The First American Financial Corporation to acquire key national loan servicing system - "Excelis"
March 18, 1996, SANTA ANA, CALIFORNIA
According to the terms of the agreement, First American will acquire certain RIS corporate assets. The new company will operate under the name of Excelis, Inc., upon completion of the acquisition and will remain in Dallas as a wholly owned subsidiary of First American.
"We have always been impressed by the quality and caliber of RIS and its superior servicing product," commented John Long, president of First American Real Estate Information Services. "This acquisition complements our existing technology-based businesses. We have maintained a commitment to provide our customers with the industry's top products and services in an easily accessible, 'one-stop' environment. Excelis MLS continues that commitment."
Excelis' MLS software has long been considered one of the most advanced technology systems in the industry despite changes in corporate ownership. With First American, the company now enjoys the support and visibility of the industry's leading full-service real estate services provider. Excelis MLS will integrate into First American's existing product line which includes title insurance, tax services, mortgage credit reporting, field and property services, flood compliance and mortgage assignments.
Commenting on the agreement, RIS President Bill Nardiello said, "We couldn't be more pleased with the future First American has planned for Excelis. First American is dedicated to providing quality service to its customers. This agreement will enable us to combine our talents and product offerings through new and expanded channels."
"When we acquired RIS from Lomas in December 1994, we did so with the greatest confidence in the company's capabilities, people and prospects," explained Residential Services Corporation of America Chairman and CEO Marvin Moskowitz. "We were not disappointed. This belief in the company was more than confirmed in the short period of time RIS was part of RSCA. We are pleased that First American is acquiring RIS because with its commitment and position in the industry we believe that the efforts of RIS which began so well will not only continue but flourish."
The First American Financial Corporation, based in Santa Ana, California, is a leading provider of real estate-related financial services. The company offers title insurance and related services nationally and internationally through First American Title Insurance Company. Its subsidiary First American Real Estate Information Services is a single-source provider of real estate services, including real estate tax reporting, credit reporting, flood compliance, property valuation and reporting, and mortgage assignments. The company also operates a home warranty company in five western states and a trust and banking business in Southern California.
For more information on First American Real Estate Information Services, write First American, 150 2nd Avenue, Suite 1600, St. Petersburg, FL 33701; or call Inger Padilla, vice president, Marketing Communications, at (800) 449-8732.