—Acquisition will complement and enhance First American’s existing
best-in-class lien release business and will include agreement to
continue to provide lien release services to Bank of America—
SANTA ANA, Calif.--(BUSINESS WIRE)--
First
American Financial Corporation (NYSE: FAF),
a leading global provider of title insurance, settlement services and
risk solutions for real estate transactions, today announced the signing
of an agreement to acquire Bank of America’s lien release business,
which includes an agreement to provide these services to Bank of America
going forward.
“We’re excited to soon welcome the Bank of America lien release team to
First American,” said Dennis J. Gilmore, chief executive officer at
First American Financial Corporation. “The post-closing function is
important in today’s mortgage lending environment, and this move will
enhance the breadth of our post-closing products and services.”
The transaction is expected to close in the first quarter of 2018. Once
the sale is complete, Bank of America’s lien release business and its
employees will become part of First American’s Mortgage Solutions
division, a leading provider of comprehensive solutions for residential
lenders and servicers covering the entire loan spectrum.
First American Mortgage Solutions’ wide range of post-closing products
and services includes CleanFile Solutions™, a single,
vertically integrated suite that combines post-closing document
management, loan quality control, lien release preparation and recording
to cure, perfect and complete collateral files. The acquisition will
complement First American Mortgage Solutions’ existing best-in-class
post-closing and document management capabilities, augmenting First
American’s ability to serve the lender, servicer and investor
communities.
"This move will further solidify First American’s industry leadership in
post-closing services and collateral file perfection,” said Kevin Wall,
president of First American Mortgage Solutions. “It demonstrates our
ability and commitment to provide lenders, servicers and investors
post-closing services at an unmatched scale and level of efficiency,
supported by fraud detection, loan quality and compliance analytics, and
First American’s number-one industry position in real property data
coverage.”
About First American
First American Financial Corporation (NYSE: FAF) is a leading
provider of title insurance, settlement services and risk solutions for
real estate transactions that traces its heritage back to 1889. First
American also provides title plant management services; title and other
real property records and images; valuation products and services; home
warranty products; property and casualty insurance; and banking, trust
and investment advisory services. With total revenue of $5.6 billion in
2016, the company offers its products and services directly and through
its agents throughout the United States and abroad. In 2016 and again in
2017, First American was named to the Fortune 100 Best Companies
to Work For® list. More information about the company can be
found at www.firstam.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171208005131/en/
Source: First American Financial Corporation