“While increasing mortgage rates, refinance decline and a softening housing market impacted our residential activity, our commercial activity remained strong in the fourth quarter, with commercial premiums up 13% over fourth quarter 2021 and represented 26% of our total premiums compared to 18% in the fourth quarter of 21,” Carolyn Monroe, president of Old Republic Title, said during the call. “Commercial premiums reported for full year 2022 represented an all-time high for the title group.”
It plans to continue to focus on the commercial title segment this year, Monroe added.
Direct orders opened fell to 66,350 in the fourth quarter from 120,251 the prior year, while closed orders dropped to 60,375 from 113,577.
It had 402,463 open orders for all of 2022, down from 577,860 the prior year. Closed orders slipped to 350,259 from 515,808 during the same period.
Meanwhile, its run-off mortgage insurance business reported a 29% decline in net premiums earned as policies leave its book of business.
Combined with a 44% decline in investment income, pretax earnings fell to $3.9 million from $11.9 million in the fourth quarter of 2021.
On a full-year basis, however, pretax income increased for 2022 to $35.2 million from $32.8 million.
Source: nationalmortgagenews.com