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Fidelity National Financial, Inc. (FNF) KBW Title Insurance Day December 3, 2025 10:00 AM EST
Company Participants
Mike Nolan – Chief Executive Officer
Anthony Park – Executive VP & CFO
Lisa Foxworthy-Parker – Senior Vice President of Investor & External Relations
Conference Call Participants
Bose George – Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Bose George
Keefe, Bruyette, & Woods, Inc., Research Division
Great. Good morning, everyone. Thanks for joining us for our next session for the KBW Title Day. Next up, we have the management team from Fidelity National Financial. With us, we have Mike Nolan, the CEO; Tony Park, the CFO; and Lisa Foxworthy-Parker, the Head of Investor Relations.
So let’s kick it off with a discussion on what you’re seeing in the market in terms of current order trends. So Mike, let me turn it over to you for that.
Mike Nolan
Chief Executive Officer
Yes. Thanks, Bose, and thanks for having us today. It’s interesting when you look at this year to last year and as we went into kind of the fourth quarter of last year, we had sort of a rising rate environment, if you remember. And this year, we kind of have the opposite of that, and we can really see it in the order trends. So for November, our purchase orders on the open side are up 5% a day versus last November and also essentially flat sequentially to October. And that’s really interesting because that’s unusual. Usually, pretty much every month, those purchase orders are falling off in the second half of the year and then they kind of go back up starting in January. We’ve talked about that a lot.
On the refi side, our refinance opens were up 54% to last November. And again, we had rates rising last year, and so the refis
