FIRST AMERICAN ANNOUNCES SIGNIFICANT GROWTH IN E-COMMERCE UNIT
September 21, 1999, SANTA ANA, Calif.
Highlights of the three offerings include:
First American developed these e-commerce solutions to provide lenders of all sizes with instant, electronic access to a variety of First American's products and services, including flood, credit, title, closing, appraisal and home warranty services. "These solutions allow our customers to order and receive multiple services from our suite of product offerings through a single source," said John Hollenbeck, First American's national title processes director. (See attached product and service availability matrix.)
FASTWeb - Internet Solution
FASTWeb is an Internet-based option for product order and delivery. Using a standard Web browser such as Netscape® Navigator or Microsoft® Internet Explorer as an interface, customers can enter a secure Web site to order First American products and services online. Through this interface, First American can build intelligent applications that are open to any platform without the need to create specialized client-side software. "The easy-to-define search capabilities and instant order routing throughout First American's companies nationwide is unmatched," continued Hollenbeck. "For our customers who prefer to utilize the Internet, or who have the ability to access the Internet, FASTWeb is the solution of choice." FASTWeb, first introduced by the company in 1998, maintains over 30,000 registered users and handles more than 100,000 property profile reports and product orders each month. The company expects these numbers to continue to grow.
FASTWin - Desktop Solution
FASTWin is the single desktop application to order and receive First American products and services. From the customer's PC workstation, the dial-up or network-connected FASTWin desktop application provides the ability to order multiple products, receive confirmation of orders submitted, receive status updates as well as actual product delivery. The FASTWin application is hosted on First American servers, allowing for updates and modifications to the application without interruption of client activities. FASTWin is geared toward customers who do not have an in-house technology staff.
FASTDirect - Direct Connection
FASTDirect integrates seamlessly into a customer's existing loan origination system, allowing product orders to be initiated and routed to First American from the customer's system. One-time programming by the customer's in-house information technology staff will directly connect them using the FASTDirect interface.
"We are extremely pleased with the growth of our electronic commerce efforts. Our increased volumes in FASTWeb prove the acceptance of these technology-enhanced services in the marketplace," said Parker S. Kennedy, president of The First American Financial Corporation. "We are finding tremendous success with cross selling opportunities and plan to continue to expand our multi-product e-commerce offerings, which provide increased efficiencies to our customers and added value to our shareholders."
First American strives to be the first company in the industry to create a completely integrated system that offers its products and services to be electronically ordered, routed, processed and delivered to any customer, anywhere, using any platform, while increasing operating efficiencies and profitability by dramatically reducing costs on a per order basis.
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 three primary business segments include: title insurance; real estate information and services, which includes mortgage origination, mortgage servicing and database products and services; and consumer information and services, which provides home warranties; automotive, subprime and direct-to-consumer credit reporting; insurance and automotive tracking services; resident screening; pre-employment screening; lender-placed flood and hazard insurance; investment advisory; and trust and banking services. Through its family of companies, First American Financial has nearly 20,000 employees in more than 600 branch offices in the United States and abroad. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.
Any statements in this document looking forward in time involve risks and uncertainties, including but not limited to the following: the effect of interest rate fluctuations; changes in the performance of the real estate markets; the effect of changing economic conditions; general volatility in the capital markets; the demand for and the acceptance of the company's products; changes in applicable government regulations; consolidation among the company's customers; and contingencies associated with the Year 2000 issue. The company's actual results, performance or achievement could differ materially from those expressed in or implied by forward looking statement, and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur or, if any of them do so, what impact they will have on the results of operations and financial condition of the company.
|AVAILABLE PRODUCTS||FASTWeb Internet||FASTWin Desktop||FASTDirect Programming|
|Instant Merge Report||YES||YES||YES|
|Raw Data||4Q 99||-||YES|
|FNMA D/U Export to LOS||4Q 99||YES||-|
|ANSI X12 Format||-||-||YES|
|Flood with Life of Loan||YES||YES||YES|
|Flood with Census||YES||YES||YES|
|Flood with Life of Loan & Census||YES||YES||YES|
|Report Delivery||3Q 99||4Q 99||4Q 99|
|All available (40 plus) products||YES||YES||YES|
|Title & Closing|
|Order Title||YES||4Q 99||4Q 99|
|Order Escrow||YES||4Q 99||4Q 99|
|Order Customer Service||YES||4Q 99||4Q 99|
|Historical Order Summary and Status||YES||4Q 99||4Q 99|
|Report Pick-up||YES||4Q 99||4Q 99|
|Customer Preference Profile||YES||4Q 99||4Q 99|
|Title Office Selection List||4Q 99||4Q 99||4Q 99|
|Custom Agency Selection List||YES||4Q 99||4Q 99|
|Property Lookup||YES||4Q 99||4Q 99|
|Property Lookup Integration to Order||YES||4Q 99||4Q 99|
|Status||YES||4Q 99||4Q 99|
|FNMA Desktop Underwriter Import||1Q 00||YES||-|
|FNMA Desktop Underwriter Export||1Q 00||YES||-|
|Raw Data (Standard and X12)||-||-||YES|
|Contour Webit Interface||YES||-||-|
|Unique User id and password access||YES||YES||YES|