First American Financial
Compare First American Financial…Half of the US title insurance duopoly with FNF; revenue tracks mortgage origination; ~$6B 2024 revenue; housing-market proxy.
SectorsInsurance
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First American FinancialHalf of the US title insurance duopoly with FNF; revenue tracks mortgage origination; ~$6B 2024 revenue; housing-market proxy.
FAF generates title premiums two ways. Direct (~50%): premiums originated by FAF-employed escrow/title offices — keep full margin but bear all operating cost. Agency (~50%): independent title agents originate the policy under FAF underwriting; FAF receives a smaller share (~12-15% of premium) but no operating cost. Direct is higher-margin in good markets, agency is more stable.
2020 — 2024
Source: First American 10-K, Title Insurance segment — premiums by source (FY 2020-2024) (Updated: 2025-02)
Title insurance revenue is mechanically tied to real-estate transaction volume — every home purchase + most refinances need a title policy. Existing home sales fell from 6.1M (2021) to 4.1M (2023-2024) as 30-yr mortgage rates jumped from 3% to 7%+. FAF's title revenue tracked the drop almost in lockstep.
| Year | FAF Title Revenue ($B) | US Existing Home Sales (M units) | Avg 30-yr Mortgage Rate (%) |
|---|---|---|---|
| 2018 | 5.6 | 5.34 | 4.54 |
| 2019 | 5.5 | 5.34 | 3.94 |
| 2020 | 7.1 | 5.64 | 3.11 |
| 2021 | 8.4 | 6.12 | 2.96 |
| 2022 | 6.7 | 5.03 | 5.34 |
| 2023 | 5 | 4.09 | 6.81 |
| 2024 | 5.1 | 4.06 | 6.72 |
| 2025 | 5.5 | 4.2 | 6.5 |
Source: First American 10-K (Title Insurance segment revenue) + NAR Existing Home Sales (Updated: 2025-02)
Quarterly breakdown of revenue by product line and service category
2021-Q2 — 2026-Q1
Data from SEC filings via FMP • 58 periods available