The third quarter was another strong quarter for our title insurance business. We generated a 14.2% adjusted pre-tax title margin, nearly equal to the 14.4% title margin in the third quarter of 2012, despite a 15% decline in closed orders. The expected transition from a refinance driven market to a purchase driven market accelerated in the third quarter, marked by 56% of open orders and 50% of closed orders being purchase related in the third quarter. Our commercial title insurance business revenue grew by 25% compared to the third quarter of 2012.

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