FIRST AMERICAN LAUNCHES NEW FULLY INTEGRATED ELECTRONIC TITLE PRODUCTION SYSTEM
September 25, 2000, SANTA ANA, Calif.
The FAST Transaction System is seamlessly linked with First American’s FAST suite of e-commerce products, which enables automated electronic order entry, statusing and delivery of products, and leverages First American’s advanced wide-area network to connect with various offices, data sources and other technologies including FAST Search™, First American’s automated title search system. When an order is opened in the FAST Transaction System, it is automatically routed to a centralized production facility and a FAST Search electronic package of plant indexes, tax records and imaged documents is delivered within minutes.
“First American has been recognized as a leader in developing new technologies in our industry,” said Parker S. Kennedy, president of The First American Corporation and chairman of First American Title. “The FAST Transaction System is perhaps the most important technology we’ve introduced to date. We have invested significantly over the past two years to develop this proprietary system, and now that we have put it into production, we expect to see significant improvements in operating efficiencies as the system is deployed to our network of offices nationwide.”
“Centralizing our production process will allow us to improve service while cutting expenses,” said Gary L. Kermott, president of First American Title. “We will use the FAST Transaction System to facilitate the centralization of our back-office production.”
The FAST Transaction System is built on a fully scalable architecture capable of supporting in excess of 20,000 simultaneous users. The architecture can also be expanded to support new products. For example, the automated production platform of one of First American’s newest products, its EAGLE 9 UCC™ insurance for commercial lenders, was built as a component of the FAST Transaction System at a fraction of the time and expense of developing an independent production system.
The First American 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 and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides home warranties; automotive, subprime and direct-to-consumer credit reporting; property and casualty insurance; property and automotive insurance tracking services; resident screening; pre-employment screening; investment advisory; and trust and banking services. Information about First American and an archive of its press releases can be found on the Internet at www.firstam.com.
Any statements in this document that look 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; continued consolidation among the company's significant customers; consolidation among significant competitors: the impact of the legal proceedings commenced by the California attorney general and related litigation; the continued ability to identify businesses to be acquired; and changes in the company's ability to integrate businesses which it acquires. The company's actual results, performance or achievement could differ materially from those expressed in, or implied by, any forward-looking statements, 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, what impact they will have on the results of operations or financial condition of the company.