Question-and-Answer Session
Operator
Thank you. (Operator Instructions). And our first question will come from Bob Napoli [Piper Jaffray]. Please go ahead.
Robert Napoli – Piper Jaffray
Good morning.
William P. Foley, II
Good morning.
Robert Napoli – Piper Jaffray
I guess trying to get to what operating margins, what we think operating margins would be for the second and third quarters and kind of the revenue ramp up and you gave some good details on the month of April, but do you think the closings, are the closings in the month of April, are you starting, you said the closing rate obviously had slowed the time it takes to close, but are you seeing so your March openings now, I mean are you seeing the closing per month or the closings per day start to move up to the highest level, I would expect them probably to be at the highest looking to be the highest levels of the year, right around now and probably move higher?
William P. Foley, II
Well, Bob you’re correct. We’re starting to see the closings from the month of March and we’re finding that it's taking up to 60 days or even more longer to close these refinance orders, the lenders are totally backlogged, but the transactions are being well documented and information from borrowers is being totally correlated. So, the transactions are closing, there is an acceleration in closings as our orders are picking up, we anticipate we will have a normal closing ratio of 63% to 65% of those refinance orders. And in terms of margins I am going to let Al deal with that one.
Alan L. Stinson
Yeah, Bob. I believe that really at current order volumes, we should be able to return to double-digit pre-tax margins in the second quarter, and again I can’t be a lot more specific than that we don't give guidance as you know.
Robert Napoli – Piper Jaffray
Okay. On the agency side and this is one item that, I mean you have a higher mix of agency with LandAmerica, with the LandAmerica acquisition and, the premiums to the agents were up to 80% of revenue, 80.2% last year, a year ago it was 77.5% and I think that's an area that you and the industry had pointed out that you were looking for a little better split and I just and the 80% which is that a proper number and why is it so much higher than a year ago.
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