First American Introduces Web Services-Based Platform for Bundled Services
–Industry’s Broadest Coverage of Data Products Combined with Web Services Technology Enables Comprehensive Solution To Streamline Production and Guarantee Pricing–
March 15, 2004, PHOENIX
The First American Corporation (NYSE: FAF), the nation’s largest data provider, introduced the mortgage industry’s first integrated Web services-based production and delivery platform today at the 2004 Mortgage Banking Association’s National Technology in Mortgage Banking Conference and Expo in Phoenix. First American’s new technology platform is the only system capable of intelligently creating product bundles, managing electronic invoices and offering lenders the ability to support the Guaranteed Mortgage Package Agreement (GMPA).
Two of the nation’s top 10 mortgage lenders are currently in production with the first release of the company’s new platform. First American is successfully completing the first phase of its program to offer a streamlined, one-stop customer experience. The new platform provides access to First American’s full suite of product bundles and sets a new standard for the way the mortgage industry will consume real estate data products and services.
“The introduction of First American’s new Web services-based architecture represents a significant advance in the way settlement services will be ordered and delivered,” said Roger S. Hull, senior vice president and chief information officer for The First American Corporation. “While the platform can support the traditional ordering and delivery functions of existing e-commerce platforms, its real power is its ability to provide our clients with real-time pricing on products as individual units or discounted, customized bundles.”
The system will guarantee the quote to the customer for a period of time allowing the buyer to leave the system to shop for competitive pricing or return to execute the order at a later date.
“This is tremendously important as the industry attempts to move toward guaranteeing borrowers’ closing costs at the point of sale and enabling GMPA offerings,” Hull continued. “First American is the only company that can provide comprehensive bundles, and support them with a highly-scalable architecture that is easier and less costly to deploy.
First American’s technology platform conforms to industry standards, including the Mortgage Information Standards Maintenance Organization’s (MISMO) designation for XML and web services. Designed for the utmost in flexibility and scalability, First American’s technology platform can be easily and cost effectively integrated with lenders’ existing loan origination systems and other internal or external systems. The bundling technology also enables lenders to competitively respond to market demands and satisfy regulatory requirements for guaranteed pricing.
Parker S. Kennedy, president and chief executive officer of The First American Corporation, stated: “The introduction of our new Web services-based, bundling technology further distinguishes First American as the premier data and technology services provider for the mortgage industry. This new offering will allow us to improve the value and speed of the product and services we deliver to our customers.”
First American is uniquely positioned to effectively offer bundled services to the mortgage industry. As the nation’s largest collector and provider of real estate data, First American aggregates data on more than 100 million properties annually with national data coverage extending to more than 92 percent of all U.S. property transactions. The company’s leading position in data services complements its position as a leading provider of title insurance and its number-one market positions in property appraisal, tax reporting, flood zone certification and other mortgage-related services.
First American’s e-commerce platform is designed to work in concert with next-generation sourcing platforms like Dorado’s SourceMaster. Together, they provide a full suite of vendor and transaction management tools, automated decisioning and advanced bundling capabilities to meet current and emerging market demands.
To find out more about First American’s new e-commerce bundling technology and the complete menu of services available to the mortgage industry, please visit First American at the 2004 MBA Tech Conference at booth #200.
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 seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.21 billion in 2003, First American has nearly 30,000 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.