First American Financial acquires ShadowNet Mortgage Technologies, LLC
August 3, 1998, SANTA ANA, CALIFORNIA
Conducting business under the First American Nationwide Documents brand name, ShadowNet will provide electronic alternatives to delivering closing documents to mortgage lenders, mortgage brokers, commercial banks, credit unions and other mortgage lending entities. The acquisition of ShadowNet will place First American in the top market share position in the nation’s mortgage document preparation segment. Terms of the stock purchase agreement were not disclosed.
ShadowNet’s software programs include ProDirect, which allows mortgage lenders to order and receive closing documents for all 50 states in 15 minutes or less. ProDirect can interface with the leading mortgage origination and processing software, such as Contour Software’s programs. In addition, the company offers custom interfaces for other mortgage banking software systems allowing lenders to easily access calculations, document generation and delivery systems.
"ShadowNet provides even greater technological capabilities for our company, allowing us to increase our reach to new markets," said Don Robert, executive vice president of loan origination with First American Real Estate Information Services, Inc. "Outside of compliance, the document preparation industry is driven by a company’s ability to electronically deliver their product to the marketplace.
"We are combining the best of both companies to create a single structure, offering superior products, innovation of delivery and customer care," Robert continued. We are also pleased that First American will become the dominant delivery company in the mortgage document segment, continuing our overall corporate business strategy."
"First American is at the forefront of technology-based mortgage services," said Debra Collins, president and chief executive officer of ShadowNet, who, upon completion of the acquisition, was appointed executive vice president of First American Nationwide Documents. "The advantages ShadowNet provides when combined with First American’s premier real estate information products and services is remarkable."
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 more than 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.