FIRST AMERICAN ACQUIRES CMAX CLAIMS PROCESSING SOFTWARE SYSTEM


June 16, 1999, SANTA ANA, Calif.

The First American Financial Corporation (NYSE: FAF), the leading provider of business information and related products and services, today announced that its wholly owned subsidiary, First American Real Estate Information Services, Inc., has acquired the CMAX claims processing software system and other interests from Irving Burton Associates, Inc. (IBA).

CMAX (Claims Maximization), the leading claims management and processing software system, is designed to generate accurate claims filings and to reduce the time associated with the processing cycle.

"The CMAX system provides a strong complement to First American's array of default management solutions," said Joe Filoseta, division president of First American/DMS. "This combination of technologies can substantially reduce the costs associated with processing claims while boosting productivity by more than 30 percent. CMAX also provides the optimal solution to sudden increases in claims volume."

In addition, the CMAX system provides accurate and efficient solutions to claims processing. From an OracleTM-based system, CMAX improves turnaround time allowing servicers to meet the strict deadlines associated with claims processing. The CMAX system is also Year 2000 tested and compliant. It has a multitude of edits and controls that ensure all claims are processed correctly. This is especially essential for FHA claims.

"In the past five years, more than 70,000 claims have been filed using CMAX on behalf of several major servicers at our processing center," said Laura Smith, director of operations with IBA. "We also provide servicers with the flexibility of utilizing CMAX in their operations and using our facilities for overflow processing. In addition, we have not paid a single audit penalty on a claim processed through the CMAX system."

First American/DMS provides comprehensive default management software and services to manage the entire default servicing process. Its Default Account Information SYstem (DAISY), manages workflow and communication with service providers and attorneys handling default actions. DAISY allows default managers to proactively manage their portfolios, realize significant cost savings and ensure compliance with investor requirements. In addition, National Default Tracking System (NDTS), another First American/DMS component, provides strong case management tools for law firms and trustees.

Also a component of DMS, First American Loss Mitigation Services can provide lenders and borrowers alternatives to foreclosure. If foreclosure is necessary, the process can be completed by the law firm of Barrett Burke Wilson Castle Daffin & Frappier, L.L.P., a First American partner.

The First American Financial Corporation, based in Santa Ana, Calif., is the nation's leading provider of business information and related products and 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, mortgage credit reporting, property data services, flood certification, field inspection services, appraisal services, loss mitigation services, mortgage loan origination and servicing systems, and mortgage document preparation nationally; First American Home Buyers Protection Corporation, a home warranty company; First American Capital Management, Inc., an investment advisory firm; and First American Trust Company and First Security Thrift Company in Southern California. The company also offers automotive and direct-to-consumer credit reporting, multifamily resident screening and pre-employment screening through its Consumer Information and Services division. First American Financial has approximately 20,000 employees in more than 600 branch offices in the United States and abroad. Information about the company's subsidiaries and an archive of its press releases can be found on the Internet at http://www.firstam.com.

myFirstAm®

Access the powerful online services available only at First American.

Sign In
Forgot Username or Password?

Sign Up

Sign up for a myFirstAm® account.

Other Platforms

  • FASTWeb

    Title ordering, routing and tracking.

  • AgentNet®

    eJackets, closing protection letters, back title, bulletins and more.

  • DataTree.com

    Access the nation's largest land record database.

  • Home Warranty

    Coverage for a home's major systems and appliances.