First American (FAF) Q3 2026 Earnings Call Transcript

First American (FAF) posted Q3 2026 adjusted EPS of $1.78, up 5% year over year, citing commercial growth and higher investment income. Revenue rose 5% to $2.1 billion as record performance in commercial services offset declines in residential. Commercial revenue totaled $297 million, up 21%, helped by a 13% increase in average revenue per order and 7% more closed orders. Average revenue per order increased 13% to $4,304, while commercial refinance premiums grew 49% year over year. Mortgage rates climbed about 100 basis points over six months to 7.5%, the highest since Q2 2024. The company also reported title investment income of $169 million and dividend rate of $2.44 annually.