Investors Title, which issues and underwrites title insurance policies, reported lower revenue and profit again in the third quarter as fewer homeowners refinanced their mortgages.
The Chapel Hill company’s net income fell 53 percent to $2.6 milion, or $1.28 per share.
Revenue fell 12 percent to $29.5 million, primarily because of a 13 percent decline in premiums written.
Higher interest rates on mortgages has put a damper on refinancings, the company said.
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Operating expenses rose 2 percent to $25.9 million, primarily because of higher claims expenses.
Title insurance protects against losses arising from ownership disputes. The market for title insurance typically rises and falls based on the health of the housing market and refinancing activity.
Investors Title also manages investments for individuals and businesses.
Investors Title released its third-quarter earnings on Monday. Tuesday morning its shares were trading at $71.50, down $2.27. Its shares have fallen 11 percent this year.