized lender business, largely due to the decline in refinance and foreclosure activity.

Investment income was $41.4 million in the first quarter, up $14.8 million, or 56 percent, primarily due to the increase in short-term interest rates that drove higher interest income in the company's investment portfolio and cash balances. Net realized investment losses totaled $3.8 million in the current quarter, compared with losses of $0.2 million in the first quarter of 2017.

Personnel costs were $393.6 million in the first quarter, an increase of $8.8 million, or 2 percent, compared with the same quarter of 2017. This increase was driven by personnel costs associated with recent acquisitions. In addition, higher incentive compensation expenses were offset by lower employee benefit costs, and temporary labor and severance costs.

Other operating expenses were $190.9 million in the first quarter, up $7.6 million, or 4 percent, compared with the first quarter of 2017. The increase was primarily driven by the impact of recent acquisitions and a net increase in spending across a number of expense categories.

The provision for policy losses and other claims was $38.5 million in the first quarter, or 4.0 percent of title premiums and escrow fees, unchanged from the first quarter of 2017. The current quarter rate reflects an ultimate loss rate of 4.0 percent for the current policy year and no change in the loss reserve estimates for prior policy years.

Pretax income for the Title Insurance and Services segment was $102.4 million in the first quarter, compared with $98.2 million in the first quarter of 2017. Pretax margin was 8.6 percent in the current quarter, compared with 8.2 percent last year.

Specialty Insurance

($ in millions)

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Total revenues

 

$

113.4

 

 

$

110.3

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

9.9

 

 

$

10.0

 

Pretax margin

 

 

8.7

%

 

 

9.1

%

 

Total revenues for the Specialty Insurance segment were $113.4 million in the first quarter of 2018, an increase of 3 percent compared with the first quarter of 2017. The home warranty business results benefited from lower claim frequency. While the company's property and casualty business experienced higher than expected claim losses in the quarter, primarily due to higher severity, the overall loss ratio for the segment declined to 56.6 percent. However, due to $1.8 million in net realized investment losses, the pretax margin was 8.7 percent, compared with 9.1 percent in the first quarter of last year.

Teleconference/Webcast

First American's first quarter 2018 results will be discussed in more detail on Thursday, April 26, 2018, at 11 a.m. EDT, via teleconference. The toll-free dial-in number is 877-407-8293. Callers from outside the United States may dial +1-201-689-8349.

The live audio webcast of the call will be available on First American's website at www.firstam.com/investor. An audio replay of the conference call will be available through May 10, 2018, by dialing 201-612-7415 and using the conference ID 13678579. An audio archive of the call will also be available on First American's investor website.

About First American

First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and wealth management services. With total revenue of $5.8 billion in 2017, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2018, First American was named to the Fortune 100 Best Companies to Work For® list for the third consecutive year. More information about the company can be found at www.firstam.com.

Website Disclosure

First American posts information of interest to investors at www.firstam.com/investor. This includes opened and closed title insurance order counts for its U.S. direct title insurance operations, which are posted approximately 10 to 12 days after the end of each month.

Forward-Looking Statements

Certain statements made in this press release and the related management commentary contain, and responses to investor questions may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words "believe," "anticipate," "expect," "intend," "plan," "predict," "estimate," "project," "will be," "will continue," "will likely result," or other similar words and phrases or future or conditional verbs such as "will," "may," "might," "should," "would," or "could." These forward-looking statements include, without limitation, statements regarding future operations, performance, financial condition, prospects, plans and strategies. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation: interest rate fluctuations; changes in the performance of the real estate markets; volatility in the capital markets; unfavorable economic conditions; failures at financial institutions where the company deposits funds; changes in applicable laws and government regulations; heightened scrutiny by legislators and regulators of the company's title insurance and services segment and certain other of the company's businesses; use of social media by the company and other parties; regulation of title insurance rates; limitations on access to public records and other data; changes in relationships with large mortgage lenders and government-sponsored enterprises; changes in measures of the strength of the company's title insurance underwriters, including ratings and statutory capital and surplus; losses in the company's investment portfolio; material variance between actual and expected claims experience; defalcations, increased claims or other costs and expenses attributable to the company's use of title agents; any inadequacy in the company's risk management framework; systems damage, failures, interruptions and intrusions or unauthorized data disclosures; process automation; errors and fraud involving the transfer of funds; the company's use of a global workforce; inability of the company's subsidiaries to pay dividends or repay funds; and other factors described in the company's annual report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

This news release and related management commentary contain certain financial measures that are not presented in accordance with generally accepted accounting principles (GAAP), including personnel and other operating expense ratios, success ratios and an adjusted tax rate. The company is presenting these non-GAAP financial measures because they provide the company's management and investors with additional insight into the operational efficiency and performance of the company relative to earlier periods and relative to the company's competitors. The company does not intend for these non-GAAP financial measures to be a substitute for any GAAP financial information. In this news release, these non-GAAP financial measures have been presented with, and reconciled to, the most directly comparable GAAP financial measures. Investors should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures.

First American Financial Corporation

 

Summary of Consolidated Financial Results and Selected Information

 

(in thousands, except per share amounts and title orders, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Total revenues

 

$

1,297,388

 

 

$

1,317,043

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

93,065

 

 

$

83,880

 

Income taxes

 

 

16,893

 

 

 

25,811

 

Net income

 

 

76,172

 

 

 

58,069

 

Less: Net loss attributable to noncontrolling interests

 

 

(55

)

 

 

(213

)

Net income attributable to the Company

 

$

76,227

 

 

$

58,282

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

0.68

 

 

$

0.52

 

Diluted

 

$

0.67

 

 

$

0.52

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.38

 

 

$

0.34

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

112,232

 

 

 

111,179

 

Diluted

 

 

113,035

 

 

 

111,822

 

 

 

 

 

 

 

 

 

 

Selected Title Insurance Segment Information

 

 

 

 

 

 

 

 

Title orders opened(1)

 

 

254,500

 

 

 

259,600

 

Title orders closed(1)

 

 

173,600

 

 

 

191,300

 

Paid title claims

 

 

36,625

 

 

 

51,008

 

 

 

 

 

 

 

 

 

 

(1) U.S. direct title insurance orders only.

 

 

First American Financial Corporation

 

Selected Consolidated Balance Sheet Information

 

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Cash and cash equivalents

 

$

1,176,618

 

 

$

1,387,226

 

Investments

 

 

5,549,036

 

 

 

5,378,303

 

Goodwill and other intangible assets, net

 

 

1,229,404

 

 

 

1,212,918

 

Total assets

 

 

9,546,789

 

 

 

9,573,222

 

Reserve for claim losses

 

 

1,021,346

 

 

 

1,028,933

 

Notes and contracts payable

 

 

731,454

 

 

 

732,810

 

Total stockholders’ equity

 

$

3,470,535

 

 

$

3,479,955

 

 

First American Financial Corporation

 

Segment Information

 

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

Title

 

 

Specialty

 

 

Corporate

 

March 31, 2018

 

Consolidated

 

 

Insurance

 

 

Insurance

 

 

(incl. Elims.)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums and escrow fees

 

$

543,878

 

 

$

434,152

 

 

$

109,726

 

 

$

 

Agent premiums

 

 

527,714

 

 

 

527,714

 

 

 

 

 

 

 

Information and other

 

 

188,658

 

 

 

186,023

 

 

 

2,901

 

 

 

(266

)

Net investment income

 

 

42,792

 

 

 

41,401

 

 

 

2,588

 

 

 

(1,197

)

Net realized investment losses

 

 

(5,654

)

 

 

(3,823

)

 

 

(1,831

)

 

 

 

 

 

 

1,297,388

 

 

 

1,185,467

 

 

 

113,384

 

 

 

(1,463

)

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

413,642

 

 

 

393,626

 

 

 

18,752

 

 

 

1,264

 

Premiums retained by agents

 

 

416,637

 

 

 

416,637

 

 

 

 

 

 

 

Other operating expenses

 

 

218,480

 

 

 

190,849

 

 

 

19,417

 

 

 

8,214

 

Provision for policy losses and other claims

 

 

100,580

 

 

 

38,480

 

 

 

62,100

 

 

 

 

Depreciation and amortization

 

 

29,747

 

 

 

28,117

 

 

 

1,592

 

 

 

38

 

Premium taxes

 

 

16,014

 

 

 

14,389

 

 

 

1,625

 

 

 

 

Interest

 

 

9,223

 

 

 

985

 

 

 

 

 

 

8,238

 

 

 

 

1,204,323

 

 

 

1,083,083

 

 

 

103,486

 

 

 

17,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

93,065

 

 

$

102,384

 

 

$

9,898

 

 

$

(19,217

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

Title

 

 

Specialty

 

 

Corporate

 

March 31, 2017

 

Consolidated

 

 

Insurance

 

 

Insurance

 

 

(incl. Elims.)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums and escrow fees

 

$

527,009

 

 

$

421,959

 

 

$

105,050

 

 

$

 

Agent premiums

 

 

574,582

 

 

 

574,582

 

 

 

 

 

 

 

Information and other

 

 

182,509

 

 

 

180,035

 

 

 

2,739

 

 

 

(265

)

Net investment income

 

 

33,040

 

 

 

26,616

 

 

 

2,329

 

 

 

4,095

 

Net realized investment (losses) gains

 

 

(97

)

 

 

(244

)

 

 

147

 

 

 

 

 

 

 

1,317,043

 

 

 

1,202,948

 

 

 

110,265

 

 

 

3,830

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

407,137

 

 

 

384,836

 

 

 

17,263

 

 

 

5,038

 

Premiums retained by agents

 

 

453,926

 

 

 

453,926

 

 

 

 

 

 

 

Other operating expenses

 

 

215,402

 

 

 

183,271

 

 

 

17,285

 

 

 

14,846

 

Provision for policy losses and other claims

 

 

102,388

 

 

 

39,861

 

 

 

62,527

 

 

 

 

Depreciation and amortization

 

 

30,147

 

 

 

28,552

 

 

 

1,551

 

 

 

44

 

Premium taxes

 

 

15,448

 

 

 

13,848

 

 

 

1,600

 

 

 

 

Interest

 

 

8,715

 

 

 

409

 

 

 

 

 

 

8,306

 

 

 

 

1,233,163

 

 

 

1,104,703

 

 

 

100,226

 

 

 

28,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

83,880

 

 

$

98,245

 

 

$

10,039

 

 

$

(24,404

)

 

First American Financial Corporation

 

Consolidated Net Realized Investment (Losses) Gains

 

(in thousands, except per share amounts, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2018

 

 

2017

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

Change in fair value of equity securities held(1)

$

(6,976

)

 

$

(0.05

)

 

N/A

 

 

N/A

 

Other net realized investment gains (losses)

 

1,322

 

 

 

0.01

 

 

 

(97

)

 

 

(0.00)

 

Net realized investment losses

$

(5,654

)

 

$

(0.04

)

 

$

(97

)

 

$

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Beginning in the first quarter of 2018, the company adopted new accounting guidance, which requires investments in equity securities to be measured at fair value, with changes in fair value recognized through net income rather than through the balance sheet as previously recognized.

 

 

First American Financial Corporation

 

Expense and Success Ratio Reconciliation

 

Title Insurance and Services Segment

 

(in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2018

 

 

2017

 

Total revenues

 

$

1,185,467

 

 

$

1,202,948

 

Less: Net realized investment losses

 

 

(3,823

)

 

 

(244

)

Net investment income

 

 

41,401

 

 

 

26,616

 

Premiums retained by agents

 

 

416,637

 

 

 

453,926

 

Net operating revenues

 

$

731,252

 

 

$

722,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel and other operating expenses

 

$

584,475

 

 

$

568,107

 

Ratio (% net operating revenues)

 

 

79.9

%

 

 

78.6

%

Ratio (% total revenues)

 

 

49.3

%

 

 

47.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net operating revenues

 

$

8,602

 

 

 

 

 

Change in personnel and other operating expenses

 

 

16,368

 

 

 

 

 

Success Ratio(1)

 

 

190

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Change in personnel and other operating expenses divided by change in net operating revenues.

 

 

First American Financial Corporation

 

Supplemental Direct Title Insurance Order Information(1)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q118

 

 

Q417

 

 

Q317

 

 

Q217

 

 

Q117

 

Open Orders per Day

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase

 

 

2,027

 

 

 

1,686

 

 

 

2,156

 

 

 

2,313

 

 

 

1,977

 

Refinance

 

 

1,173

 

 

 

1,239

 

 

 

1,379

 

 

 

1,319

 

 

 

1,236

 

Refinance as % of residential orders

 

 

37

%

 

 

42

%

 

 

39

%

 

 

36

%

 

 

38

%

Commercial

 

 

509

 

 

 

489

 

 

 

495

 

 

 

506

 

 

 

507

 

Default and other

 

 

380

 

 

 

321

 

 

 

387

 

 

 

544

 

 

 

468

 

Total open orders per day

 

 

4,089

 

 

 

3,734

 

 

 

4,417

 

 

 

4,681

 

 

 

4,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closed Orders per Day

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase

 

 

1,313

 

 

 

1,550

 

 

 

1,724

 

 

 

1,718

 

 

 

1,298

 

Refinance

 

 

850

 

 

 

1,035

 

 

 

985

 

 

 

910

 

 

 

1,030

 

Refinance as % of residential orders

 

 

39

%

 

 

40

%

 

 

36

%

 

 

35

%

 

 

44

%

Commercial

 

 

306

 

 

 

333

 

 

 

309

 

 

 

324

 

 

 

310

 

Default and other

 

 

330

 

 

 

376

 

 

 

384

 

 

 

390

 

 

 

448

 

Total closed orders per day

 

 

2,800

 

 

 

3,294

 

 

 

3,402

 

 

 

3,342

 

 

 

3,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Revenue per Order (ARPO)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase

 

$

2,356

 

 

$

2,389

 

 

$

2,336

 

 

$

2,319

 

 

$

2,215

 

Refinance

 

 

936

 

 

 

962

 

 

 

928

 

 

 

907

 

 

 

912

 

Commercial

 

 

8,059

 

 

 

9,508

 

 

 

9,024

 

 

 

8,589

 

 

 

7,617

 

Default and other

 

 

282

 

 

 

203

 

 

 

230

 

 

 

201

 

 

 

238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total ARPO

 

$

2,303

 

 

$

2,411

 

 

$

2,298

 

 

$

2,294

 

 

$

2,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Days

 

62

 

 

62

 

 

63

 

 

64

 

 

62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  U.S. operations only.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals may not add due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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