Fidelity National Financial, Inc. (NYSE:FNF) Q4 2022 Earnings Call Transcript

Mike Nolan: Yes, Mark, it’s Mike. And of course, the comp was very difficult, at 17,000, I think it was in the fourth quarter of 2021. I would think the national fee per file will stay relatively the same. I mean, it could fall off some. It tends to be a little bit of a lumpier number, because it can be influenced by big deals that drop in and out. But for the full year, our national commercial fee per file is right around $14,000. And in 2021, it was, let’s call it, $13,500. I would — my best guess at this point is, it’s in a band between those two numbers.

Mark Hughes: Okay. Good. Thank you. And then, any update on the attorney opinion letters?

Mike Nolan: I wouldn’t say a major update. I don’t think we’ve seen much impact in our order volumes due to it. There’s some promotion around that that it lowers cost for consumers. I don’t know that it does that. I haven’t seen anybody that’s shown that. I think it could actually raise costs for people. It’s a bit of an unknown. But what we do know about it is a lesser product compared to the coverage and defense costs afforded under title policies and doesn’t cover hidden risk, doesn’t cover fraud and forgery, doesn’t cover mistakes in the public records, doesn’t defend insureds like a title policy does. So, I think, there’s a lot of questions about the product — and it’s not regulated like the title industry is regulated. We have to post claims reserves. We’re heavily regulated at the state level and ALLs aren’t. So — but again, just haven’t seen much of an impact to-date.

Mark Hughes: Appreciate that. Thank you.

Operator: Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I would now like to turn the conference over to Mike Nolan for closing comments.

Mike Nolan: Well, thank you. We are pleased with our overall results despite the uncertainty and volatility in the current macro environment. FNF is well positioned to execute through this higher mortgage rate environment due to our disciplined operating strategy and long history of navigating market cycles. Likewise, F&G is poised to benefit from the rising rate environment and is off to a strong start as a publicly traded company. Thanks for your time this morning. We appreciate your interest in FNF and look forward to updating you on our first quarter earnings call.

Operator: Thank you. The conference of Fidelity National Financial, Inc. has now concluded. Thank you for your participation. You may now disconnect your lines.