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.
November 2, 2000
The Santa Ana operator of the nation's second-largest title insurance company reported third-quarter profit of $24.4 million, or 37 cents a share, down 13% from $28 million, or 42 cents a share, posted a year ago. Revenue declined 3% to $750.3 million.
August 24, 2000
The First American Corp., which operates the nation's second-largest title insurance company, said Wednesday that a subsidiary has acquired a minority interest in an Illinois marketing and benefit services company. The Santa Ana company did not disclose the amount of the investment that its First American Real Estate Information Services Inc. has taken in Consumer Benefit Services Inc. in Naperville.
August 15, 2000 |
Title insurer First American Corp. plans to sell $200 million in unsecured senior notes, according to a regulatory report filed Monday. The filing allows Santa Ana-based First American to register the notes in advance and then sell them when market conditions warrant or when financing needs arise. Terms of the securities are usually announced at the time of the sale. First American plans to use the proceeds of the sale for general corporate purposes, including potential acquisitions.
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.
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.
July 11, 1999 |
First American Financial Corp. said it completed its acquisition of Ace Information Services Inc., a Florida resident screening company. Terms weren't disclosed. First American, a Santa Ana-based provider of business information and services, said the acquisition is part of its expansion into the consumer information and services markets.
July 28, 1994
First American Financial Corp., a Santa Ana provider of real estate financial services, posted a second-quarter profit of $7.6 million, or 67 cents a share. That was down from earnings of $17.5 million, or $1.55 a share, for 1993's second quarter. Revenue was up 11%, to $369 million from $333.5 million. For the first half, the company's profit totaled $17 million, or $1.49 a share, compared to earnings of $26.2 million, or $2.32 a share, for the 1993 period, which included a onetime gain of $4.
June 22, 1992 |
What kind of an indicator is the title insurance industry for the real estate economy? On new housing, it's a leading indicator because we're in at the beginning--the purchase of the land, the detail of the map and so forth. We're a 60-day to 90-day leader as far as normal transactions are concerned. What we watch is the level of new orders because our costs are on the front end of those transactions. We have to prepare the preliminary reports and so forth for closings, which is when we get our money.