DATA TRACE TO ACQUIRE OPERATIONS OF TITLE RECORDS, INC. OF LOS ANGELES
June 11, 2001, ANAHEIM, Calif.
Data Trace LLC, the nation’s largest provider of title plant services and a joint venture company owned by The First American Corporation (NYSE: FAF) and LandAmerica Financial Group (NYSE: LFG), today announced the completion of a definitive agreement to acquire the assets and operations of Title Records, Inc. (TRI), the Los Angeles-based owner and provider of title plant services in Los Angeles County.
Under the terms of the exclusive multi-year agreement, TRI will retain ownership of the Los Angeles County title plant, with Data Trace operating, maintaining and providing online access to the title plant’s information.
As one of the two existing title plants in Los Angeles County, TRI provides title data to a wide range of underwriters and title agencies. Data Trace’s acquisition of TRI’s operations is expected to increase the efficiency in collecting and distributing title data for the region while moving Data Trace toward its goal of lowering the industry’s costs associated with the production of title insurance.
“Los Angeles County is the largest and most active real estate market in the country, and the acquisition of the TRI’s operations further solidifies our position as the preeminent supplier of automated information services to the title insurance industry,” said Michael T. Henney, president of Data Trace. “We expect to leverage our data acquisition expertise and information delivery system to further the title insurance industry goal of providing real-time access to updated title and tax records over a standardized operating platform.”
Data Trace, with coverage in 33 states, maintains a title-plant database that contains more than 900 million records. In addition to title plant services, Data Trace provides the title industry with updated property tax information to facilitate real estate transaction closings and linkage to the nation’s largest real estate document image repository operated by Data Tree, a wholly owned subsidiary of The First American Corporation.
Data Trace provides technology that enables title insurance companies to connect regional title databases and access them using a standard software interface. The Data Trace system, the largest of its kind, delivers title history information, property tax assessment and payment data, document images, and property profiles in major metropolitan areas across the United States. For additional information, visit Data Trace’s Web site at www.edatatrace.com.