Last year was the strongest year ever for revenues in the title industry, thanks to the continued high level of refinancings, according to a recent study.

Gross revenue for the industry was $16.6 billion, up 31 percent over 2002. The loss ratio (losses as a percentage of total operating income) was 4 percent, compared with 4.6 percent in 2002.

The net gain from operations was $1 billion, up from $479 million in 2002, or a 114 percent increase. Net income after taxes, including investment income, was $1.1 billion in 2003, compared with $558.6 million in 2002.

“This report proves what our members have been telling us, that in 2003, they were busier than they have been in years,” said Richard McCarthy, director of research for the American Land Title Association. “No one could have predicted that consumers would refinance multiple times in six months or a year due to interest rates that continued to spiral downward to 40-year lows.”

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription