FAF
#It was ---+ really it was about 10% on the title side this quarter.
I mean we did a couple of acquisitions.
The TitleVest deal that we just talked about really closed in March and there wasn't really anything meaningful there.
We did a couple of acquisitions in March of last year.
But the organic growth was about 10%.
This is <UNK>.
It is definitely not because of share, we are not reducing our retention for a share gain perspective.
It is really geographic distribution right now.
So it is really running right in line with what we expect it to be, right around that 80% number.
Yes, agent revenue came in a little light and that is really what we think driven by the sharp uptick in refinance.
When we see a real quick uptick in refinance, the majority of that business typically goes to direct shops with big central service platforms like ours, our mortgage solutions group.
So we think this is really what happens with the market and the type of revenue that is being generated quickly.
Let me give the first answer and I will let <UNK> take the second part of it.
The 8% is on our purchase only.
I'm sorry, can you repeat the question.
Yes, refis were up 40% in April on the open side.
Well, I think for the next couple of quarters we intend to book at 6.5%.
So I think that is our intent at this time.
I think over a longer period of time we would definitely expect to see that loss provision rate come down in the 5.5% range.
But we are going to be cautious and for the next two or three quarters continue to book at 6.5%.
Our claims this quarter came below our expectation and they have done that for the last two or three quarters now, but we're just kind of booking at the conservative end of the range just given our experience in the past.
I think it is.
I think we are optimistic, we are off to a good start, we had a good first quarter.
And if we continue to see the leverage growing on the revenue we will get the leverage on the business, that is our intent right now.
So if the business continues the way it is and spring continues to develop positively like we think it will, we are optimistic that we can exceed our margin from last year.
They are two separate issues.
The pension expenses that we book we wouldn't expect to change for the year.
What I talked about in my script, it was a $4 million one-time charge relating to ---+ we terminated an (inaudible) related to a company life insurance policy.
So it was really one time, we don't expect it to repeat going forward.
The pension will go through personnel costs in the corporate segment.
There is a few things driving it.
One is, yes, we absolutely are getting more business and so we are investing in those escrow deposits.
Another thing is we've started to use some outside managers for our portfolio, so we just had I would say an unusual amount of cash at the end of the year ---+ as of 12/31 that we have invested in Q1.
So those are really the two primary reasons why cash is down and investments is up.
I would say the yield on those investments are probably slightly higher.
I mean right now our yield is running somewhere in 2.0 to 2.1.
And I think it would be slightly higher than that, but not materially more than that.
But it is not in cash though, they are in marketable securities.
Well, two separate issues.
We are doing well in our market share initiatives.
We did pick up about 100 basis points last year; about 160 basis points over the last two years.
So we think that activity will continue.
We are really hitting the objectives we have set out for the Company.
Separate issue is the new disclosure.
We just think that there will be a lot of disruption in the market and we are working diligently to be as prepared as possible.
And we think when the new disclosures come on line we will be ready for it.
And we just think there may be a little disruption in the market which will allow us to pick up some share at that point also ---+ different than our long-term share gain strategy.
It is literally impossible to make the call right now because we don't at this stage know the level of disruption.
We will see when the new disclosures go into effect August 1.
Paid title claims were unusually high this quarter.
We had two large claims ---+ two of the largest claims we have ever paid in our history that hit in Q1.
We had a $20 million claim that we paid that was previously reserved for early last year.
We had another $15 million claim that we paid this quarter that was ---+ had been reserved for a couple of years.
And sometimes when we reserve for them it takes a while for us to actually pay them.
And so, our paid claims were $89 million and that was up 14% from last year.
But if you take out these two ---+ literally two claims our paid claims were down 30% from last year.
So paid claims are lumpy, anything could happen in any one quarter.
But over time we absolutely expect our paid claims are going to continue to fall and fall meaningfully from where they are right now.
