Title insurer and information services provider First American Corp. posted first-quarter net income of $83.8 million, a 23.6 percent increase from the same quarter last year, thanks in part to a major acquisition.

Revenue was also up 5.5 percent, to $2.11 billion, despite a slight drop in revenue from the company’s biggest business, title insurance, the company reported in a Securities and Exchange Commission filing.

First American completed eight acquisitions in the first quarter, including CoreLogic Systems Inc., which provides mortgage risk assessment and fraud prevention services.

First American, which owns a majority stake in CoreLogic through FARES LLC, a joint venture with Experian, combined CoreLogic into its First American Real Estate Solutions division on Feb. 2. The merger boosted first-quarter profits by $36.1 million.

The results of the combined company, First American CoreLogic, are reported in First American’s property information segment. The segment posted $198 million in operating revenue in the quarter, up 47 percent from the same quarter a year ago.

Title insurance and services remains First American’s largest source of operating revenue, at $1.4 billion, down 2.1 percent from the first quarter of 2006.

Although First American closed 458,900 direct title orders in the quarter — up 7.7 percent from a year ago — the average revenue per order was down 4.9 percent, to $1,541.

The company’s First Advantage segment generated $215 million in operating revenue, mortgage information $129 million, and specialty insurance $76 million.

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
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
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