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North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Refi Boom Generates Increased Revenue For Title Industry

May 6, 2003

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Consumer Impacts of Substituting Radian Lien Protection Coverage For Refinance Lendre's Title Insurance

WASHINGTON-- May 6, 2003-- A recent study confirmed what members of The American Land Title Association (ALTA), already knew -- 2002 was a strong year for revenues due to the continued high level of refinancings and the strong new and resale housing markets.

According to ALTA Director of Research, Richard McCarthy, "This report proves what our members have been telling us, that in 2002, they were busier than they have been in years. 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."

Gross revenue (total operating income) for the industry was up 30% over 2001 at $12.68 billion, and the loss ratio (losses as a percentage of total operating income) was 4.6% as compared with 4.8% for 2001. The net gain from operations was $480.1 million up from $237.6 in 2001. Net income after taxes was $557.9 million in 2002 compared with $460.4 million in 2001. However, net investment income was down 12.5% to $321 million from $366.9 million in 2001.

To see charts from this study, go to the ALTA News section of the ALTA Web site at -- Click Here. For more information on the study, contact McCarthy at or 800/787-2582.

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American Land Title Association
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