First American Financial Corp., Santa Ana, Calif., earned $40 million in the fourth quarter, a 14% decline from the same period a year earlier as direct premiums and escrow fees fell slightly.
Overall, title orders dropped 16% between those periods.
For the full year, FAF earned $78 million, compared to $128 million in 2010. But CEO Dennis Gilmore is more optimistic about the current period, noting that open orders per day rose 19% in January from December.
The gain was driven by commercial title orders and residential refinancings.
The company said HARP 2.0 should boost its business volume in the second quarter.
In the period average revenue per order rose 14% to $1,504 due to more residential resales and a gain in higher earning commercial deals.
FAF's full year results include $76 million of charges, including $32 million to settle a lawsuit with Bank of America. The company also lost $9 million from investments throughout last year.
