First American Financial acquires Executive Reporting Services, Inc. and CreditNet ...
September 10, 1998, SANTA ANA, CALIFORNIA
As members of the First American family of companies, Executive Reporting Services and CreditNet Communications will continue to provide innovative risk management products and automated credit reporting solutions to clients. The acquisitions will reinforce First American's top market share position in the nation's mortgage credit reporting industry. Terms of the stock purchase agreement, which closed at the end of August, were not disclosed.
Showcased by their on-line CreditNet software, the companies, with more than 100 employees combined, hold a strong regional niche in the nation's Northwest credit reporting market. The proprietary CreditNet software, which streamlines credit management and loan approval processes for banks and other lending institutions in the real estate markets, contributed significantly to the companies' national exposure during the past year.
"The combination of Executive Reporting Services and CreditNet Communications is a prize we have had our eyes on for quite some time," said Don Robert, executive vice president of loan origination services with First American Real Estate Information Services, Inc. "The complement of technologies between the companies will revolutionize the way the industry conducts mortgage credit reporting in the future by making it even easier for businesses of all sizes to gain access to and benefit from our services."
"As a part of the First American family of companies, we will continue to pursue our successful business strategies, while at the same time, gain the advantages of being part of an organization with great financial strength, innovative products and industry leadership," said Kent Forrest, president of Executive Reporting Services and CreditNet Communications.
The First American Financial Corporation, based in Santa Ana, California, is the nation's leading provider of real estate-related financial and information services. The corporation's subsidiaries include First American Title Insurance Company, a national and international title insurer; First American Real Estate Information Services, Inc., which offers tax monitoring, credit reporting, property data services, flood certification, field inspection services, appraisal services, mortgage loan origination and servicing systems, and mortgage document preparation nationally; First American Home Buyers Protection Corporation, a home warranty company; and First American Capital Management, an investment advisory firm. The corporation also operates First American Trust Company and First Security Thrift Company in Southern California. First American Financial has approximately 15,000 employees in over 400 branch offices in the United States and abroad. Information about the company's subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.