VENDOR MANAGEMENT SERVICES, INC. NAMES PATTY PARDEN CHIEF OPERATING OFFICER AND EXECUTIVE VICE PRESI


April 25, 2001, MINNEAPOLIS

Vendor Management Services, Inc. (VMS) today announced that it has named Patty Parden chief operating officer and executive vice president. VMS is a wholly owned subsidiary of The First American Corporation (NYSE: FAF).

In her new position, Parden will oversee the operations of VMS, including customer service, communications, finance and project management.

Prior to joining VMS, Parden spent a number of years with Norwest Corporation, which merged with Wells Fargo in November 1998. During her tenure with Norwest, she helped establish several startup mortgage-related businesses and was instrumental in generating a revenue stream, creating a strategic advantage for portfolio retention and cross-selling all bank-related products and services. She served in various capacities, including vice president of the centralized loan origination centers and senior vice president of human resources. Additionally, she led Norwest’s Corporate Advantage program from its inception and, in just three years, established more than 100 Fortune 1000 accounts resulting in approximately $1 billion in funded loans. 

In 1996, Parden was named president of Value IT, Norwest’s appraisal management company, which at that time was losing nearly $200,000 per month. Within two years, under Parden’s leadership, the unit was earning approximately $100,000 per month and more than tripled its market share. In 1998, she became senior vice president for RES-direct, a joint venture between VMS and Wells Fargo that provides a Web-based solution for ordering, service management and delivery of real estate-related products and services.

Parden received a bachelor’s degree in education and psychology from Morningside College in Sioux City, Iowa, and a master’s degree from the Carlson School of Management at the University of Minnesota, Minneapolis. She and her husband, Jerry, live in Minneapolis.

Vendor Management Services, Inc. provides national mortgage lenders with a complete menu of solutions designed to reduce the cost of their operations, enhance the performance of their vendors and create new sources of revenue that add to the lenders’ net earnings. Information on VMS’ Bottom Line Solutions, which includes technology, workflow management, vendor management and new revenue generation, can be found on the company’s Web site at www.tvmsi.com

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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