Land Title Industry Posts $710 MM Loss for 08

The land title industry is hoping the first quarter surge in refinancings is going to turn 2009 into a good year after they posted operating losses of $710 million in 2008, following an $87.8 million loss the previous year. "The land title industry is beginning to see an increase in orders and is anticipating growth based on a growing market for refinance transactions," said Kurt Pfotenhauer, chief executive of the American Land Title Association. Economists at the Mortgage Bankers Association recently forecast that refinancings could make 2009 the fourth highest origination year on record. "This is welcome news following a very tough market in 2008," Mr. Pfotenhauer said. Last year was all downhill for ALTA members as the decline in title premiums followed the decline in residential sales and refinancing transactions right up to the very end of the fourth quarter. Despite the large loss, ALTA said the land title industry remains in a "strong financial position."