First American Financial Corp (NYSE: FAF) is a title insurance and settlement services company that protects owners and lenders against defects in real property title through its title insurance and services segment and its home warranty segment. Revenue is primarily transactional: premiums are earned in full at the close of a real estate transaction, with additional income from closing and escrow services, data and analytics products, banking and trust services, warehouse lending, and mortgage subservicing. The business operates through a network of direct operations and authorized agents across 49 states, the District of Columbia, and several U.S. territories, with international operations in Canada, the United Kingdom, various European countries, South Korea, Australia, and New Zealand accounting for approximately 7.6% of title insurance and services revenue (FY2025). Demand is directly tied to residential and commercial real estate transaction volumes, making results cyclical and sensitive to mortgage interest rates. The company's federal savings bank subsidiary held $6.8 billion in assets and $6.2 billion in deposits as of December 31, 2025, with fiduciary and custody assets of $5.6 billion, including $2.8 billion in managed assets.

Revenue model

Transactional premiums earned at real estate closing, split between direct operations and an agency channel where authorized agents issue policies and remit a portion of premiums. Additional revenue from closing and escrow fees, data and analytics solutions, home warranty product sales, banking deposits, trust and wealth management services, warehouse lending, and mortgage subservicing.

Products and services

Title insurance policies (owner and lender policies), closing and escrow services, settlement services, closing protection letters, home warranty products, real estate data and analytics solutions (title underwriting automation, fraud risk management, identity verification, valuation), trust and wealth management services, deposit products, fund transfer services, warehouse lending, and mortgage subservicing.

Customers and end markets

Residential and commercial real estate buyers, sellers, and mortgage lenders; real estate brokers and agents; lawyers and closers; independent title agents; other title insurance companies; banks and financial institutions participating in real estate transactions.

Value-chain role

Title insurer and settlement services intermediary sitting between real estate buyers, sellers, and mortgage lenders at the point of transaction close; also a data provider to lenders and other title companies for underwriting automation and risk management.

Geographic exposure

Primary operations across 49 U.S. states, the District of Columbia, and U.S. territories. International operations in Canada, the United Kingdom, various European countries, South Korea, Australia, and New Zealand, representing approximately 7.6% of title insurance and services revenue (FY2025).

Source: SEC 10-K, filed 2026-02-18

Industry: Title Insurance Peers: Hanover Insurance Group Inc CNA Financial Corp Fidelity National Financial Inc White Mountains Insurance Group Ltd Kemper Corp Kinsale Capital Group Inc Old Republic International Corp RLI Corp Progressive Corp Selective Insurance Group Inc