Fidelity National Financial (FNF) 14 Feb 202019 Q4 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the FNF 2019 Fourth Quarter Earnings Call.

During today's presentation, all parties will be in a listen-only mode.

Following the presentation, the conference will be opened for questions with instructions to follow at that time.

As a reminder, this conference call is being recorded. I would now like to turn the call over to Jamie Lillis, Investor Relations for FNF. sir. ahead, go Please

and quarter everyone. XXXX operator joining you our fourth earnings good you, Thank morning, for Thank conference call.

your are the Nolan; will a financial and will review today concluding Quirk; Foley. finish brief strategic We'll with me our title call with Bill. Foley; a and questions Bill remarks highlights Joining Randy from CEO, begin President, and with Mike the CEO, business CFO, review Bill F&G Park the for of overview Tony finish open Chris Blunt. Chairman, Randy from and Tony

But expectations, you are of that before forward-looking intentions the regarding hopes, risks call forward-looking we statements begin, this contain our Statements uncertainties. not I or would strategies historical like to may are number and future that facts, remind that including statements. a involve about conference statements

are statements not are no made assumptions and Because any events actual expectations update otherwise. Forward-looking materially differ result operating financial to obligation We well management's to by statements and may forward-looking those and or on results as projected. as are new statements as management. from information, undertake a currently based on available future of future such beliefs statements as based whether of to information fact, results

information, replay release Company's number The access yesterday XXX-XXX-XXXX but website call statements The be will at through PM via the press the statement for at XXXXXXXX. risks detailed This available other beginning Form our and and code to is replay are uncertainties replay Eastern in which X:XX XX-K also include conference XX. factors not dated with today available forward-looking are It sections the be at February SEC. factors regarding and is filings through phone our will forward-looking risk other fnf.com. in webcast limited subject of to and risks other the and and the

me to now Foley. Chairman, our over Let call Bill turn the

our XX.X% and fourth fourth generated title quarter quarter margin title million banner the title was business, finishing pre-tax another pre-tax Jamie. a for a year. We adjusted strong off $XXX adjusted you, The quarter. during Thank of earnings

generated which I of $X.X an XX.X%, more best title For billion, was since the of adjusted pre-tax title a let with our details title pre-tax Randy margin go business XXXX. year, we a record the will on in into moment. earnings adjusted

to we announced week. $X.X FNF Turning deal or approximately F&G which agreed stock $XX.XX equity at an FGL has common to of our acquisition share per valued F&G, Holdings for of acquire in billion. last

will XX% which forma than business, acquisition, closes We transaction to retirement and income beyond FNF's FNF XX, XX% expect FNF's basis more earnings, XXXX pro XXXX will insurance title insurance. Through XXXX. the forma June by a accretive to earnings a the to streams and pro the transaction on assuming into cash be basis and accretive FNF's expand the on diversify

very note, financial of for for upgrades, products. Importantly, the retirement to robust and accelerate in accommodated which open accretion. their and we a by to strength, FNF the policy to F&G also we and insurance growth government expect our excited acquisition the retirement businesses its are mortgage sensitivity dealer rates new significant risk and volatility F&G's inherent Ideally F&G's outlook bank expect inorganic on counterbalance from distribution immediate to and F&G additionally, attractive to an earnings reduce channels broker products. scale, size, organic operations offering -- will aging demand earnings growth interest we driving with FNF's demographic incremental ratings while insurance offers which are and and providing capitalize F&G and benefiting Of our title allow as which will opportunities.

for the We extensive network. through products bank and insurance potential FNF's retirement cross-selling see also

thoughtful a meaningful creating to shareholders our debt through focused on allocation pay segments. capital down committing are we in further share forward, business and value our investments strategy Looking repurchases, dividends, long-term for

and our per dividend no share holding $XX dividend million have cash. quarterly which alter used current reminder $X.XX raised fourth to plans in policy a as during the available to we X.X%, company We quarter, our

flow, addition expect of earnings the to time. dividend With F&G's over and our we cash would increase

in We will buyers of our opportunistic be continue to buyback with authorization. stock, our existing accordance

During XX,XXX shares the a we the X.X blackout repurchased year. and of million quarter and the period, prior to throughout shares total

inflows servicelink million approximately were in million in $X.X million inter-company plan cash. note. from principal on The available billion shares and fourth the authorization. -- interest non-underwriter was in repurchase $XXX and company holding fourth and million current result ended remaining holding has in the net on underwriter primarily the we XX.X $XX the $XXX quarter with Our the quarter $XXX FNF million cash company dividends

the discuss now turn to Randy call Quirk title the I'll business. over to insurance

a you, million, $XXX generated of Thank We pre-tax increase Bill. million earnings over adjusted quarter $XX of XXXX. the XX% strong fourth title or

XX.X%, environment XXX% closed, increase an closed orders of increased XXXX, orders volumes. versus year. the margin title point closed. the prior by increase in XX% a current total increase Purchase opened was daily of refinances' increase fourth refinance opened the X% of XXX% commercial drives orders mortgage had XX% a orders refinance pre-tax and comprised the increased over We closed a direct daily as fourth XXXX, quarter increase in rate versus in orders by purchase in XXX quarter basis adjusted a X% Our orders

over fourth of Lastly, total increased the opened XXXX. by quarter XX% commercial orders

purchase quarter improving trends well commercial continued a opened orders in opened, This as as quarter produced opened. in strong refinance ongoing strength of orders orders

year through first remainder moderate XXXX. half strong to of remain the We and expect mortgage originations of the the to begin then through

X,XXX, were fourth averaged orders orders X,XXX Purchase day basis November and opened at daily at December X,XXX closed X,XXX. fourth quarter, with and total were X% the up October a per up in on quarter. For opened the X% at orders

versus October the on respectively versus while by and X% opened and up prior the XXXX. daily versus a November X% fourth opened Daily was increased year XXX% December Refinance basis by were purchase and the X% orders period. quarter of orders XXX% up was prior up in closed period

a nearly driven prior a increase increased orders over by steady versus fee year. each offset in X% period. increase per the of year file, month quarter XXXX, by opened decrease Total XX% for week February. the year by versus week prior per opened orders the the by fourth XX% daily XX% opened prior XX% For by refinance opened of in the commercial was over with $XXX million January, day month the revenue and orders partially XX,XXX opened orders. the of per first increased January of were total decline the and a the purchase record-breaking in increased Commercial Daily of an orders day orders versus quarter primarily closed in fourth X% X,XXX

the was began performance our for revenue tracking Total revenue in commercial XXXX best revenue commercial since annual total XXXX. year we

Lastly quarter. staffing levels the remained relatively fourth stable during

as second quarter, the order approximately increased needs result XXX a and third order However, staffing open and closed by our the in of volume increase.

highlights. over to me the to turn financial Park Tony now Let call review the

were Thank net generated million Net or generated total $X.XX Title which million segment the revenue $X.X included million in we in billion realized $XX Corporate earnings quarter but our of We you, in revenue earnings segment. share. were $XXX generating million per the in $XXX Randy. Adjusted fourth all net $XXX diluted gains. with the

by XXXX. generated billion versus increase versus XX% net XXXX. the premiums of for the $X.X XX% in and fourth from fees also XX% and other total increased Excluding quarter, fourth revenue title gains grew increased fourth escrow Agency quarter realized year. Title our quarter by of the of revenue the segment Direct $XXX million, prior related XX% by

in All in from of title were don't Personnel versus and the by a unusual costs increase Included them title earnings. a margin, XX% from generated adjusted time Since and back of fourth quarter basis the increased other settlement expenses by XX%. XX.X% litigation-related types expenses in XXX nearly some show two point expenses the increase dispute to time, operating we operating business adjusted a XXXX. including grew these case exclude dating pre-tax decades. items, of the up

fixed a our approximately we the from XXX of increase investment margin we out. short-term securities income impact points. and is on However, million relevant title to were year were the earn, as over balances reinvestment by client the amounts it in by in them proceeds of we over million the positive and million $X and decline short-term basis a point negatively partly cash funds offset prior exchange $XX -- exchange income was increased maturing saw business. hold of interest XXXX interest impacted the rates, on over our $XX Those Interest

FNF debt ratio capital of a on was outstanding December debt for to XX XX.X%. total $XXX million

above the for of currently claims claims our central were $XX of million is estimate. $XX Our $XX losses carried quarter. or million paid than million X% $XX The lower reserve provision for the fourth actuary's million

X.X% to continue total title at premiums. We of provide claims

at billion, preferred billion the investment duration an XX. $X.X are our Finally, $X.X of an with securities of December average billion average Included portfolio million, Equity currently and in $XXX X.X fixed years company billion rating and $X.X of holding totaled of over maturity sits securities AX. short-term cash and Of billion. the and billion the $X.X of $X.X billion other of cash level. $X.X investments in at $X.X

the for to to operator any our turn allow call back Let me now questions.

you. Thank

Instructions] We question-and-answer be will now Thank session. you. [Operator conducting a

of question line first questions. with your Mark Barclays. Our with comes proceed the DeVries Please from

Thanks.

and you started you going increase little bit your indicated, of you forward. could and the in pipeline commercial talk was what the for business is orders your What the quarter a as was saw order Randy, it volumes in of but also biggest up, optimism noted, monitoring orders actually closed probably revenue kind down. since question First open then the characteristics Randy. you just the the you've you as more saw about Thanks. per

of high in look of fourth in in probably our file third our that 'XX, you was transactions a that some quarter we've rate site were also we that and you think ever saw was year tough in the states. that file over big in pipeline, a think Hey, aggregate the that just was I another have had, transactions the more also there the in of XX& a think commercial have when last out math. I quarter fee they quarter as I'd half fourth a I with XX% of in and order couple really an fee highest single January. And but point at it up the had are fourth increase the per Mark. It the that multi-site on fourth partly spreading you're that fee the XX%, we things was Mike. orders. of up in locations because about substantially didn't average quarter, you In effect the couple one values, we XXXX do average actually the drove It's and the premium file back year, the per probably many lowers if large average of national number open the per it one -- comp did

seeing strong So strong volumes pipeline. we're just order really and

And assuming out of different best title next et do question, attractiveness about for business, how Bill, returns free closes Where buybacks, Okay, flow of you transaction investing have you'll plan, cetera. got any F&G coming F&G in the as the for see dividends it. the cash your the you do deploying relative maybe think the business. between options M&A

Yes, of significant. right and dividend other look M&A couple the continue on program What open and is perhaps -- than to we've also do reengage will and be I North at dividend stock -- repurchase got not on F&G. is our blocks us I items going with like just the would business now F&G side, we're to then buying see move a of think is on our

from So daily stock start precluded we repurchase repurchasing window and opens, the to we're time, this our soon repurchase plans as or particular but program. intend shares go normal at back in as

organic a we're up enable our open company. our regard we with may exciting different taking to into we growth -- will possibilities be to bump, there bring aren't ratings share there will and by for bring And be allow market F&G our increase, growth and get through lot opportunities some will assimilate is are But and that other business, It's So share, which occurs also available, the market players. going into to a large that through acquisition F&G. a from always to but then them there to either title there's kind for try of want and the will and us. ratings extent continue to agents M&A where or grow channels, M&A

you. thank Okay,

the your from comes George with question question. with Bose KBW. next Our line proceed of Please

your fairly Yes, can stable? good just give us afternoon. income guidance rates stay Actually, next interest you assuming some interest expectation on year for

Tony. is This Bose. Sure,

of course period a and we generated income over in three XXXX Fed we adjustments through $XXX about interest rate So went downward. the as million you know, of

the as expectation a bit we little spread pick to QX, XXXX, that's So is and feel My will probably gradually. way year we equally, $XX relative through decline XXXX. fairly QX of a less will it will million up the over prior move our about in but we pressure maybe little little then a course

And impact it basis so almost $X average again, could per about quarter. of out you comp a on million

Okay, about guys building timing and actually, and spoke quarter great. still last you bank any the That's helpful, thanks. just, then on that a I And potential agenda was is for that? potentially

-- the filings of at on time. We We are defer to we decided didn't we submit to filings, ready same two transaction significant agenda. kind the concluded. just the our our regulators was It filings, filings deferred is still two the want to with but confuse until F&G

XXXX? see Is this we something could in

is it control. could really see, applications The XXXX. that's our you in could the the that's something see of timing, you or Yes, out filings

Great, thanks.

Our Zelman. your the Aron proceed next question question. line of comes Please Mackenzie from with with

afternoon. good Thanks,

Just guidance a the wondering if just might strong, the was of recognizing you margin especially half so half expectations But commercial or [ph] year, be give become year. about given, you back around it this color this margins could like to of the in sounds could going a very little is bit any year, year? first headwind, to start revise talk

-- quarter very first with to as with the is -- increase are this that stable orders momentum mentioned. open good refinance of markets great in purchase on second of our rest could have growth XX.X% That's XX% got think and in this market. we pipeline here the We're significant. very was year the volume do margins you at with and it's Yes, quarter very and continue we got had in that year throughout the going the Randy. Mike commercial know, a Well, a the going solid, in course, come

we're know, a looking have very So good seasonality. little we'll you for first quarter, very, bit of year another

-- I that target measure, up again. has year-in XX% think year-end our and Our margin, up it there get a from into push XX% always been we range can but

what possibility. we're first need see of expectations but high. rates year, this for pretty six measure solid a better looking our getting we the of right in a are to So as a -- We're good place through good back now do but not course we'll get think, is we it get obviously a in the range year, months I up very and

Great, thank. you.

your line Our next proceed Sohem of with question. question Bhonsle with comes Please from the SIG.

morning, Good guys.

[ph] which would F&G,I had Just acquisition, and couple term, you title. hedged. longer acquisition. you the be after we as it's XX.XX that looks earnings going a think this like like of would to to the about your point mix I where forward on it FG go feel Where to adequately guess, going guess, mix is

at probably assets keep be that's up management that's goal to going our being is If to really years. through too, like to under about end in. the under in under can assets going talk would you XX-XX and in is our and -- to what I were that F&G Chris five primary assets the but earnings-wise, to think to double to happen, that we're management are focus that growing if terms want chime more management company of our

points. to this Blunt. key This already the of couple One, a again, place. think, is just is in an I accelerator Yes, is that Chris strategy

critical don't next need ratings obviously achieve years. over mentioned for five us. additional upgrade we to outsized So that Bill growth the that's the

be infusion so need -- or the and a stepped moment and self-sufficient if would on be, gas the accelerant the simply capital here. this are we just capital growth big is to from will that potential really we So at organic our effectively

over the Got income, accretion of FNF the it. And there sort any there over yield book think just the of been I maybe range investment some Has then F&G's I time? on was discussion in yield to on wondering somewhere Blackstone with moving get is relationship. that X.X% internally

we this that funds that's and cash, -- has some that sitting part free -- some been leave market and up of in and kind money take Blackstone. at there of it let with Chris and is plan Yes, that's of to have so on discussion with work we our a just of FNF free

that of I timing any thoughts after for is the something Are there kind mean, on right that. acquisition on or XXXX?

it we're It consolidating will the that after wouldn't but be working additional acquisition now, plan, be Chris after be and -- working and the acquisition, through, Blackstone right busy offices some complicated funds. some to give is through

Thank you. Got it.

your of JPMorgan. with the Our proceed line next from question Pablo question. Singzon comes Please with

question. my thanks taking for Hi,

about So a A rating to characterize from was talk plus think compared and upgrades. the A about I one first from longer-term moving could if moving and I had you of you is, which be to potential wondering implications may outcome. we growth an minus an as F&G a minus the BBB A, think

guess I new that know deal certain to within that partners your FNF rated broker prior are A can out minus year you Chris, there of BBB? open only being just and with what premise you was And up and rule channels, distribution So the transact this A.

that's answer Hey, and great I'll reverse banks in year of broker-dealer the assuming this the occur Yes, was question, -- the into so going independent rollout quarter second to order. A in minus.

kind That's minimum channels. of stakes. distribution those know you If the table

get meaningful out upgrade we to maybe next hoped So so very out that that us. we XX had accelerating could that months a to is year

Best point as of very and at S&P's Solid the deal world, is Moody's, that A So A, and AM us. hopefully, the big a Fitches some an with the a with -- for minus

then will not have that independent play so bring the yet into pension FNF broker-dealers great transfer. that has into markets with then with penetration open we to it also So up in been banks deeper opens able and of really plan relationships and risk like that all will combined faster up

lot growth in half. is kind XXXX it forward So what story a good a initiatives and of taking of a XXXX year and this rolling year, basically a and was and

a I the guess is flow as that's in of view one think focus then, flow. FNF a And question of I is F&G's cash which just in context Chris, a which just topic this for one second investors Okay, I statutory earnings of the themes helpful. generation, proxy cash on. And

year, $XXX the correctly so So in and should for your we which expect recognizing requirements in the if understood net grow which STAT Should nuances million every I growth truly by maybe between next any at just past STAT you context of earnings STAT, the the the of should earnings, go excess if organic GAAP operating a had $XXX over flow capital, pegged the trajectory how about to about million and back cash years. XX% and think lag? couple is perhaps of you census similar but we about

so comments the I our careful got to here before. Yes, we've that coming we up of need earnings Pablo, little made XXth. know, should a because But release couple be you on

pre we capital As for that self-sufficient growth had we the at forward I felt when said we were plans we project time. FNF, the

account middle things. and change that So down would seen just us One earnings, additional and consistently now growth. us don't having pretty on our that consistent thing earnings for tracking I which from you've hopefully been gives our the needed we're to if for folks accelerate we GAAP the allows at least straight potential expect capital that that comfort is how STAT have

negative. cause to prognostications, be that access a terms would want but positive a nothing don't any I yes, should capital of and this make So to to it in be

your Okay. Thanks for answers.

Campbell of question. Instructions] [Operator Stephens. your with the comes Please question from line proceed next Our John with

was reception. bigger Hey picture good -- clearly it's or been on morning. question Tony somewhat that some mixed maybe Bill FGL, a guys, just

thing the I'm had investors main push FNF You to a sure lot what's guys days, couple you this most deal? have are since investors. common of or you've maybe missing talked think of announcement. back with the What's the

we think exactly they were a would just I and don't, of either what push that when it excess cash, a hopeful of a and currently buyback the I going the the do people in with and happen. people I we to lot think that I dividend give back, main don't surprise anticipated it's them to knew that or think were that Well, but form something that didn't

that also gate Chris, F&G something you that were think seen some out could sellers, might to the maybe holders companies I activity speak people you've ARB industry. that than this. think their have in be right of the or like influences in probably different I of things people similar maybe some some that miss [ph]

traditional that's insurance I not add company. that. Tony, would I think We're Yes, life a right.

indexed that's appreciate, probably do people that biggest So young fixed-indexed and we've their component a need to to in of book the misunderstood homework get got and annuities.

So from able on is spread proven lot resilient on pretty We've we consistent a legacy maintain the with rates. the year. in movements don't Company to time XXX been of very rates We've interest have to X% assets. over everywhere net XX to the XX-year

insurance think don't we So rates, companies. insurance spread we of legacy traditional more are a liabilities for much companies, regular sense a a if together, lender basis. on there for but is you lumped our where gets know Yes, can space I bad the reprice low everybody

probably number that's one. So

and period, stress we've credit and risk that managing what test, The publicly, We've the Blackstone second taken would actually independent had FG which that. folks release in during issue done is the the this portfolio. where cycle down late we we're we've has been what's of in verify credit portfolio Blackstone

but it be credit, coming must is, there enhanced harm yield, the miss some we've extra you're at credit. the of getting So actually

things We've buying asset-backed like structured higher been corporates rated and doing selling securities. securities, CMBS, BBB

have we sticky getting your liquidity. we've We ton head sort of the at So of very believe those it's profile, a improved less liquid, credit around. a really, some securities, little liabilities of but

to but rates about are that people our a life get think while two because us. apply when them around the concerned of sector, arms to their trade. of the So that are Well, I most it doesn't probably doesn't most sector took those investors down are what the just

kind FGL, makes fits then that KANAI Bill, guess Okay, with that this you. of picture bigger I [ph] there a into And landscape. is also future Thank way sense.

KANAI I don't focused investments opportunity. see of companies. get kind is is we to data Sintex were an area If on more a KANAI type involved in business this of a FinTech with and But really the of ahead organizations. like be side. we're is don't Marketing with KANAI would marketing I -- type that F&G, investment. relationship feel of a in this kind it a a of

that Okay, Tony. one, calling the fees. last little the curious One margins. We title sense. makes Thanks pretax quick out for about legal were

said you didn't of that that think anything impact, that type there I XXX to back Is an or was this bps any term, particular So expense a of there. out continues reason little you out is call curious, why near results. adjusted over some maybe the of

the I quarter. We expense, So it's expenses be about careful lot legal of These type just were bigger continuation do cherry stuff. flow a have that of a it and to than when picking do then every this so through SEC want them the from what down careful one purposes. don't we they're normally be I I have next quarter call maybe out that mention don't and that just to want but I

it's than a of out like we we normally standard a And question. back know, don't lot So you do. to as stuff. stuff the fair Other

it the back it XXX So just was sense think more to of this basis out envelope. made call. And in points, phone I it call I thought about

color. the for Okay, thanks

next Mark Our comes question. with of line Hughes. from your Please proceed question the

Yes, thank you. Good afternoon.

that also here also if sustainability. I and talk could fees agency, You wonder numbers driving the about escrow lately title, you what's very had strong dynamic the other about in

in other. the a as We have stronger Mike, side agency west. fees especially on give escrow I'll but the the refi, and percentage of escrow do

up sort minimum on fee part particular And so a our if XX% you direct escrow just premiums were XX% because have orders you was escrow that for so or XX% see those that. fees up XX% and of or of

of and the We stronger valuations months revenue course over where on they've QX we ago. the more loans also care lot the had year in revenue versus also taken of there business, ServiceLink loan last stronger in a on were the area a in XX

you there. why a of strength that's see So lot

Florida, share share. Yes, Jersey Mike. months a and is it's year. first that the on through really like quarter market including results, we're the Pennsylvania, full in record strong with And numbers show very of the Georgia. agency Mark, places the taking We're and market increase pleased key agency in which up some X had a side. share have us markets The like we New we we agency record a feel point. a the in year in Nationally, world

Thank the you. ask you And seasonality. said the market February to described you much to looks think did would say, then that How that's good presumably it it be compare -- Can acceleration, the I and of too good you February, like purchase some continues on have momentum. that year-over-year.

up I February think on is sense January trending. how X. is Any

Randy. is this Yes,

look again one right that that as at the that and X% was, but for of But we record that's did course had was, ever that of it with that again in one February will month, grow was but you course, week direction. move of refinance Of week was one week. through going one-week typically the increase X.X%, But purchase, order volume February. a only -- end week so held the February and we purchase have in the

the I'll of as open Yes, Mark, well again, total just think in I add up February January. XXXX early there, orders. And against part XX,XXX we're XX,XXX, that over Right.

increase. big So

be transactions. assets notional template. that the lock double be then or organic the PRT And Is how much in should a goal of much might of question to kind five one Yes. How a versus years. final F&G, on there

of organic the out say Yes, will part that growth. I be would overwhelming that

bulk smaller a for particular of It's blocks So that any of that just transaction, not get in the add couple playbook flow slowing that of doubling. doesn't to not assumptions deal A couple any reason. swing channel heroic assume to XX% at of running signs large does example, that for not IMO a but transactions growing or And size and transactions. the or broker-dealers. wouldn't we that Not that a there. now been in is banks a anticipating core here our we show we've block take at we're that small out flow of maybe

you. Thank

with from question next question. your a Soham Please follow-up proceed Our SIG. Bhonsle is with question

Hi guys, thanks.

Just XX% per down with there's there year thinking a And this I follow-up file fee shift a year-over-year about some and per for file is but mix on how there, refi on are purchase guys fee know year and the year-over-year. was basis. of lot going you on a

would bit. little I is Mike. it's and a an increase -- we would purchase may grows bit little a refi get I of if think, down

and I XXXX. you consistent a levels would commercial would in there So be positive get shift think with file per fee

Okay.

is that for mid So year? reasonable this singles growth

Yes, Yes, that's I reasonable I mean. expectation. that's, think would a

I and depend we to the we'll if a pressure it's of have some of what you in closed we refis a lot just lot see especially QX. fee the file has do start year, at more refi -- fact per the ton on that's had that the decline, on with to XX% really mean, it with lot mix, going a see that a of

Thank sense. makes Yes, you.

Our your with next question Please question with proceed SunTrust. is Mark from a follow-up question. Hughes

Thank Yes. you.

when whether I'm of and sort lapses the had one know account space already your have more I persistency, lengthening they American you're getting at financials. results, your taken good just talked curious assets, you lower that in that a phenomenon yesterday of therefore, -- F&G, the long-term in look folks new books, the higher of of into you've earnings, seen you one On Equity about your

that be Just on a of helpful. would words couple topic

important I but we're in where of thing our earnings any negative announcements, seeing just probably have Again we're timing patterns. growth and to most probably say, given is strong topline Yes, this real -- be are our not own we Chris. is careful not just the

maybe just that. at So it I'll leave

Very you. Thank good.

from John Campbell a follow-up question. proceed with question Stephens. with your Our is question Please next

Hey guys, thanks.

one Just quick follow-up.

like would to there relative remittance helping I favor your some agent worked last maybe this rate work remittance year, with it's that I the looks two is a thought On was that's actually little states, western quarters. of there structural that you quarter, in thinking against the higher that. maybe there bit last rate. seasonality, something

Mike. it's John,

the As in you business don't western states. do agency actually much we know,

splits promulgated we other some where like also in the had I it's markets better in growth think, that like the market really a and markets Florida we've Carolinas. like in markets vis-a-vis have

you. thank Okay,

time, to to for Foley, have comments. floor now over at back further no closing this we Mr. I the like turn would questions you

you. Thank

We title pleased fourth year. our quarter a very rounded that out are results with record-breaking

originations slowdown will Looking mortgage in expenses vigilant we as we to the remain year, with our manage the moderation expected in anticipated an on XXXX, volumes. later in

Lastly, updating completion first welcome of call. Upon our to our us the forward we the today look we're months. in excited Thank FNF pending for joining quarter F&G into you everyone to merger. coming and on family

today's Ladies and teleconference. does gentlemen, this conclude

Thank participation time. your You your a lines have may wonderful this and at you day. for disconnect