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American Fidelity Mortgage

American Fidelity Mortgage Services, Inc.

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Title earnings rise even as mortgage originations fell in 3Q

"As we enter the seasonally slower fourth quarter, we will remain focused on our operating metrics and staffing levels in order to maximize our profitability," said Fidelity Chairman William Foley in a press release.

As for the acquisition of Stewart Information Services , "we are currently engaged in the second request related to the Federal Trade Commission's Hart-Scott-Rodino regulatory review of the transaction. We still anticipate a first or second quarter of 2019 closing for the transaction and continue to believe the Stewart acquisition will create meaningful long-term value for our shareholders," Foley said.

Stewart reported net income of $17.6 million, up from $10.9 million the prior year. Its third-quarter results included $6.8 million of expenses related to the Fidelity transaction and $3.4 million of net unrealized gains for changes to the fair value of its equity investments.

"Even though order counts were down year-over-year as interest rates rose through the quarter, the growing mix of purchase transactions in our residential business and larger transaction sizes in our commercial business helped keep title revenues flat with the third quarter 2017," said CEO Matthew Morris in its press release.

How AI Is Shaking Up Banking and Wall Street

Meet Your New Robot Mortgage Lender

ONE THEORY HAS ARISEN in the decade since the subprime mortgage crisis: Machines may be better than humans at giving out home loans. A new Fannie Mae survey of mortgage lenders found that 40% of mortgage banks have deployed A.I.—using it to automate the document-heavy application process, detect fraud, and predict a borrower’s likelihood of default. San Francisco–based Blend, for one, provides its online mortgage-application software to 114 lenders, including lending giant Wells Fargo , shaving at least a week off the approval process. Could it have prevented the mortgage meltdown? Maybe not entirely, but it might have lessened the severity as machines flagged warning signs sooner. “Bad decisions around data can be found instantaneously and can be fixed,” says Blend CEO and cofounder Nima Ghamsari. While banks are not yet relying on A.I. for approval decisions, lending executives are already observing a secondary benefit

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