Fidelity National Financial (FNF) Barclays 24th Annual Global Financial Services Conference summary

Third quarter and segment performance

• Purchase open orders outperformed prior year every month through August, with August showing 6% year-over-year growth.

• Refinance volumes declined sharply in Q3, with August seeing a mid-30% drop.

• Commercial segment remained strong, with total opens up 6% through August and 8% in August alone.

• Commercial growth was broad-based across sectors like industrial, multifamily, energy, affordable housing, retail, and hospitality, with office as the only weak spot.

• National order revenue and fee growth outpaced local trends, driven by larger deal sizes.

Market outlook and industry trends

• Underlying demand for home buying and refinancing remains strong; meaningful increases expected if rates ease.

• Industry forecasts project $2 trillion in mortgage originations for 2026 and $2.3 trillion for 2027.

• Data centers are a significant driver in commercial, with a robust pipeline expected to remain active for several years despite some community pushback.

Margins, technology, and recruiting

• Title margin was 15.7% in H1; recruiting expenses may pressure Q3 margins, but volume and operational response are key drivers.

• Long-term margin improvement expected from technology and AI, potentially exceeding the 15%-20% range in normalized markets.

• Recruiting is ongoing and opportunistic, with recent quarters showing strong talent acquisition.