Asset Closing Services

First American Asset Closing Services^® (FAACS) serves as a structured, centralized point of contact for a multitude of services. Through our closing network of agent and direct First American operations, we are able to effectively manage and control your title and closing needs. We are committed to proactively identifying title issues and coordinating resolution to expedite the disposition of the property.

We have a dedicated underwriting staff with national underwriting authority to further support the insurability of assets, and ultimately, the successful closing of the REO property sale.

FAACS supports all facets of the title and closing process, including the review for accuracy of vesting, fees, and contractual conformity to client requirements, in addition to tracking the delivery of final sale proceeds.

Benefits of Our Services

Single-source solution for nationwide coordination of title and closing
Secure access to files which provides our clients with detailed information concerning their REO property closing status
Prompt order placement and tracking
Title resolution with national underwriting authority
Extensive variety of production and performance related reporting available
Cash deals are closed within 30 days and non-cash within 45 days from date of contract (resulting in interest/holdings cost savings)
Pre-established closing fee structure
Accurate and prompt disbursements

Our Services

Open Orders

All orders opened with FAACS will be electronically placed within one business day from receipt with the Local Closing Team (LCT).

Delivery of Search Information

A full commitment will be delivered within 10 calendar days (national average) from the date we receive the initial order. We will provide a “grading sheet” including detailed information on title issues.

Title Resolution

We are committed to resolving most title issues with a grade of ‘C’ or better within 45 days from the receipt of the title search. Title issues below a ‘C’ grade may take additional time, which will be communicated as soon as possible, or once FAACS can determine an estimated resolution timeframe for the insurability of title. Resolution includes issuance of a letter of indemnity, if appropriate, to insure over title exceptions for purposes of issuing a policy of title insurance at REO sale.¹

Manufactured Housing Title Services

First American’s manufactured housing team specializes in resolving manufactured housing title issues nationwide in a timely and successful manner. A fee schedule is available upon request.

Contract to Close

All fully executed sale and purchase agreements will need to be delivered to FAACS within one business day from receipt. FAACS will deliver all fully executed and valid ‘Contract of Sale’ to the appropriate LCT within one business day. Upon delivery of the contract to the LCT, we agree to close the transaction within 30 days for all cash transactions and 45 days for all loan-financed transactions (provided there is no buyer- or lender-initiated delays and that all title issues have been resolved).

Deed Generation

Upon the delivery of a fully executed sale and purchase agreement, FAACS or a designated attorney will generate a ‘Limited/Special Warranty Deed(s)’ on our clients behalf, conveying the property from the seller to the new buyer(s). Generation of the deed shall take place within three business days from receipt of the purchase agreement. The vesting information for the seller shall be required to generate the deed. If all the information is not received, we will communicate within one business day for the information required to complete the deed.

FAACS will also provide complete instructions of where the deed needs to be sent, once it has been executed for closing. All costs to record the deed shall be paid at closing from seller proceeds as set forth on the final HUD-1 settlement statement.

Delivery of HUD-1 for Review and Approval

FAACS will deliver the seller side of the HUD-1, and transfer deed to our client for review and approval no later than two business days prior to the scheduled closed date. Written approval of the seller side HUD-1 must be returned to FAACS within one business day.

Delivery of Final HUD-1

FAACS will provide a copy of the seller side final HUD-1 settlement statement to our client within one business day of closing. Closing shall be defined as the date set forth on the final HUD-1 settlement statement.

Delivery of Net Proceeds

Delivery of the final net seller proceeds will be wire transferred directly from the LCT to our client within one business day after the close date as set forth on the final HUD-1 settlement statement.

1. Title grading and resolution services are not to be construed as a legal representation or opinion of title, do not guarantee the insurability of the title, and do not otherwise expand or limit the coverage afforded by a policy of title insurance. The coverage under a policy of title insurance is determined by its terms and conditions, exclusions and applicable exceptions, and the title grading and resolution services shall not be construed as acceptance of any claim that may be submitted under a policy.