First American Selects LEXIS Document Services to Support UCC Insurance Product
- Agreement Provides Automated Support to UCC E-Commerce Initiative -
June 26, 2000, SANTA ANA, Calif.
First American, as both a title insurer and a property and casualty insurer, is the only company able to provide UCC insurance to this entirely new market. Partnering with LEXIS Document Services will streamline the searching and filing process and provide insurance that minimizes commercial lenders' risk associated with collateral-based financing transactions.
LEXIS Document Services' electronic offerings also complement First American's UCCFast™ e-commerce production platform. Under the agreement, LEXIS Document Services will integrate its Lexpedite™ software, and its File Watch database, with the UCCFast system to automate the process while making it seamless for First American's customers to initiate orders and access policy information in a secure, online environment.
In addition, LEXIS Document Services' customers, who constitute nearly 40 percent of the UCC search market, will have the ability to order an EAGLE 9™ UCC Insurance Policy directly from the LEXIS Document Services' Web site, www.netlds.com, as well as from First American's UCC Web site, www.eagle9.com. The LEXIS® service will also utilize First American's title plant data to fulfill clients' requests for real estate-related searches.
"We are pleased to partner with an established and respected company like LEXIS Document Services," said Theodore H. Sprink, vice president and director of First American's UCC Insurance Division. "Like First American, LEXIS Document Services takes tremendous pride in the quality of its products, its technological capability and its customer service. Their more than 35 years of UCC experience will be a tremendous asset as we grow this new business."
"We believe the EAGLE 9™ UCC Insurance Policy will be a tremendous success in the commercial lending marketplace," said Robert Glass, president of LEXIS Document Services. "We are proud to offer this long-awaited solution to our commercial-lending clients and their legal representatives."
With more than 11,000 commercial banks and thrifts issuing over $1 trillion in commercial and industrial loans last year without the benefit of UCC insurance coverage, First American expects this new business to have strong growth potential.
LEXIS Document Services, headquartered in Springfield, Ill., offers nationwide public records services with expertise in UCC-related lien searching and filing; corporate searching and filing, including registered agent services; motor vehicle titling and registration; and patent and trademark services. These services are marketed to commercial secured lenders, corporations, law firms and fleet managers.
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 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 the company and an archive of its press releases can be found on the Internet at www.firstam.com.