First American Completes Acquisition of Bank of America’s Lien Release Business Operations and Assets
Acquisition further solidifies First American’s existing best-in-class lien release business and includes agreement to provide lien release services to Bank of America
February 1, 2018, Santa Ana, Calif.
SANTA ANA, Calif., Feb. 1, 2018 – 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 completion of its acquisition of Bank of America’s lien release business. Bank of America’s lien release business and its employees are now part of First American’s Mortgage Solutions division, a leading provider of comprehensive solutions for residential lenders and servicers covering the entire loan spectrum. As part of the agreement, the group will continue to provide lien release services to Bank of America.
"We have taken our industry leadership in post-closing services and collateral file perfection another step forward,” said Kevin Wall, president of First American Mortgage Solutions. “The acquisition affirms 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, as well as First American’s number-one industry position in real property data coverage.”
First American Mortgage Solutions’ array 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 complements First American Mortgage Solutions’ existing best-in-class post-closing and document-management capabilities, enhancing First American’s ability to serve the lender, servicer and investor communities.
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.
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