First American Financial completes acquisition of loss mitigation company
September 1, 1998, SANTA ANA, CALIFORNIA
Operating for nearly a year as First American Loss Mitigation Services, the company provides default loan services to more than 140 seller/servicers. Terms of the stock purchase agreement, which closed August 27, were not disclosed.
"This company adds to our growing array of default loan resolution services," said John Long, president of First American Real Estate Information Services, Inc. "We are evolving our default services strategy and have been studying ways to improve the process of dealing with loans in default. We believe that innovative loss mitigation strategies will emerge as a key service demanded by our clients. This acquisition supplements our recent announcements regarding First American/DMS."
Based in Harahan, Louisiana, First American Loss Mitigation Services provides loss mitigation strategies designed to minimize credit losses and return loans to performing status. In addition, this company is the largest outsource company serving Freddie Mac's Helping Hand program.
"We are excited about adding loss mitigation to our product group," said Barry Sando, First American's executive vice president of loan administration. "Our financial strength, market leadership and our history of innovation will propel First American Loss Mitigation Services to a leading position under the management of senior vice president Joseph G. Filoseta."
The First American Financial Corporation (NYSE:FAF) is the nation's leading provider of real estate-related financial and information services. Through its wholly owned subsidiary, First American Real Estate Information Services, Inc., it provides a variety of services to leading financial institutions nationwide, including credit reporting, flood compliance, appraisal services, mortgage loan origination and servicing systems, real estate tax reporting, certification, and outsourcing, document preparation services, property reporting and valuation, loss mitigation and default management solutions. The Information Services group has its headquarters in St. Petersburg, Florida. Through other subsidiaries, First American Financial, founded in 1889 and based in Santa Ana, California, has more than 13,000 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.