Shares declined 1.4% following the quarter, reflecting investor caution despite stable volume trends due to lack of clear margin expansion or uplift in guidance.

• Adjusted pre-tax Title earnings increased 27% year-over-year to $268 million, with a margin expansion of 140 basis points to 13.1%.
• Purchase orders showed modest growth, with daily orders improving sequentially and a 7% year-over-year increase in total orders opened for April (6,200 per day).
• Refinance orders rose strongly on lower mortgage rates early in the quarter but moderated in April as rates increased again.
• Direct commercial revenue grew 15% year-over-year to $338 million, driven by 22% growth in national revenues and 8% in local revenues.
• Management reaffirmed confidence in maintaining 15%-20% annual Title margins, but caution around near-term residential volume stability and mortgage rate fluctuations persists.