Fidelity National Financial (FNF), a provider of title insurance, technology and transaction service to the real estate and mortgage industries, announced its first quarter earnings. FNF said the refinance market took a hit, but the purchase market is steady and commercial revenue is going up.
Fidelity conference call: Market predictions for 2013, effects on staffing
“There was a lot of financial noise in the first quarter,” said Chairman of the Board William Foley. “We accomplished a number of things. Despite a seasonally slow real estate market and a very significant decline in refinance volumes from the prior year, we were still able to generate the 5.5 percent pre-tax margin in our title business. Overall, we expect operating margins to improve in all of our core businesses as we move through the year as the impact of increased synergies becomes apparent in those core businesses, and we also enter the traditionally stronger spring and summer real estate seasons."