Mike Nolan: And Soham, it’s Mike. I would just add then that we would welcome a lower rate environment, given that we don’t think it’s a significant impact on F&G and it would be a significant positive impact on the Title business.
Soham Bhonsle: Okay. Great. And then, Tony, like when I’m looking at the residential fee per file, it was up mid-teens this quarter, so much stronger than where HPA is today. I mean, I guess, what’s going on there? And then on the national commercial side, it looks like fee per file was up low double digits as well. And that just sort of goes against sort of what we’re seeing in the market. So I just wanted to get your thoughts on those two items.
Tony Park: Yes. So what I have in front of me here and, and maybe I need to double check it, but, but I show that our purchase fee per file was about $3,350 — $3,350, up against about $3,180 in the prior year fourth quarter, which is up about 6%. And then on the refinance side and keep in mind, refinance is, is very negligible at this point, about 5% of total direct revenue. But nonetheless, the refinance fee per file $1,289 basically, $1,289 versus $1,226, so up about 5%. So I don’t know that blended to me, residential is, you know, 5% or 6%, which I think holds up relative to, to what, what the market would, would show overall. In terms of the commercial, yes, I don’t know. I think that’s probably more a mix deal. I think we, we tend to have larger deals in Q4. Mike, I don’t know if you have any thoughts on the commercial fee profile and why it was…
Mike Nolan: Yes. On the commercial, and you’re right, Soham, it was, it was significantly higher in the fourth quarter versus a pretty good number in the fourth quarter last year. It was heavily influenced by a couple of really large transactions that we had. And so I would, I would expect that number to, you know, kind of reconcile to more normal, as we, as we move back into — as we move through to ’24.
Soham Bhonsle: Okay. Great. And then just a quick last one. Mike, are you guys seeing any sort of fallout from just the cybersecurity impact? You know, we’re hearing some potential diversification? Just wanted to get your, your thoughts on the market there.
Mike Nolan: Yes. I, I really don’t see that. I think the impact has been with customers negligible. I, I personally talked to a number of large customers, who, who’ve given no indication that there’s any concerns. And I’m not really expecting so many impact from long-term customer relationships.
Soham Bhonsle: Okay, great. Thanks. Thanks a lot, guys.
Mike Nolan: Okay.
Operator: Our next question comes from John Campbell with Stephens. Please state your question.
John Campbell: Hey, guys.
Mike Nolan: Hey, John.
Tony Park: Hey, John.
Operator: [Operator Instructions]. Just one moment, please. Go ahead, Mr. Campbell.
John Campbell: Okay. Hey, guys. I wanted to revisit the M&A commentary. You guys mentioned $300 million over 10 acquisitions last year. Hoping you can maybe help with the phasing of those deals, maybe roughly what portion of the year you captured those? And then also if you could help with the sizing of the all-in contribution and maybe how much that’s influencing your direct order count?
Tony Park: Yes. I’ll start. Mike can probably touch on it as well. So a lot of that, frankly, was January 1 because I think the Property Insight deal was 200-ish and that happened at the very beginning of the year. And then I think things slowed down a bit and then picked up maybe in the latter part of the year. And so a lot of the deals were smaller, not large title agent acquisitions. And so from an order count standpoint, not significant. But keep in mind, it was kind of a strange year where there’s a lot of, you know, price discovery out there in terms of trying to figure out what the right price is to buy and of course, for the sellers to figure out if they can afford to sell, when their businesses are clearly off the peak. And so, you know, I think that I would, I would expect more activity in 2024 than 2023 in terms of title agent M&A. Mike, do you want to address that?
Mike Nolan: Yes. I would agree. Obviously, the dollar amount heavily weighted by the TitlePoint deal. I’m looking at the list of acquisitions, about half were in the first half and half in the second. Half of the year at ’23, probably a modest impact on, on order counts, but, but I don’t have a number to give you, John, as to how much it impacted order counts.
John Campbell: Okay. And I felt that — recognized that the earlier acquisition that — the size of it. So it seems like it’s pretty immaterial, just tuck-in acquisitions across agencies. So that was what I was looking for. On the cybersecurity incident, I want to touch on maybe two items there. So first, on the November orders obviously affected, December jumped pretty sharply. I think your open orders were up 15% or so on purchase. How much of that was stemming from a push-out in order activity? Is there any way to size that up?
Mike Nolan: I think it’s difficult to, you know, say with certainty. But as we looked at the two months, it looks like, particularly when you get out of the centralized world because it’s different there because you have these electronic connections with your customers and they, they kind of turn them off when you have a security event. But I would agree with you, our, our November open orders were off about 10% expectation, and, and that kind of lines up with, you know, the couple of days, where we were really restricted from taking orders. And then December, to your point, was up 15%, and I think that was definitely higher than expectations. So I really feel like the business that didn’t happen in November, we just picked up in December.
