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Article: Fitch: Title Outlook Bleak, Only Modest Growth Next Year.(News)
- Article from:
- National Mortgage News
- Article date:
- November 9, 2009
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Byline: Brad Finkelstein
CHICAGO-Fitch Ratings here said its outlook for the title insurance industry remains negative with an 8% to 10% decline in statutory direct written premiums this year and modest growth next year.
The $9.5 billion in projected direct premiums for this year puts the industry back to the level it last saw in 2001. That was the first year the mortgage business burst the $2 trillion mark in single-family loan originations.
In 2002, title companies had $12 billion in direct premiums, with 2003 through 2006 above $15 billion. Fitch says title premiums will not reach the level that it hit in those four years in the foreseeable ...