FIRST AMERICAN INTRODUCES COMPLETE OPEN-ARCHITECTURE SOLUTION FOR MANAGING REAL ESTATE SERVICES
October 24, 2000, SANTA ANA, Calif.
VMS also introduced its open-architecture, software system, TheVendorManager™, which offers VMS’ customers a convenient, single-source solution for the order, service management and product delivery of multiple real estate and lending products and services.
“Every industry in America is searching for the solution that will enable it to close more transactions, with fewer people, while attaining higher levels of customer satisfaction,” said Landon Taylor, president and chief executive officer of Vendor Management Services. “VMS has initially targeted the real estate-lending and closing process. It provides a complete solution by providing an advanced technology infrastructure that links VMS’ customers with select vendors and a dedicated customer service center staffed by industry experts that specialize in providing service on each product offered through VMS.”
“First American has entered into this business as a means to provide our customers with access to the open markets and the best available products and services to meet their changing needs,” said Parker S. Kennedy, president of the First American Corporation. “VMS offers an unbiased, highly efficient way for our customers to manage their operations.”
VMS’ open architecture allows vendors from all product categories, including competing real estate products, to provide their services through a single system. This platform allows VMS to be a true single-source provider to the real estate industry and beyond. The company provides its customers with a full suite of performance analysis and management tools, including monthly performance reports and manual- and automated-order placement based on vendor capacity and performance history.
VMS’ TheVendorManager is a proprietary, technology system with a customized interface that facilitates transactions between VMS, its clients and its select group of vendors. Programmable interface options allow for rapid, direct connections between back-end systems, resulting in substantial cost savings for VMS’ clients and vendors. While many industry vendors have automated the ordering process of their e-commerce systems, transaction responses and back-end processes are still widely paper-based. Through robust connections to the industry’s leading vendors, TheVendorManager replaces many of the manual steps in the process by delivering status and products electronically to our customers back-end systems and Web sites.
Taylor added: “Many competing vendor management companies seek to define themselves by the number of vendor relationships they carry on their system. VMS distinguishes itself by targeting the ‘best-in-class’ for vendors entering the system. Product quality, service and price are all considerations that determine the vendors selected by VMS.”
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 automotive, subprime and direct-to-consumer credit reporting; resident screening; pre-employment screening; property and automotive insurance tracking services; property and casualty insurance; home warranties, 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.
Certain statements made in this press release, including those relating to cost savings gained through integrating back-end production systems, are forward-looking. Risks and uncertainties exist which may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: interest rate fluctuations; changes in the performance of the real estate markets; general volatility in the capital markets; changes in applicable government regulations; consolidation among the Company’s significant customers and competitors; legal proceedings commenced by the California attorney general and related litigation; the Company’s continued ability to identify businesses to be acquired; changes in the Company's ability to integrate businesses which it acquires; and other factors described in our Annual Report on Form 10-K for the year ended December 31, 1999 with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward looking statements are made.