First American and NAHREP Form Alliance to Increase Latino Homeownership
—Fortune 500 Data Provider and Hispanic Real Estate Trade Association Join Forces to Assist Real Estate Professionals Who Serve Latino Homebuyers—
June 22, 2004, SANTA ANA, Calif. and SAN DIEGO
The First American Corporation (NYSE: FAF), the nation’s largest data provider, and the National Association of Hispanic Real Estate Professionals (NAHREP) today announced the formation of an alliance to extend innovative business resources to the more than 10,000 NAHREP members who serve millions of Latino homebuyers across the nation.
First American’s business and information tools will enable NAHREP professionals to provide better service to the under-served Hispanic community and thereby enhance the chances of homeownership for many.
“With more than 10,000 active members, NAHREP is a respected and nationally recognized organization that is committed to empowering Hispanic real estate professionals and helping them educate their clients about the homeownership opportunities in their communities,” said Landon V. Taylor, vice president of market development for The First American Corporation. “This partnership is a tremendous way to introduce our specialized products aimed at increasing homeownership in these under-served communities.”
Under the agreement, NAHREP and First American will form a professional services division within NAHREP that will provide member practitioners with business tools, resources and industry information that have only been available to the nation’s largest real estate franchises and mortgage lenders until now. A partial list of resources available through this alliance include:
- Web-based technology solutions that provide NAHREP members with more sophisticated tools to attract and prequalify homebuyers
- Automated, direct marketing programs to allow NAHREP members to access new potential clients and increase transaction volume
- A national Internet marketing program that will reach more than 120 million Spanish-speaking Web site viewers per year
- Alternative credit products designed to expand the availability of 'A' grade mortgage financing to loan applicants considered ineligible by traditional scoring methods
- Guaranteed closing-cost packages that reduces buyers’ out-of-pocket cash required to complete home purchases
“We believe that the best way to increase the number of Latino homeowners is to focus on substantially increasing the power, resources and knowledge that is available to real estate professionals who are committed to increasing Latino homeownership,” said Gary Acosta, NAHREP chairman and co-founder. “First American’s business tools are innovative and will give NAHREP members a tremendous advantage in serving the Hispanic community.”
The announcement follows the October 2003 launch of a comprehensive initiative by First American to substantially expand homeownership opportunities for families in under-served Latino, African-American, Asian/Pacific Islander and low- to moderate-income communities.
Based in San Diego, NAHREP is the premier trade organization for Hispanics in the real estate industry with more than 10,000 members across the nation. Founded in 1999 by veteran practitioners Gary Acosta and Ernest Reyes, the organization is dedicated to increasing the rate of home ownership within the underserved Hispanic community through the education and support of the real estate professionals that serve it. For more information about NAHREP, go to www.nahrep.org.
About First American
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation’s largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.21 billion in 2003, First American has 29,000 employees in approximately 1,800 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.