Fidelity National Financial (FNF), a provider of title insurance and transaction services, has announced that Joe Grealish, President of Eastern Operations, will assume the position of President of National Agency Operations, effective January 1, 2024. These additional leadership responsibilities as Steve Day, current President of National Agency Operations, has announced his retirement from the company at the end of 2023.
"Joe has had many years of experience working in markets where direct residential, commercial, and our independent agency partners compete and thrive," said Mike Nolan, CEO of FNF. "His vast amount of experience across a large geography of the U.S. leading operations, regions, and divisions in both the West, Midwest, South, and Northeast will help lead our agency operations into an increasing technology focused future."
Day has held state and area leadership positions in Rhode Island, New Jersey, and New York, as well as regional and executive management positions covering many states in the Northeast and Midwest. In February of 2018, Day was named President of National Agency Operations. Throughout Day's career, he has been an active member of various state Land Title Associations, served on the Board of Governors for ALTA, and served as the President of ALTA for 2017-2018.
"Steve has had a significant impact upon our company and the industry,” said Nolan. "He will continue to work with us on strategic initiatives and we wish him well in this next chapter of his life."
FNF recently announced that its title division, FNF’s segment consisting of the operations of title insurance underwriters and related businesses providing core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty products, reported total revenue of $1.9 billion in the second quarter of 2023, a 27% decrease from its 2022 Q2 reported figure of $2.6 billion. Total revenue, excluding recognized gains and losses, of $1.9 billion for Q2, which, although a 32% decrease from $2.8 billion in Q2 of 2022, is more comparable with historical levels as seen in 2018 and 2019.
"Our second quarter results are a clear testament of our ability to navigate through varying economic cycles, and highlight the expertise of our field managers to reduce our expense structure as seen through 2022 and the first half of 2023,” added Nolan. “Our title business is performing very well and positioned for what could be a challenging second half of the year as mortgage rates remain elevated. As we strive to maximize margins in a given market, we will also continue to manage our business for the long-term, providing protection for our policyholders and outstanding service to our customers."