Fidelity National Financial, Inc. Barclays 24th Annual Global Financial Services Conference

Sure. It's been interesting, even with the rate movement, that on the purchase open side, we've outperformed last year every month through August. In the first half was about a 3% overall improvement. In July, which we previously reported was 4%, and in August it was 6%. So we actually had our best year-over-year month in terms of purchase opens percentage growth in August. Refi, really when you think about last year, rates were going down during the year and our refinance volumes went up. We've really had the opposite of that this year with rates starting lower and then increasing. So while we had in the first quarter, I think a 50% improvement in refinance opens, that fell to mid-teens in the second quarter. July was minus 5%, and August, we're in the mid-30s decline. So definitely seeing how that gets impacted with those rate movements.

Commercial has just been steady and strong all year. Through August, we are up about 6% in our opens, total opens. August was up 8%. Still seeing strength in that commercial segment.

Well, our outlook really is that there is still strong underlying demand for home buying and home refinancing. Over time, as rates ease, I think we can see meaningful increases in that activity. If rates stay kind of bound in the range they are at, then you are probably looking at more steady state from where we are at today.

Well, you're right. The commercial has been broad-based, and we're tracking towards a record year. In terms of sectors, we've seen it across multiple asset classes and multiple geographies. Things like industrial, multifamily, energy, affordable housing, retail, hospitality. Probably every segment you can think at except for office.

Any notable differences? On the order activity, they've both been up all year.

Open orders on the local side have been modestly up over national. Probably the notable difference has really been around fee profile and revenue growth. It's been much stronger on the national side in terms of percentage revenue growth year-over-year, both for revenue and for fee profile.

Yeah, I think we reported, was it 29 deals in the second quarter. We reported 29 deals that were closed either through our direct channel or our agency channel that were over $1 million in premiums. Clearly the size of the deals is helping drive that fee profile.