First American Financial Corporation - FAF STOCK NEWS

Sally French Tyler, co-president of First American Title Insurance Company, has been named a winner of HousingWire's 2024 Vanguard Award. This prestigious recognition honors C-level industry leaders in housing and mortgage finance for their vital contributions and dynamic influence. Tyler's leadership has delivered exceptional business results, driven key innovations, and advanced women in the industry.

Under Tyler's guidance, First American's National Commercial Services division doubled operating revenue from 2006 to 2021. She spearheaded the VisionQuest program, fostering innovation and leading to the development of ClarityFirst®, a digital solution for commercial real estate transactions. Tyler also co-founded the company's Women in Leadership initiative, which has seen over 100 graduates with a 45% promotion rate.

First American Data & Analytics released its July 2024 Home Price Index (HPI) report, revealing that New York-Jersey City-White Plains home prices increased by 0.9% year-over-year. The national HPI showed a 5.3% year-over-year increase, marking the seventh consecutive month of slowing annualized house price appreciation.

Chief Economist Mark Fleming noted that elevated mortgage rates have driven affordability to near-record lows, freezing home buying and selling. However, potential Federal Reserve interest rate cuts this fall may spur market activity.

The report also highlighted significant variations in local markets. While some areas like Anaheim, Calif. (+9.9%) and Pittsburgh (+6.9%) saw strong price growth, others like Austin, Texas (-1.0%) and Oakland, Calif. (-0.9%) experienced price declines.

First American Data & Analytics released its July 2024 Home Price Index (HPI) report, revealing that Houston-The Woodlands-Sugar Land home prices increased by 3.3% year-over-year. The national HPI showed a 5.3% year-over-year increase, marking the seventh consecutive month of slowing annualized house price appreciation.

Chief Economist Mark Fleming noted that elevated mortgage rates have driven affordability to near-record lows, contributing to a cooling but still positive pace of appreciation. The report segments home price changes into three tiers: starter, mid-tier, and luxury. In the Houston-The Woodlands-Sugar Land metro area, the luxury tier saw the highest increase at 4.5%, followed by the starter tier at 3.8%, and the mid-tier at 2.4%.

Among other markets, Pittsburgh showed the highest increase in the starter tier HPI at 13.5%, while Anaheim, Calif. led overall with a 9.9% increase. Conversely, Austin, Texas experienced a 1% decrease in HPI.

First American Data & Analytics released its July 2024 Home Price Index (HPI) report, revealing that home prices in Los Angeles-Long Beach-Glendale increased by 3.2% year-over-year. The national HPI showed a 5.3% year-over-year increase, marking the seventh consecutive month of slowing annualized house price appreciation.

Chief Economist Mark Fleming noted that elevated mortgage rates have driven affordability to near-record lows, contributing to a cooling but still positive pace of appreciation. The report also highlighted significant variations across different markets, with some areas experiencing strong growth while others saw price declines.

The HPI report segments home prices into starter, mid-tier, and luxury tiers. In the Los Angeles-Long Beach-Glendale metro area, the starter tier increased by 2.8%, mid-tier by 4.0%, and luxury tier by 3.5% year-over-year.

First American Data & Analytics released its July 2024 Home Price Index (HPI) report, revealing a continued slowdown in national house price growth for the seventh consecutive month. Key highlights include:

- National house prices are 55.0% higher compared to pre-pandemic levels (February 2020).
- The year-over-year change in HPI is +5.3%.
- The month-over-month change from June to July 2024 is +0.3%.

Chief Economist Mark Fleming attributes this cooling trend to elevated mortgage rates and low affordability. However, he notes that potential Federal Reserve interest rate cuts this fall may spur market activity. The report also highlights significant variations in local markets, with some areas experiencing strong growth (e.g., Anaheim, Calif., and Pittsburgh) while others see price declines (e.g., Austin, Texas, and Tampa, Fla.).

First American Data & Analytics released its July 2024 Home Price Index (HPI) report, revealing that Dallas-Plano-Irving home prices increased by 2.0% year-over-year. The national HPI showed a 5.3% year-over-year increase, marking the seventh consecutive month of slowing annualized house price appreciation.

Chief Economist Mark Fleming noted that elevated mortgage rates have driven affordability to near-record lows, contributing to a cooling but still positive pace of appreciation. In the Dallas-Plano-Irving metro area, the luxury tier saw the highest price growth at 4.3%, while starter and mid-tier homes both increased by 1.4%.

The report also highlighted significant price increases in markets like Pittsburgh (+13.5% in starter homes) and Anaheim, Calif. (+9.9% overall). Conversely, some markets experienced price declines, including Austin, Texas (-1.0%) and Tampa, Fla. (-0.7%).

First American Title Insurance Company announced that Justin Lischak Earley, vice president and chief innovation underwriter, has been named a winner of the 2024 HousingWire Insiders award. Earley spearheaded the development of Galileo™, a revolutionary map-based tool that combines various data sources into a visual information hub for underwriters.

Galileo™ empowers underwriters to identify risks and craft tailored solutions for home buyers and other transaction participants. Rolled out to all First American underwriters in late 2023, it has received overwhelmingly positive reviews. One user described it as 'to title [insurance] what the wheel is to transportation.'

Earley is also recognized as an industry thought leader, contributing analyses on generative AI, blockchain in real estate, and the differences between title insurance and attorney-opinion letters to various professional organizations.

ServiceMac®, a subservicing innovator and member of the First American family of companies, has been honored with the 2024 USDA Top Servicers Award. This prestigious recognition comes just four years after ServiceMac onboarded its first loan, highlighting the company's rapid growth and excellence in servicing loans.

ServiceMac was one of only three servicers to receive this award, which acknowledges their role in helping rural families and individuals achieve homeownership through the USDA Rural Development's Single-Family Housing Guaranteed Loan Program. The company's success is attributed to its innovative approach, combining proprietary technology with industry-leading customer support.

Founded in 2017 and acquired by First American in 2021, ServiceMac now services over $195 billion in loans for first and second mortgage portfolios. The company's growth is built on robust technology, risk management, compliance tools, and experienced staff.

First American Financial (NYSE: FAF) reported its Q2 2024 financial results. Key highlights include:

- Earnings per diluted share of $1.11, or $1.27 adjusted
- Total revenue of $1.6 billion, down 2% year-over-year
- Title Insurance and Services segment pretax margin of 11.7%, or 11.9% adjusted
- Commercial revenues of $177 million, down 1% year-over-year
- Home Warranty segment pretax margin of 15.4%, or 15.2% adjusted
- Repurchased 752,000 shares for $41 million at an average price of $54.14

The company faced challenging market conditions but benefited from seasonal demand. It maintained focus on managing operating expenses while investing in strategic initiatives, including the launch of Sequoia, an automated underwriting pilot for purchase transactions.