Fidelity National Financial, Inc. (FNF) Barclays 24th Annual Global Financial Services Conference September 15, 2026 2:45 PM EDT
Company Participants
Mike Nolan – Chief Executive Officer
Anthony Park – Executive VP & CFO
Conference Call Participants
Terry Ma – Barclays Bank PLC, Research Division
Presentation
Terry Ma
Barclays Bank PLC, Research Division
All right. So we’ll kick it off. I’m very pleased to have up here Fidelity National Financial. Joining me is Mike Nolan, CEO; Tony Park, CFO. So welcome, gentlemen.
Mike Nolan
Chief Executive Officer
Thanks, Terry. Glad to be here.
Question-and-Answer Session
Terry Ma
Barclays Bank PLC, Research Division
Yes. Glad to have you. So we just jump right into it. Maybe just to start off, can you maybe update us on third quarter trends across purchase refi and commercial?
Mike Nolan
Chief Executive Officer
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. And in the first half, it 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 refi 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 refi 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.
And then commercial has just been steady and strong all year. Through August, we’re up about 6% in