Total operating revenue for the nation's title insurers hit $1.6 billion in the first quarter, up 32% from revenue in the first quarter of 1997, according to the American Land Title Association, Washington, D.C. Pretax operating gain totaled $39 million in the first quarter, up from $6 million the year before.Richard W. McCarthy, ALTA's director of research, attributed the impressive gains to low interest rates, increased housing starts, and record sales of existing homes. Mr. McCarthy said improved loss-prevention work brought the industry's loss and loss-adjustment expenses down to 3.7% of operating revenue in the first quarter, down from 3.9% the year before.
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