FIRST AMERICAN TITLE SUBSIDIARY ACQUIRES INTEREST IN CANADIAN FORECLOSURE COMPANY
August 21, 2000, SANTA ANA, Calif.
Effective immediately, Debt Recovery Network’s name will be changed to First Canadian Title Debt Recovery Network, and its services will become part of the total suite of products and services that First Canadian Title currently offers Canada’s lending community.
Debt Recovery Network (www.debtrecoverynetwork.com) has developed an Internet-enabled software solution for mortgage lenders that dramatically reduces the internal administrative costs associated with enforcing secured assets. Using the latest in networking technology, Debt Recovery Network has established a Canada-wide network of the country’s leading collection law firms to provide the most comprehensive solution for the efficient recovery of debt for lender clients operating throughout Canada.
“First Canadian Title’s acquisition of an interest in Debt Recovery Network enhances our commitment to provide Canadian lenders with superior mortgage services,” said First Canadian Title chief executive officer Tom Grifferty. “It now enables us to provide them with service throughout the full life cycle of a mortgage.” This move marks the first foray into foreclosure systems for First Canadian Title, and the latest of many steps in the development of title insurance and other real estate related products and services in Canada.
First American entered the Canadian market in 1991 and has made considerable progress since that time. In June of this year the company insured 19,417 transactions, versus an average of 1,697 transactions per month in 1995.
Recently, through a series of acquisitions in the United States, First American established itself as the preeminent provider of foreclosure services in the American market. The acquisition of an interest in Debt Recovery Network is a step toward the same goal in Canada.
Clients of the First Canadian Title Debt Recovery Network receive free software that enables them to monitor the status of any collection matter and record information about new matters they want to place with the network. Information about collection matters is updated in a standard format each business day so lenders do not need to request individual updates. Regular reporting, either through CollectLink software or via reports that are assembled and delivered to lenders, serves to provide lenders with a quick and streamlined way to look at all collection matters.
First Canadian Title currently offers Canada’s lending community a variety of services that help manage the mortgage process. First Canadian’s Title Insured Mortgage Programs enable lenders to process residential and commercial mortgage transactions with greater speed, enhanced security and bottom-line savings. First Canadian’s Mortgage Portfolio Services enable financial institutions to simply and securely transfer entire mortgage portfolios. Other services First Canadian Title provides the lending community include home closing services, home warranty and real estate tax services.
First American has taken steps toward establishing its title product in other countries internationally. In 1999 First American made major acquisitions in London and in 1998 opened an office in Australia. First American also operates in South Korea, Mexico, the Bahamas, Bermuda, Guam, Puerto Rico, the U.S. Virgin Islands, the United Kingdom, and The Republic of Ireland.
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.