Fidelity Reports Q1 Earnings

May 12, 2022

Fidelity National Financial reported that its title segment generated $437 million in pre-tax income during the first quarter of 2022. This compared to $512 million in pre-tax income during the same period a year ago.

Fidelity reported the decrease from the prior year quarter was primarily driven by the significant decrease in the volume of refinance orders closed relative to the levels seen last year. Results also were partially offset by the higher average fee per file reflective of the current mix of business, continued strength in commercial orders closed and sustained levels of residential purchase orders closed.

“Strength in residential purchase and commercial revenue helped to buffer the ongoing contraction in refinance volumes, which hold a significantly lower fee per file,” said  Mike Nolan, Fidelity chief executive officer. “Looking ahead in 2022, we believe that we are well-positioned to navigate the effects of a rising interest rate environment, with scale advantage as the nationwide market leader, efficiencies from our innovative technology enabled platform, and a disciplined operating strategy and proven track record of quickly adjusting our operating model for significant fluctuations in opened and closed orders."

During the first quarter of 2022, Fidelity’s direct operations opened 522,000 orders and closed 380,000 orders. This compared to 770,000 direct opened orders and 597,000 closed orders during the first quarter of 2021. Closed purchase orders comprised 55% of all of Fidelity’s direct orders during the first three months of 2022. Purchases comprised 34% of closed direct orders during Q1 2021.

As purchase orders have become the majority of the market, Fidelity’s fee per file has increased to $2,891 from $1,944.

Fidelity paid $54 million in claims during the first quarter of 2022. This down from $56 million in claims paid during the same period a year ago.

Over the past year, Fidelity made 10 acquisitions for about $92 million. Nolan said the company will continue to review potential acquisition targets to grow our national footprint. He added that Fidelity continued to make significant investments in developing, enhancing and integrating technology.

“In 2021, considerable effort was put into enhancing functionality and expanding adoption of our inHere Experience Platform, a differentiated end-to-end digital platform that transforms the experience of buying, selling or refinancing a home,” Nolan added.

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