UPDATE 1-Title insurer Fidelity Nat'l profit tumbles 67 pct

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NEW YORK, April 23 (Reuters) - Fidelity National Financial Inc (FNF.N), which controls one of the largest U.S. title insurers, said on Wednesday that quarterly profit fell by a larger-than-expected 67 percent, as the slumping housing market cut into home sales and refinancings.

First-quarter net income tumbled to $27.2 million, or 13 cents per share, from $83.4 million, or 37 cents, a year earlier. Revenue fell 17 percent to $1.14 billion.

Analysts, on average, looked for profit of 19 cents per share on revenue of $1.3 billion, according to Reuters Estimates.

"We continue to navigate through difficult economic conditions, particularly in the mortgage and real estate markets," Chairman William Foley said in a statement.

Foley said order volumes increased after the Federal Reserve cut a benchmark interest rate 0.75 of a percentage point between meetings in January, "but those elevated levels did not continue through the rest of the quarter."

He said the company is prepared for a continued challenging operating environment.

Jacksonville, Florida-based Fidelity National said title orders that closed fell 21 percent in the quarter to 307,800, while those that were opened fell 14 percent to 562,200. Title and escrow premiums and fees fell 18 percent to $1 billion.

Its shares closed down 11 cents at $17.61 on the New York Stock Exchange. They are up 21 percent this year, but down 38 percent from their 52-week high set last June 4. The company released results after U.S. markets closed. (Reporting by Jonathan Stempel; editing by Jeffrey Benkoe)