Mike Nolan: Yes. I don’t have anything I could report on May, but back to your comment, if you look at the pickup in refinance business in the first quarter, I think we were up, let me – 16% over the fourth, rates did come down in the first quarter. And I think to your point, refis reacted to that, still at low levels, but they – I think they reacted to that. And then as we got into April, that’s when rates went back up. And then refi was down a little bit to the prior period. On the purchase side, I actually was pleased that even though rates were moving up in April, like I said, they got to 7.5% at one point, it was not showing up and impacting our purchase open orders, in fact they were up 4% sequentially. What we don’t know is kind of how – as I have said before, how it’s going to play out into May and June if rates stay elevated or move higher. And if they go lower, then you could have a more positive outcome, obviously.
John Campbell: Excellent. Thanks. Thanks for the color.
Operator: Thank you. Our next question is from the line of Maxwell Fritscher with Truist Securities. Please go ahead.
Maxwell Fritscher: Hi. Good morning. I am calling in for Mark Hughes. Kind of in relation to that last question, I was just wondering if any internal models are showing what would be the best equilibrium between – and this is in regards to rates, the best equilibrium for the title business, the investment income in F&G, where rates would be headed for – to have the optimal earnings?
Tony Park: Wow, yes, I don’t know that we have a model for that. We all – we have always said and just speaking specific to title before I even try to touch on. I will let Chris and Wendy handle the F&G side. But on title, we have always said more volume trumps investment income. And so if we can get to a rate environment where we get over 5 million existing home sales or whatever the number is and get into that normalized market, I think we will take that any day over maybe even a couple of hundred million dollars of additional investment income. Having said that, certainly, it’s a bit of a hedge, and we are enjoying $100 million a quarter in interest and investment income from the portfolio, but lower rates and more volume is certainly better. And did you want to…
Mike Nolan: Yes. I guess it’s Mike, Maxwell, I would add. Just look back at years like 2019 and 2020, 2021, we didn’t have a lot of investment income because rates were low, but the title business just exploded. And you can look at the margins and the profitability we drove in those years hitting an all-time high of, I think it was 21% in – almost 22% in ‘21, and that was without very little investment income. So, I think that probably answers your question and Chris can certainly confirm this. But F&G’s business performs well regardless of the interest rate cycle. The interest rates on their floating assets are there, but it’s a small part of the story. So – and I will let Chris confirm that. But I think we take lower rates for sure.
Chris Blunt: Yes. Mike, that’s right. I mean one of the charts we are most proud of is you see the pretty consistent spreads from when the 10-year treasury was up 39 basis points up to where it sits now, because again, once we get premiums in, we are getting those invested in the ground ASAP, and we are locking in that net spread. So, spread matters to us, credit environment matters to us, but we are largely indifferent. Now, in a rising rate environment, it’s easier to eke out more spread. There is a little more demand for the product. But yes, I think folks are going to be surprised that as rates fall, our earnings should hold up quite well.
Maxwell Fritscher: Yes. There is a lot there, you answered that perfectly, so I appreciate that and that’s all I have. Thanks.
Mike Nolan: Thanks.
Operator: Thank you. Ladies and gentlemen, this will conclude our question-and-answer session. I will now turn the conference back over to CEO, Mike Nolan for his closing remarks. Mike?
Mike Nolan: Thank you. We are pleased with our solid start to the year. We remain well positioned to navigate the market cycle and are continuing to build and expand our title business for the long-term. Likewise, F&G’s opportunities are compelling with many prospects ahead to drive asset growth, deliver margin expansion and generate accretive returns. Thanks for your time this morning. We appreciate your interest in FNF and look forward to updating you on our second quarter earnings call.
Operator: Thank you. The conference of FNF has now concluded. Thank you for your participation. You may now disconnect your lines.
