Freddie Mac Teams With First American to Expand E-Commerce Solutions
May 2, 2000, SANTA ANA, Calif.
As part of this joint offering, GoldWorks users will be able to access First American's suite of products and services electronically through a secure connection to FASTWeb or FASTDirect.
FASTWeb is First American's Internet-based order entry, routing and delivery system that electronically sends orders and transactions across First American's network of offices and centralized data processing centers and delivers information back to the users desktop. The system, which is available on a 24-hour basis, is a powerful combination that produces a "one-stop shop" for First American products and services.
With FASTDirect, users have a direct connection to First American through a specialized application interface that integrates seamlessly with the users existing loan origination system. This integration allows users to electronically place orders for First American products and services without needing to learn a new system.
"The GoldWorks network continues its tradition of being a flexible business resource by providing Freddie Mac's customers with a wide array of choices," said Pat Sheehy, Freddie Mac's senior vice president of Marketing, Sales and Production. "Not only can GoldWorks users select First American as a service provider, they also can choose the electronic connection they desire for conducting e-business. In this way, Freddie Mac and First American have come together to provide a delivery solution that best fits our customers' needs."
"Through this agreement we are providing a direct link to our FAST Solutions via GoldWorks, making it even easier for Freddie Mac's customers to order and receive multiple products and services from First American," said John Hollenbeck, national title processes director for First American. "First American's e-commerce services are leading the industry to a new way of thinking about business, and Freddie Mac is a premier partner to bring our services to the nation's leading financial institutions."
First American's suite of products and services will be available via GoldWorks beginning later this month.
Freddie Mac's GoldWorks network makes available a single-network link to mortgage industry participants, including more than 2,100 lenders, brokers, real estate professionals, title companies, appraisers, mortgage insurers, and credit and information service providers. Through this secure, access-restricted and open architecture TCP/IP network, subscribers can communicate electronically with trading partners, including Freddie Mac, to exchange information and conduct business in ways that are faster and more cost effective than traditional methods.
Freddie Mac is a stockholder-owned corporation established by Congress in support of homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Over the years, Freddie Mac has opened doors for one in six homebuyers and more than 2 million renters in America.
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 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.