Profits Down at First American

First American Corp., Santa Ana, Calif., had net income for $29.5 million for the first quarter, down from $36 million for the previous year as the unit soon to be known as CoreLogic reported lower revenues and pre-tax income. The title insurance segment at First American, on the other hand, saw its pretax income soar from $9.3 million for the first quarter of 2009 to $28.6 million for the most recent period. Average revenue per direct title order was $1,435, up 15% over the previous year, due to a better mix of higher-premium purchase transactions. The loss provision rate for title claims during the first quarter of 2010 was 5% of premiums and related revenues, compared with 6.5% for the same quarter in 2009. The Information Services Group, which is being renamed CoreLogic, suffered as there were fewer mortgage refinancings in the first quarter 2010, compared to 2009. Revenues were off by nearly $40 million and pretax income down by almost $31 million.