December 19, 2000 |
Business is looking brighter for title insurance companies, including two Orange County titans, as speculation grows that the Federal Reserve may cut interest rates soon. Title insurance companies rely on real estate transactions for revenue, and if interest rates fall, mortgage refinancing activity "quite naturally goes higher" and will push the companies' earnings higher, said Michael Grondahl, a US Bancorp Piper Jaffray analyst.
May 13, 2000
Reflecting its expansion into nonfinancial services, First American Financial Corp. said Friday that shareholders have approved changing the company's name to First American Corp. The change for the Santa Ana business information company, which operates the nation's second-largest title insurer, will have no effect on shares outstanding. The stock will continue to be traded on the New York Stock Exchange under the same FAF ticker symbol.
November 17, 2007 |
First American Corp. agreed to a $5-million settlement to resolve a Florida investigation into whether it made improper payments to real estate agents and mortgage brokers to win business. The accord also calls for a monitor to review Santa Ana-based First American's business practices for one year, according to a statement from Florida's insurance commissioner.
November 2, 2007 |
First American Corp. said third-quarter profit fell 48% as demand for new mortgages fell amid the worst U.S. housing slump in 16 years. Net income was $46.6 million, or 49 cents a share, compared with $90.4 million, or 92 cents, a year earlier, the Santa Ana-based title insurer said.
August 8, 2001
* First American Title Insurance Co., a unit of Santa Ana-based First American Corp., said Tuesday it agreed to acquire The Associated Group title and escrow business in Salt Lake City from founder Bill Wirthlin. Financial terms of the transaction, which expected to close in September, were not disclosed.
July 28, 2000
First American Corp. posted lower profits and sales for the second quarter, noting that higher interest rates put a damper on mortgage refinancing activity. The Santa Ana business information company, which operates the nation's second-largest title insurer, said net income fell 28% to $25 million, or 38 cents a share, from $34.8 million, or 54 cents a share, a year earlier. Sales dipped to $775.9 million from $781.9 million.