FIRST AMERICAN NAMES PRENDERGAST SPECIAL UNDERWRITING COUNSEL OF THE UCC INSURANCE DIVISION


May 7, 2001, SANTA ANA, Calif.

The First American Corporation (NYSE: FAF), the nation’s leading, diversified provider of business information and related products and services, today announced the appointment of James D. Prendergast as special underwriting counsel for First American’s UCC Insurance Division.  

Last year First American introduced its UCC Insurance Division and the EAGLE 9™ UCC Insurance Policy, which provides lenders with attachment, perfection and priority insurance for commercial loans secured by personal property as defined by the Uniform Commercial Code (UCC). In addition to important insurance coverage, the policy represents an outsource solution for commercial lenders with regard to UCC search, document preparation, filing and tracking services.

Prendergast joins the UCC Division as an expert in analyzing and underwriting complex commercial-loan transactions including mixed-collateral loans, asset-based loans, mezzanine financing transactions and securitizations.  He will directly support the UCC insurance policy production teams, which specialize in market segments and loan-product types, and represent the UCC Division externally in discussions, analysis and negotiations with First American’s outside counsel, borrowers’ counsel and lenders’ counsel.

Prior to joining First American, Prendergast spent four years as a commerce and finance attorney at the law firm of Brobeck, Phleger & Harrison LLP, where he specialized in corporate and commercial law with an emphasis in commercial and corporate finance, loan negotiation and documentation, asset-based lending, commercial law, banking law, workout and bankruptcy matters, and representation of secured creditors and lenders. 

Prendergast obtained his juris doctor degree from Hastings College of Law in San Francisco, was on the editorial board of the Hastings Law Journal, and was the recipient of the American Jurisprudence Award for Legal Scholarship and the Order of the Coif. Prendergast also has a master’s degree in business administration from the University of California at Berkeley.  He has written numerous articles for various publications including The Secured Lender, The Commercial Law Journal and Real Estate Review, and is a member of the American College of Commercial Finance Lawyers and the Board of Governors of the Financial Lawyers Conference of Los Angeles. He resides in La Canada, Calif., with his wife, Robin, and his two daughters, Katherine and Christine. 

The UCC Insurance Division leverages First American’s advanced e-commerce and automated database systems to electronically search, examine, route and deliver data that can automatically be converted into documents ready for filing or delivery back to the lender. Using UCCFast™, First American’s fully automated, Web-based UCC policy production system, lenders can initiate orders, access policy information and track orders in a secure, online environment. 

The First American Corporation, based in Santa Ana, Calif., is the nation’s leading, diversified provider of business information and related products and services. The corporation’s three primary business segments include: title information 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.

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