First American Financial Corporation - FAF STOCK NEWS

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.

First American Financial (NYSE: FAF) announced that Deputy Chief Economist Odeta Kushi has been named to GlobeSt.'s 2024 Women of Influence list. This prestigious award recognizes female commercial real estate professionals who have significantly impacted the industry. Kushi's selection highlights her influential role in providing economic insights and housing market analysis.

As a key member of First American's Economics and Decision Sciences teams, Kushi contributes to industry events, media interviews, and publishes research on the company's Economic Center. She also co-hosts The REconomy Podcast™ and serves as co-chair of the Real Estate/Construction Roundtable for the National Association of Business Economics. Kushi's recognition underscores her commitment to diversity, equity, and inclusion in the real estate sector.

First American Title Insurance Company, a subsidiary of First American Financial (NYSE: FAF), announced that Crystal Cook, Vice President and Profit Center Manager, has been named a GlobeSt. 2024 Woman of Influence. Cook leads the Georgia operations for First American's National Commercial Services business, managing over 50 professionals and overseeing all aspects of underwriting, sales, escrow, and title production.

Cook's recognition stems from her leadership in the commercial real estate sector and her dedication to Diversity, Equity, and Inclusion (DEI) efforts within First American. She sits on the company's DEI Advisory Council, has helped launch five new employee resource groups, and chairs the National Commercial Services Division's DEI Taskforce. Cook was also selected for First American's elite Women in Leadership program, further demonstrating her commitment to advancing equity for women and underrepresented groups in the title insurance industry.

First American Data & Analytics released its June 2024 Home Price Index (HPI) report, revealing that Dallas-Plano-Irving home prices increased by 2.1% year-over-year. The national HPI showed a 5.6% year-over-year increase, with prices hitting another record high despite slowing appreciation for the sixth consecutive month.

Key findings for Dallas-Plano-Irving:

• Month-over-month HPI change (May-June 2024): +0.2%
• Year-over-year HPI changes by price tier: Starter (2.1%), Mid-Tier (1.0%), Luxury (3.5%)

Chief Economist Mark Fleming noted that elevated mortgage rates are keeping homeowners rate locked-in and reducing affordability for potential first-time buyers. However, he emphasized that housing remains fundamentally undersupplied nationally, which will limit how low house price appreciation can fall.

First American Data & Analytics released its June 2024 Home Price Index (HPI) report, revealing that Los Angeles-Long Beach-Glendale home prices increased by 2.9% year-over-year. The national HPI showed a 5.6% year-over-year increase, with prices hitting another record high. However, annualized house price appreciation slowed for the sixth consecutive month.

Chief Economist Mark Fleming noted that elevated mortgage rates are keeping homeowners rate locked-in and reducing affordability for potential first-time buyers. This has led to a pullback in demand and an uptick in supply, cooling price growth. Despite this, the housing market remains fundamentally undersupplied nationally.

The report also highlighted price tier data, showing that luxury tier homes in the Los Angeles area increased by 2.0% year-over-year, while starter and mid-tier homes saw increases of 3.9% and 3.8% respectively. Anaheim, Calif. led the nation with the highest luxury tier HPI increase at 13.0%.

First American Data & Analytics released its June 2024 Home Price Index (HPI) report, revealing that Houston-The Woodlands-Sugar Land home prices increased by 3.4% year-over-year. The national HPI showed a 5.6% year-over-year increase, with prices hitting another record high. However, annualized house price appreciation slowed for the sixth consecutive month.

Key highlights for the Houston metro area include:

• Month-over-month HPI change: +0.4%
• Starter tier homes: +4.6% year-over-year
• Mid-tier homes: +2.4% year-over-year
• Luxury tier homes: +4.2% year-over-year

Chief Economist Mark Fleming noted that elevated mortgage rates continue to impact affordability and keep homeowners rate locked-in, while an uptick in supply is cooling price growth. However, the fundamental undersupply of housing nationally is expected to maintain a floor on house price appreciation.

First American Data & Analytics released its June 2024 Home Price Index (HPI) report, revealing that home prices in the New York-Jersey City-White Plains area increased by 4.0% year-over-year. The national HPI showed a 5.6% year-over-year increase, with prices hitting another record high. However, annualized house price appreciation slowed for the sixth consecutive month.

Key findings for the New York-Jersey City-White Plains metro area include:

• Month-over-month change in HPI: -0.7%
• Starter tier price change: 8.2%
• Mid-tier price change: 5.5%
• Luxury tier price change: 0.7%

Chief Economist Mark Fleming noted that elevated mortgage rates are keeping homeowners rate locked-in and reducing affordability for potential first-time buyers. Despite cooling price growth, housing remains fundamentally undersupplied nationally, which will likely prevent significant price declines.