Question-and-Answer Session
Thank you. [Operator Instructions]. Our first question today is from Bob Napoli from Piper Jaffray.
Robert Napoli - Piper Jaffray
Good morning and nice job, compared to your peers at least. A question on one thing, the title claims for you guys, certainly outperformed or your provisions did, anyway, but I just -- it seems unlikely to me that the actual claim results for you guys would have been materially different than your larger peers. Was it that you built reserves higher coming into the quarter, so you didn't need to build your reserves? Or what is going on with you guys versus the others on your provisions this quarter?
Max O. Valdes - Senior Vice President, Chief Accounting Officer and Chief Financial Officer
This is Max. What I've stated that is, I think that's, you hit the nail on the head, I think over the last couple of years, we've strengthened our results by over 500 million. So, if you really look at, maybe go back and look at that last eight or nine quarters, we've reserved more than our competitors. So, after all that reserve strengthening adjustments, right now we feel that all our prior policy years are properly reserved and what we are seeing right now is claims coming in, in line with our expectations, and what we are providing for right now is the 6.28 just policy year '08.
Robert Napoli - Piper Jaffray
And do you feel that that is at 6.2% from is -- you believe that that's a sustainable long term rate.
Max O. Valdes - Senior Vice President, Chief Accounting Officer and Chief Financial Officer
Well from what we've see right now, it is. Now claims -- we monitor claims daily, so from what we know today, yes it is. But I will caution you, I mean that could change in a week. But right now we are comfortable with that range.
Robert Napoli - Piper Jaffray
Okay. And now given the I mean the environment, obviously continue to get weak through the quarters for the title business, on the origination front, and for the mortgage business, obviously, in fact many of your financial technology businesses -- your technology businesses as well. But and it's slowed even further I think so far in July, as I think lenders continue to tighten and rates have moved up some. In this environment, and you guys went through additional cost cuts. What sustainable level, as you complete your cost cuts, in this low origination environment, what is -- what kind of pre-tax margin can you get to and maintain in this title business?
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