First American Home Warranty
First American Home Warranty is a home warranty provider established in 1984, offering renewable service contracts that cover home systems and appliances from unexpected repair or replacement costs. A subsidiary of First American Financial Corporation (NYSE: FAF), it operates in 36 states with three plan tiers (Starter, Essential, Premium) and dispatches independent service contractors for covered repairs.
Score generated by AI agents based on publicly cited evidence and reviewed by the project maintainer. Not independently validated. Last assessed 2026-10-01. Score revised 2026-10-01: 51 → 42.
Score History
Timeline events are AI-curated from public reporting. Score trajectory is derived from documented events.
First American Home Buyers Protection was incorporated in February 1984 as a subsidiary of the title insurer and sold one-year service contracts mainly through real estate agents at closing. By 2007 it had grown into a nationwide provider and began selling directly to consumers by phone and online; Warranty Week ranked it second in the industry in 2009 with about 11% of the market. Its parent's title business settled a HUD/Florida RESPA kickback case in 2007, but little in the record shows the warranty unit itself mistreating customers in this period.
Emily Diaz's March 2009 class action, followed by Nancy Carrera's in September, accused the company of denying and delaying valid claims and misrepresenting coverage. Court records from the litigation show the practices of the time: a 6-8% HVAC replacement-rate goal (about 2008-2011), contractors told to attempt repair before recommending replacement, and some 1,320 contract versions. The June 2010 CoreLogic split left the unit inside the newly independent First American Financial.
From February 2013 First American added mandatory arbitration clauses to new plans channel by channel, and by early 2014 every new plan carried one, closing off future class actions. The Ninth Circuit revived Diaz's claims in October 2013, but courts denied class certification in the Hataishi call-recording case (2014) and in the consolidated Carrera/Diaz case (February 2016), where company records put full or partial denials at about 4.5% of claims in 2003-2012.
The November 2016 rename to First American Home Warranty came with more direct-to-consumer selling. Dividends to the parent roughly doubled from $16 million in 2016 to more than $30 million a year from 2018, $124.7 million over five years, and FAF credited 2019's lower claim costs partly to improved rates with contractors. The parent's 2019 exposure of 885 million title documents led to NY DFS charges in 2020 and an SEC penalty in 2021, and the Ninth Circuit's 2017 ruling ended the Carrera class claims.
From July 2022 the unit faced a run of TCPA suits over its telemarketing: Abramson's robocall case, Kimble's class action over calls to 21,953 Do Not Call numbers (settled for $700,000, final approval July 2024) and Dobronski's 2023 suit. Local reporting in 2023 documented customers leaving over repair delays and extra 'modification' charges. The parent paid a $1 million NY DFS penalty and suffered a second cyberattack in December 2023, while the segment's claims rate eased from 54.6% in 2021 to 46.4% in 2024.
The parent terminated CEO Kenneth DeGiorgio 'without cause' in April 2025 after an assault charge, entitling him to about $18.6 million, and CFO Mark Seaton took over with AI as the stated priority; employees describe layoffs alongside rising earnings. The warranty segment's claims rate fell to 41.4% for 2025 and 36-40% in early 2026, lifting its pretax margin to 19.5% for 2025 and above 21% in 2026. No new enforcement has surfaced, and in August 2026 the unit hired a chief revenue officer to grow its real estate channel.
Alternatives
The largest home warranty provider in the US, with coverage in 49 states and DC, far more than First American's footprint. Not a dramatic improvement on enshittification, and claim denial issues persist across the industry, but it is a more established operation. Easy switch at renewal time.
Put the $45-65/month premium into a dedicated savings account instead. After one year you'd have $540-780, enough to cover many service calls without claim denials, opaque adjudication, $100-125 service fees, or mandatory arbitration. Consumer Reports has long recommended this approach.
Dimensional Breakdown
Summaries below were written by AI agents based on the cited evidence. They are editorial interpretations, not independent research findings.
Dimension History
Timeline (53 events)
First American Home Buyers Protection incorporated in California
The company was incorporated in California on February 8, 1984 and began transacting home warranty business on March 31, 1984, as a subsidiary of The First American Financial Corporation, whose title business traces back to the Orange County Title Company of the 1890s. The home warranty industry was still young; American Home Shield had pioneered the concept in 1971.
GAO report identifies consumer vulnerability in title insurance industry
The Government Accountability Office published a report finding consumers have 'little or no influence over the price of title insurance but have little choice but to purchase it.' In California, First American and Fidelity split roughly 66% of the market. The report documented that HUD and state regulators had identified instances of illegal activities compensating realtors and builders for consumer referrals.
Langston named president as unit grows nationwide
First American Home Buyers Protection named Daniel T. Langston president and Lawrence F. Hariton chief operating officer. The parent's Specialty Insurance president said the unit had experienced 'dramatic growth' as it evolved into a leading nationwide home warranty provider, and was expanding geographically and into new distribution channels. Court records later showed it began selling directly to consumers by phone and online in 2007.
Edwards files RESPA kickback suit against First American Title
Denise Edwards, who bought a Cleveland home in 2006, filed a putative class action against First American in the Central District of California, alleging that First American paid Tower City Title Agency $2 million in 1998 for a 17.5% stake in exchange for an agreement to refer title insurance business exclusively to First American, violating RESPA's anti-kickback provision. The suit sought damages of up to $150 million and raised questions about First American's referral practices in the real estate channel that also sells its home warranties.
HUD and Florida settle RESPA kickback case: $5M penalty, 84 partnerships shut down
HUD and two Florida regulators (the Department of Financial Services and the Office of Insurance Regulation) settled allegations that First American Title Insurance Company paid scores of affiliated limited partnerships for referring title business, in violation of RESPA and state law. The regulators said the partnerships acted only as pass-throughs to pay real estate agents, mortgage brokers and builders for referrals. First American agreed to shut down 84 partnerships and pay $5 million to the U.S. government and Florida.
Internal goal caps HVAC replacements at 6-8% of jobs
According to the federal court's 2016 class-certification order, from approximately 2008 to 2011 First American set a goal of a 6% to 8% replacement rate for HVAC work, and its welcome package told contractors it was looking for 'repair oriented contractors' that would attempt repair before recommending replacement. The company said its repair and replace definitions were 'to a large degree arbitrary' and used for comparison only, and denied encouraging inappropriate repairs.
Diaz files class action over denied claims
Emily Diaz filed a class action against First American Home Buyers Protection in San Diego Superior Court after the company denied her 2008 claims for a shower drain and a water heater, which she then paid outside contractors to fix. The company removed the case to federal court in April 2009. Nancy Carrera filed a similar class action in Los Angeles in September 2009, and the cases were later consolidated.
Carrera files class action alleging First American misrepresents claim payout rates
Nancy Carrera filed a class action complaint against First American Home Buyers Protection Corporation in Los Angeles Superior Court, initially seeking injunctive and declaratory relief. The case, later consolidated with the Diaz action in federal court, alleged that First American misrepresented its coverage in marketing because it routinely denied or delayed legitimate claims, including how often it pays out on claims.
Warranty Week ranks First American second in home warranties
Warranty Week estimated that First American Home Buyers Protection had $160 million, or 11%, of a $1.5 billion U.S. home warranty market in 2009, second to American Home Shield at $620 million (41%). Six providers held about 76% of the market, with at least 50 smaller companies sharing the rest.
First American Corporation splits into FAF and CoreLogic
The First American Corporation completed its separation into two independent publicly traded companies: First American Financial Corporation (NYSE: FAF) for title insurance and settlement services, and CoreLogic Inc. (NYSE: CLGX) for property information and analytics. Dennis Gilmore became CEO of FAF. The home warranty subsidiary remained with FAF, now part of a more focused real estate services company.
District court dismisses Diaz unfair competition claim
The federal court in San Diego granted First American Home Buyers Protection's motion to dismiss the unfair competition (UCL) claim in Emily Diaz's class action, finding that the claim was based on alleged violations of the California Unfair Insurance Practices Act, which provides no private right of action. (The concealment claims had been dismissed in 2009.) The ruling highlighted the difficulty consumers face in pursuing class claims against home warranty companies.
Founder's grandson D.P. Kennedy dies at 93
Donald P. Kennedy, chairman emeritus and grandson of founder C.E. Parker, died at age 93. Kennedy served First American for more than 60 years, joining in 1948 when it was still Orange County Title Company, and helped lead its growth from a one-office firm in Santa Ana into a Fortune 500 company. His son Parker S. Kennedy was First American's chairman at the time.
Supreme Court dismisses Edwards v. First American RESPA case
The U.S. Supreme Court dismissed First American Financial Corp. v. Edwards as improvidently granted, letting the Ninth Circuit ruling stand. The case had asked whether consumers must prove actual injury to bring RESPA claims against title companies over kickback arrangements. The dismissal left Edwards with standing to pursue her suit, preserving consumers' ability to sue over referral-fee arrangements without proving overcharges.
First American begins adding mandatory arbitration to plans
First American began adding mandatory arbitration provisions to new home warranty plans in its portfolio-management channel in February 2013, then extended them state by state and channel by channel. By early 2014 all new plans in all channels carried mandatory arbitration clauses, according to the company's declaration cited in the 2016 class-certification order.
Ninth Circuit revives Diaz class action claims against First American
The Ninth Circuit reversed the district court's dismissal of Emily Diaz's claims for misrepresentation, breach of contract, and breach of the implied covenant of good faith and fair dealing against First American Home Buyers Protection. Diaz alleged the company refused to make timely repairs, used substandard contractors, and wrongfully denied claims. The panel remanded to San Diego District Court for further proceedings.
Hataishi call-recording class action denied certification
The California Court of Appeal affirmed denial of class certification in Hataishi v. First American Home Buyers Protection Corp. Plaintiff Dina Hataishi alleged First American illegally recorded customer phone calls without consent, violating California Penal Code section 632. The court found that determining whether each call constituted a 'confidential communication' required individualized inquiry, defeating class certification. First American was awarded costs on appeal.
Ninth Circuit partly revives Edwards RESPA class bid
In Edwards v. First American Corp., the Ninth Circuit affirmed in part and vacated in part the denial of class certification in a suit alleging First American Title bought stakes in title agencies in exchange for exclusive referrals in violation of RESPA. The panel held that kickback cases are not necessarily unfit for class treatment. The case concerned the parent's title business, not home warranties.
Court denies class certification in consolidated claim-denial case
The federal court in San Diego denied class certification in the consolidated Carrera and Diaz litigation. The record showed First American sold 3,220,026 plans from March 2003 to April 2011 under about 1,320 contract versions, that about 49% of plan holders never made a claim, and that roughly 4.5% of claims from 2003 to 2012 were denied in full or in part. It also noted the company surveyed customers monthly but did not ask about non-covered charges paid to contractors.
Company rebrands from Home Buyers Protection to Home Warranty
The California Department of Insurance approved a name change from First American Home Buyers Protection Corporation to First American Home Warranty Corporation, effective November 16, 2016. The rebrand broadened the company's identity beyond the real estate transaction channel, positioning it for direct-to-consumer marketing to existing homeowners as well as homebuyers.
Ninth Circuit affirms denial of class certification in Carrera
The U.S. Court of Appeals for the Ninth Circuit ruled that homeowners' allegations that First American misrepresented how often it pays out on home warranty claims were not suitable for class resolution because the company's statements to each homeowner were not uniform. The unpublished decision in Carrera v. First American Home Buyers Protection Co. left buyers of more than 3 million plans to pursue claims individually; First American had added mandatory arbitration clauses to all new plans by early 2014.
Internal penetration test discovers IDOR vulnerability in EaglePro application
A First American security team penetration test identified a critical insecure direct object reference (IDOR) vulnerability in EaglePro, a web application used for sharing title documents. The vulnerability had been publicly accessible since 2013, exposing over 885 million documents. Despite detection, the app's Accountable Remediation Officer neither performed remediation nor requested a waiver, and the vulnerability was misclassified as 'level 2' (low risk) instead of 'level 3' (medium risk).
Krebs on Security exposes 885 million leaked documents
Cybersecurity journalist Brian Krebs publicly reported that First American Financial's website was leaking more than 800 million documents related to real estate transactions dating back to 2003. A Washington state developer, Ben Shoval, had discovered the vulnerability: anyone with a valid document URL could access any other document by simply incrementing the number. Exposed data included Social Security numbers, bank statements, mortgage records, tax documents, and driver's license images.
FAF credits lower warranty claim costs to better contractor rates
First American's 2019 annual report said the home warranty claims rate fell to 49.8% of premiums in 2019 from 53.8% in 2018, and attributed lower claim severity to more efficient claims management, mainly driven by improved rates with contractors and more efficient allocation of claims to contractors.
NY DFS files first-ever cybersecurity enforcement action against First American
The New York Department of Financial Services filed its first-ever enforcement action under its Cybersecurity Regulation (23 NYCRR Part 500) against First American Title Insurance Company. DFS alleged the company exposed millions of documents containing consumers' sensitive personal information including bank account numbers, SSNs, and mortgage records. The charges noted that a December 2018 internal test had identified the vulnerability but First American failed to remediate it.
Securities class action filed against First American over data breach disclosures
A shareholder filed a securities class action in the Central District of California against First American Financial Corporation, its CEO and its CFO on behalf of investors who bought shares between February 17, 2017 and October 22, 2020. The complaint alleged that the company's statements about its data security were materially false and misleading, citing a 6% share drop after the May 2019 Krebs report and a 9% drop after the company disclosed an SEC Wells Notice.
Matt Wendl promoted to president of First American Home Warranty
Matt Wendl, previously vice president of field operations and then chief operating officer, was promoted to president of First American Home Warranty. The company then employed more than 850 people in West Hills and Santa Rosa, California, Phoenix, and Carroll, Iowa, and operated in 34 states.
Kenneth DeGiorgio named president, assuming operating control
First American Financial named Kenneth D. DeGiorgio as president, giving him responsibility for the corporation's operating groups including title insurance, specialty insurance (home warranty), and data and analytics. DeGiorgio had joined the company in 1999 and previously oversaw banking operations, international division, and corporate functions. This set the stage for his elevation to CEO in February 2022.
SEC settles data breach charges for criticized $487,616 penalty
The SEC settled charges against First American Financial for cybersecurity disclosure controls failures, with a $487,616 penalty. Krebs on Security called the fine 'farcical' and paltry for a leak of more than 800 million documents. The SEC found that senior executives were not informed that information security staff had identified the vulnerability months earlier but failed to remediate it. First American neither admitted nor denied the findings.
California DOI examination reveals $124.7M in dividends to parent company
The California Department of Insurance published its examination report of First American Home Warranty Corporation covering 2016-2020. The report revealed the subsidiary paid $124.7 million in dividends to its parent company: $16M (2016), $15.3M (2017), $31.1M (2018), $32.3M (2019), and $30M (2020). The examination also found the company used static expense allocations from its parent rather than actual costs, as required by their agreement, and did not use an actuary to determine claims reserves.
DeGiorgio becomes CEO as Gilmore transitions to chairman
First American Financial announced a leadership transition: Kenneth D. DeGiorgio was appointed CEO while Dennis J. Gilmore, who had led the company as CEO since the 2010 CoreLogic spinoff, transitioned to chairman of the board. Gilmore's 12-year tenure delivered annualized total shareholder returns of 18.2% and six consecutive years on the Fortune 100 Best Companies to Work For list.
Warranty claims rate hits 54.5% as out-of-network contractor use rises
First American's 2021 annual report said the home warranty claims rate rose to 54.5% of premiums in 2021 from 53.0% in 2020, driven by higher costs of equipment and parts and an increase in the use of out-of-network contractors.
Federal judge dismisses investor data breach lawsuit against First American
A California federal judge dismissed the investor securities class action alleging First American Financial concealed its flawed cybersecurity practices related to the 2019 breach. The ruling let the company escape investor claims over the 885 million document exposure without any additional financial penalty, reinforcing the pattern of minimal consequences for the breach.
Abramson sues First American Home Warranty over robocall
Stewart Abramson sued First American Home Warranty Corporation in the U.S. District Court for the Western District of Pennsylvania under the Telephone Consumer Protection Act, alleging a prerecorded call claiming to be from 'your utility company' transferred him to a First American sales agent. First American moved to compel arbitration, arguing he had bought a plan; in February 2023 the court denied the motion pending limited discovery. Abramson said he could not cancel online and cancelled by phone.
TCPA class action filed over illegal telemarketing to Do Not Call numbers
Marcia Kimble filed a class action in the U.S. District Court for the Eastern District of Michigan alleging First American Home Warranty Corp. and FiveStrata LLC violated the Telephone Consumer Protection Act by making unsolicited telemarketing calls to 21,953 phone numbers registered on the National Do Not Call Registry. The suit sought statutory damages of up to $500 per violation.
Dobronski files TCPA suit against First American Home Warranty
Mark Dobronski sued First American Home Warranty Corporation in the Eastern District of Michigan under the Telephone Consumer Protection Act's telephone-equipment restrictions. The court declined jurisdiction over his state-law claims in January 2024, and the case was terminated on May 30, 2024.
First American Home Warranty expands into Illinois
First American Home Warranty announced its expansion into Illinois, offering its Starter, Essential and Premium plans directly to consumers in multiple counties in northeast and southwest Illinois. The company said it would rely on national service providers while expanding its network of local independent contractors.
NY DFS imposes $1 million cybersecurity penalty for 2019 breach
The New York Department of Financial Services settled its first-ever cybersecurity enforcement action against First American Title Insurance Company for $1 million. DFS found that First American violated its Cybersecurity Regulation by failing to maintain effective governance, classification, access controls, and risk assessment procedures. The settlement required the company to implement significant remedial cybersecurity measures beyond the monetary penalty.
Second cyberattack forces all systems offline
First American Financial Corporation detected unauthorized activity on its systems on December 20, 2023 and took systems offline as a containment measure, including email. The company notified law enforcement and regulators and disclosed the incident in an SEC filing. Fourth-quarter 2023 revenue fell 15% from a year earlier; the company said results were materially affected because some transactions were delayed or moved to other providers. It reported resuming normal operations on December 29 and restoring employee email in early January 2024.
First American confirms data theft and encryption from December attack
In an amended 8-K, First American Financial confirmed that the attacker accessed company systems, exfiltrated data and encrypted data on certain non-production systems during the December 2023 cyberattack. In May 2024 it disclosed that about 44,000 individuals' personal information had been compromised. First American did not name the threat actor or say whether a ransom was paid.
Court preliminarily approves $700,000 TCPA settlement
The U.S. District Court for the Eastern District of Michigan preliminarily approved a $700,000 class settlement in Kimble v. First American Home Warranty Corp., resolving claims that First American and its telemarketing agent FiveStrata made unsolicited calls to 21,953 numbers on the National Do Not Call Registry. First American contributed $450,000 and FiveStrata $250,000. The settlement worked out to about $32 per class member.
First American named Fortune 100 Best Companies to Work For ninth year
First American Financial was named one of the Fortune 100 Best Companies to Work For by Great Place to Work and Fortune Magazine for the ninth consecutive year. The company had also been named one of the Best Workplaces for Women and Best Workplaces in Financial Services & Insurance in 2023. Employee reviews on Glassdoor painted a more mixed picture, with complaints about layoffs and pay.
Court grants final approval of $700,000 Kimble TCPA settlement
Judge David M. Lawson of the Eastern District of Michigan granted final certification of the settlement class and approved the $700,000 settlement in Kimble v. First American Home Warranty Corp., along with attorney's fees and service awards, resolving claims over telemarketing calls to numbers on the National Do Not Call Registry.
CEO DeGiorgio arrested for choking fellow passenger on cruise ship
First American Financial CEO Kenneth DeGiorgio was arrested in San Juan, Puerto Rico and charged with misdemeanor assault after allegedly choking a fellow passenger at a bar on a Virgin Voyages cruise ship. Surveillance footage showed DeGiorgio wrapping his hands around the victim's throat. The incident began after DeGiorgio's wife asked the barefoot man to put on shoes, and DeGiorgio reportedly threatened 'I am going to f---ing kill you.'
DeGiorgio terminated 'without cause,' entitled to $18.6 million severance
First American Financial terminated CEO Kenneth DeGiorgio 'without cause' following the cruise ship assault charge, entitling him to about $18.6 million: $7.24 million in severance, $9.14 million in accelerated equity vesting, and $2.2 million under the retirement plan. DeGiorgio had signed a new employment agreement on February 18, 2025, raising his salary to $1 million through 2027. CFO Mark Seaton was promoted to CEO and Dennis Gilmore became executive chairman.
InvestigateTV exposes patchwork of home warranty oversight across states
InvestigateTV published an investigation finding that no federal regulation governs the home warranty industry and that 43 states have a patchwork of home-warranty laws. Its analysis of FTC, 25 state regulators and BBB data found thousands of complaints against home warranty companies since 2019, including more than 1,500 to the Texas attorney general, more than 800 in Tennessee and nearly 700 in Illinois.
Warranty claims rate drops to 47% in Q3 2025
First American reported that its home warranty claim loss rate fell to 47% in the third quarter of 2025 from 54% a year earlier, mainly on lower claim frequency it tied to favorable weather. Segment revenue rose 3% to $115 million and pretax margin was 14.1% versus 8.1%. FAF repurchased $34 million of stock in the quarter and CEO Mark Seaton highlighted integrating AI across operations.
New CEO Seaton drives AI-focused layoffs at First American
Under new CEO Mark Seaton, First American Financial pushed an AI-driven transformation. A Glassdoor reviewer wrote that Seaton 'went all-in with AI,' leading to layoffs, and other reviewers described layoffs that appeared structured to avoid WARN Act requirements, with severance as low as two weeks. Capital expenditures declined for a third consecutive year.
FAF reports $7.5 billion 2025 revenue, 56% of income returned to shareholders
First American Financial reported full-year 2025 revenue of $7.5 billion (up 22% from 2024) and net income of $622 million ($6.00 per diluted share), up from $1.26 per share in 2024. The home warranty segment posted a 21.1% pretax margin in the fourth quarter and 19.5% for the year. The company returned 56% of net income to shareholders through dividends (36%) and buybacks (20%), while capital expenditures declined for a third consecutive year, from $263M to $218M to $188M.
FY2025: warranty claims rate falls to 41.4%, margin to 19.5%
First American's 2025 annual report said the home warranty claims rate was 41.4% of premiums in 2025, down from 46.4% in 2024 and 48.8% in 2023, mainly on lower claim frequency. The segment's pretax margin rose to 19.5% from 15.1% and 13.0%. The unit operated in 36 states and DC, and FAF disclosed ordinary-course class actions challenging home warranty practices.
Home warranty margin reaches 23.5% in Q1 2026
First American reported a home warranty pretax margin of 23.5% in the first quarter of 2026, with the claim loss rate at 36% versus 37% a year earlier and segment revenue up 2% to $110 million. FAF repurchased $33 million of stock in the quarter and was named a Fortune 100 Best Company to Work For for the eleventh consecutive year.
Q2 2026: warranty margin 21.3%; Seaton makes AI the primary focus
First American's home warranty segment posted a 21.3% pretax margin in the second quarter of 2026 on revenue of $114 million, with the claim loss rate at 40% versus 41%. FAF repurchased $20 million of stock, and CEO Mark Seaton said the company's primary strategic focus was to leverage AI across the business.
First American Home Warranty hires chief revenue officer for agent channel
First American Home Warranty named Jason Gritters, formerly of 2-10 Home Buyers Warranty, to a newly created chief revenue officer role leading its real estate business line, corporate development and new revenue initiatives. CEO Matt Wendl said the hire would bring greater alignment across the real estate organization.
FAF raises quarterly dividend 11% to 61 cents
First American Financial's board raised the quarterly cash dividend 11% to 61 cents a share from 55 cents. CEO Mark Seaton cited confidence in the business and a continued commitment to returning capital to shareholders.
Evidence (57 citations)
D1: User Value Erosion
D2: Business Customer Exploitation
D3: Shareholder Extraction
D4: Lock-in & Switching Costs
D5: Twiddling & Algorithmic Opacity
D6: Dark Patterns
D7: Advertising & Monetization Pressure
D8: Competitive Conduct
D9: Labor & Governance
D10: Regulatory & Legal Posture
Scoring Log (7 entries)
Checked 87 items + prose. 44 verified, 34 corrected (10 date-only), 9 re-sourced, 0 removed. Invented (contradicted): Abramson suit was TCPA not breach of contract (W.D. Pa. order); FY2025 'record revenue' (2022 was higher, MacroTrends); arbitration standard since founding/1990s (added 2013-14 per S.D. Cal. order); Illinois expansion via agent channel (BusinessWire: direct to consumer); Carrera class denied because of arbitration (Bloomberg Law: non-uniform statements); 'cannot cancel by phone' (FairShake, Abramson order); 1984 parent 'Orange County Title Company' (firstam history). Also fixed Q4 2025 margin (21.1%, not 18.1%), preliminary vs final TCPA approval, 44k breach disclosure date, misattributed Krebs per-document figure, AHS share (~47% in 2020), and trimmed unverifiable review anecdotes and ratings.
51->42. Scored the home warranty unit itself; parent FAF conduct (2019/2023 breaches, RESPA, CEO exit) counted only where it bears on the unit (shared IT/services from First American Title per CA DOI exam, capital returns, governance), weighted lightly. D1 6->5 (recalibration: steady complaints but decent third-party ratings; payout ratio decline 54.6%->41.4%), D2 5->4 (recalibration: contractor-rate pressure, no platform fee extraction), D3 5->4 (recalibration: moderate buybacks/dividends, segment margin rise), D4 4->3 (correction: fact audit found phone cancellation allowed; no data/network lock-in), D5 5->4 (recalibration), D6 6->5 (correction: cancellation by phone or email, not email-only), D8 4->3 (recalibration: no acquisitions, distribution edge only), D9 5->4 (recalibration: Fortune 100 x11 vs layoffs/CEO severance), D10 6->5 (recalibration: no 6-7 conduct; no enforcement since 2024). D7 unchanged at 5 (supported by new margin/claims-rate events). Trajectory worsening->stable. Eras: 8->6. Merged 1984 'Startup Subsidiary', 2000 'Real Estate Channel Growth' and 2007 'RESPA Kickback Fallout' into 'Closing-Table Warranty' re-dated 1984-03-01->1984-02-08 (2000 boundary had no event; RESPA was title-side); 2010 'Post-Spinoff Focus' re-dated to 2009-03-06 (Diaz filing) and relabeled 'Claim-Denial Class Actions', and split at 2013-02-01 (arbitration rollout) -> 'Arbitration Clause Rollout'; 2017 'Rebrand & Arbitration Shield' re-dated 2016-11-16 (rename) and relabeled 'Rebrand & Dividend Upstream', with 2020 'Breach Exposure Era' merged in (parent breach, not a warranty inflection); 2023-12-01 'Second Breach & TCPA' re-dated 2022-07-09 (Abramson suit) and relabeled 'Telemarketing Suit Wave'; current era re-dated 2026-02-20->2025-04-10 (DeGiorgio exit/Seaton) and relabeled 'Seaton Margin Expansion'. Since Feb 2026: home warranty margin 19.5% (2025) to 23.5%/21.3% in Q1/Q2 2026 as claims rate fell to 36-40%; FAF buybacks $33M/$20M, dividend +11% (Sep 2026); Fortune 100 11th year; new FAHW CRO (Aug 2026); no new enforcement or suits found. Category 'Home Services' fits.
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Added 1 missing dimension narrative