First National Title Insurance Co. (FNTI) announced its first-year financial results for year-end 2012, and the numbers met the company’s expectations and then some, according to President and Chief Executive Officer Chris Phillips.
Total revenues for 2012 reached $9.7 million, a fairly significant number for the start-up operation that opened its doors in March 2012.
“We exceeded our goals for 2012 and are actively pushing to double our revenues for 2013,” Phillips said. “The addition of independent agent revenue is a major source of this expansion. We recognize the opportunities an improving real estate market creates and are partnering with the independent agents to help them grow their businesses.”
Phillips also stated that advances in the company’s operating system allowed it to launch two new initiatives at the end of Q4. Those being:
Insured Closing Service (ICSL) Letter Verification — Lenders now have the ability to verify ICSL letters by simply accessing the “Lender Resources” section of the company’s website at http://www.fnti.com and entering two identifying numbers found on the ICSL letter.
“This service is very popular with the lenders that are already using this valuable tool and reduces the number of phone calls their employees make on every transaction,” the company noted.
Agent Verification — Similarly, using the same section of the website, “Lender Resources,” there is a tab for “Agent Verifications.” Both services save time and money for all the parties.
The company became licensed in Arizona in December.
FNTI’s Demotech Financial Stability Rating (FSR) was last affirmed in November as an S. The numbers available on the Demotech site, updated after the third quarter, include the following:
- Net admitted assets: $3.6 million
- Policyholders surplus: $3.3 million
- Net income after taxes: -$187,313
- Direct written premiums: $5.2 million