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“Whereas rising mortgage charges, refinance decline and a softening housing market impacted our residential exercise, our business exercise remained sturdy within the fourth quarter, with business premiums up 13% over fourth quarter 2021 and represented 26% of our whole premiums in comparison with 18% within the fourth quarter of 21,” Carolyn Monroe, president of Outdated Republic Title, stated through the name. “Industrial premiums reported for full yr 2022 represented an all-time excessive for the title group.”
It plans to proceed to give attention to the business title section this yr, Monroe added.
Direct orders opened fell to 66,350 within the fourth quarter from 120,251 the prior yr, whereas 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 yr. Closed orders slipped to 350,259 from 515,808 throughout the identical interval.
In the meantime, its run-off mortgage insurance coverage enterprise reported a 29% decline in internet premiums earned as insurance policies go away its e-book of enterprise.
Mixed with a 44% decline in funding revenue, pretax earnings fell to $3.9 million from $11.9 million within the fourth quarter of 2021.
On a full-year foundation, nonetheless, pretax revenue elevated for 2022 to $35.2 million from $32.8 million.
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