Mike Nolan: Yes. Both — it’s Mike. I think it’s really hard to predict at this point. Obviously, that was a big ruling against a couple of the companies that are all going to appeal. This will probably go on for a while. But it could impact buy-side agents, I suppose. And — but probably less of an impact from our view on our business. We still think that real estate agents bring tremendous value to the transaction and will continue to play an important role. They’re the trusted — really the trusted intermediaries and local communities for people who buy and sell homes. And I think that will remain. And we still will expect that we will be working very closely with that real estate community.
Operator: Our next question is from John Campbell with Stephens Inc. Please go ahead.
John Campbell: One quick follow-up here. On — I just want to revisit the title escrow and other line. Last couple of quarters, that’s obviously held up a lot better than the direct premiums. The gap has widened here of late. But I know you’ve got subservicing in there, you’ve got warranty revenue in there. So, you’ve got some degree of subscription revenue in there, recurring revenues. And then I think you’re also getting TitlePoint in there as well. So maybe if you could kind of unpack some of that and maybe give us some indication on also what the impact was from TitlePoint on margins.
Tony Park: Yes, John, this is Tony. Yes, footnote, Jay and revenue recognition footnote in the 10-Q helps to break this out a little bit. But you’re right, you named the primary pieces. First of all, escrow fees are in there, and they tend to trend with direct title premiums, but they’ve held up better than direct title premiums. And I think that’s a combination of maybe commercial coming off a little bit more and commercial has a lower percentage of escrow fees. That could be part of it. I think also sometimes you just have a flat escrow fee. And so, if you have a transaction size that’s down, then the direct premium will come down accordingly, but there may be a base to that escrow fee because I think escrow fees were only down about 12%, whereas direct premiums were down about 24%.
So that’s part of it. And then loan care, which is loan subservicing was actually up in Q3, up against last year’s third quarter, so that was a positive. Home warranty is in there as well. It was down a little bit, but maybe not the same percentage as what we saw on the title side. And then ServiceLink has some different businesses in there, some default businesses and other, and it was fairly stable versus what we saw on the title side. In terms of TitlePoint, yes, it is in there as well. I don’t have off the top of my head what the margins there. I think our revenue increase in property insight, which includes TitlePoint, revenue was up about $5 million as compared with Q3 of last year, but I don’t have that margin. My guess is somewhere in the 20% range if I had to guess, but that can be a follow-up.
Operator: As there are no further questions, I would now hand the conference over to Mike Nolan, CEO, for closing comments.
Mike Nolan: Thank you. We are proud of our very strong performance in the first nine months of the year. We remain well positioned to navigate the current tough market cycle and continue to build and expand our title business for the long term. Likewise, F&G’s profitable growth demonstrates its strong momentum with many opportunities 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 fourth quarter earnings call.
Operator: Thank you. The conference of Fidelity National Financial, Inc. has now concluded. Thank you for your participation. You may disconnect your lines.
