The First American Financial Corporation acquires Lomas Field Services, Inc.
September 6, 1995, SANTA ANA, CALIFORNIA
Created for mortgage bankers by mortgage bankers, the Dallas-based field services operation provides property inspection and preservation services nationwide. Founded in 1986 to manage the field servicing needs of Lomas Mortgage USA, the company now provides its services to leading mortgage banks and savings and loans nationwide. The company employs more than 100 full-time field representatives to conduct interviews with delinquent mortgagors, monitor the condition of properties and assure property preservation. Additionally, the company acts as a general contractor in providing preservation services on vacant properties, through a network of approximately 75 subcontractors. Bryard D. Poer, who served as executive vice president of Lomas Field Services, will run the day-to-day operations of the company.
Poer is confident about the new opportunities for First American Field Services. "We currently process about 70,000 single-family property inspections each month as well as 6,000 commercial property inspections per year," said Poer. "We are able to achieve this volume because we employ the most highly trained inspectors and equip them with the latest pen-based computer technology to complete our inspections faster and more accurately. Through our commitment to quality and First American's dedication to advancing technology, we will take First American Field Services to a new level in service."
According to John W. Long, president of First American Real State Information Services, the addition of the inspection and preservation company serves to further strengthen First American's position as a provider of comprehensive services for the lending community. "As the marketplace changes and our customers' needs evolve, we strive to increase and diversify our product mix. The addition of the field services product will greatly enhance our ability to provide a complete portfolio of services to the mortgage industry for a single fee. First American is the only company to provide a full menu of services and products to real property buyers and mortgage lenders."
Headquartered in Clearwater, Florida, and with offices in more than 45 cities across the United States, First American Real Estate Information Services provides a full complement of services to leading financial institutions and title companies nationwide. In addition to the new property inspection and preservation offering, products and services include real estate tax reporting, tax outsourcing, tax certification, credit reporting, property reporting, mortgage assignments, tax valuation and flood compliance. The company is a wholly owned subsidiary of The First American Financial Corporation.
The First American Financial Corporation, based in Santa Ana, California, is a leading provider of real estate-related financial services, including title insurance, tax monitoring, home warranty, credit reporting, flood compliance and property information services, to real property buyers and mortgage lenders. The company also operates a trust and banking business in Southern California. The company offers its title services through a network of more than 300 offices and 4,000 agents throughout the United States. It also provides title services abroad in the Bahama Islands, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom.