FIRST AMERICAN ACQUIRES INTEREST IN ALLIED TRUSTEE SERVICES, INC.
January 4, 1999, SANTA ANA, Calif.
Allied, which has offices in Sacramento, Calif., and Henderson, Nev., will operate as a division of California-based First American Lenders Advantage, a division of the parent company's primary subsidiary, First American Title Insurance Company.
Allied provides delinquent assessment collection services for homeowner associations and other common interest developments throughout California and Nevada. These services include assessment prelien notices, assessment liens, nonjudicial foreclosures and bankruptcy monitoring.
"Allied is a specialized business that we feel will be highly profitable," said Daniel Barber, vice president-national director of sales and products for First American Lenders Advantage. " The alliance between the two companies fits with First American's overall diversification and growth strategy."
Lenders Advantage serves the title and escrow needs of lenders' residential properties by providing centralized, one-point-of-contact services. Title services include limited coverage policies for equity lines of credit, American Land Title Association (ALTA) full policies and/or ALTA policies with regional exceptions for refinance transactions, Trustee Sales Guarantees, as well as owner policies and lender policies for real estate owned (REO) properties. In addition, Lenders Advantage offers a residential REO package, a revolutionary combination of all the necessary protections a lender needs for property foreclosures.
The First American Financial Corporation, based in Santa Ana, Calif., 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, loss mitigation, 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 17,000 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 on the Internet at http://www.firstam.com.