“A strong purchase market and continued home appreciation helped offset ongoing contraction in refinance volume to help drive the 3.6% premium volume increase compared to the first quarter of 2021,” said ALTA CEO
Total operating income also was up 3.6%, while operating expenses were up 40.0%, and loss and loss adjustment expenses were up 13.8%. This resulted in net operating income of
“The title industry employs nearly 145,000 people and it’s these skilled professionals who protect homeowners and lenders from problems that could arise if not for the work they do in advance of closings—problems that could be detrimental to a homeowner’s credit and lender’s investment,” Tomb said. “The surge in interest rates will impact housing affordability as prospective monthly payments on a typical new mortgage will climb dramatically. While the overall expense to purchase a home has increased significantly the past few years, the cost of title insurance coverage has decreased 7% since 2004. The title industry will continue to innovate and develop products that best serve and protect its customers.”
Top 10 Individual Underwriters by Market Share
First American Title Insurance Co. , 21.5%Old Republic National Title Insurance Co. , 15.2%Fidelity National Title Insurance Co. , 14.0%Chicago Title Insurance Co. , 13.4%Stewart Title Guaranty Co. , 8.9%Westcor Land Title Insurance Co. , 5.3%WFG National Title Insurance Co. , 2.7%Title Resources Guaranty Co. , 2.3%Doma Title Insurance Co. , 1.7%First National Title Insurance Co. , 1.1%
Top 5 States
Texas :$896,225,264 , +30.6%Florida :$696,625,101 , +22.3%California :$531,026,826 , -17.4%New York :$362,720,612 , +15.9%Pennsylvania :$246,758,915 , -9.3%
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About ALTA
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