First American Title Extends Diversity Marketing Program to Campbell, Calif.

—New Services for Latino Homebuyers and Realtors® Now Available in Eight Bay Area Counties—


August 11, 2004, Campbell, Calif.

First American Title Insurance Company, one of the nation’s largest title insurers, today announced the expansion of its Bay Area Diversity Marketing Program to CampbellCalif.  The program, which has already taken root in the Northern California communities of San JoseSan MateoSanta Rosa, Brentwood, San Francisco, Castro Valley, Salinas and Watsonville, is designed to address the needs of Latino homebuyers and help Realtors in the greater San Francisco Bay Area reach out to Latino homebuyers. As part of its Campbell kick-off, First American will host a seminar and reception for real estate agents and lenders entitled: “Understanding the Latino Homebuyer.”  The event will take place on Thursday, Aug. 12, from 2:30 p.m. – 4 p.m., at First American Title Insurance Company, 2110 South Bascom Ave.in Campbell. Maria Valentin, First American Title’s Bay Area diversity marketing manager, will conduct the seminar.

Launched in late 2003 to initially address the Latino market, the diversity marketing program is comprised of consumer-focused outreach and educational events, specialized programs for real estate professionals, and the hiring and training of key First American staff to better service ethnically diverse areas.  The program, which is the first of its kind in the title insurance industry, has been expanded during the second half of 2004 to provide services geared toward Asian American homebuyers.

“First American is committed to helping Santa Clara County’s diverse, growing community learn about the home-buying process,” said Pablo J. Wong, director of diversity marketing for First American Title’s Bay Area region.   “We have a social responsibility to help all American families who desire to own a home, and an appreciation for the potential size of Latino home-buying market in and around Campbell.  The ability to work within the Latino community requires the hiring of people who are familiar with—and have an understanding of— the culture.  First American is working toward that goal.”

An important and growing market, Latinos currently purchase one out of every five homes in California.  According to the most recent U.S. Census, homeownership among Latinos in the Bay Area is growing at nearly twice that of non-Latinos. With 1.4 million Latino residents in the Bay Area representing 21 percent of the total population, this home-buying segment is expected to generate more than 30,000 property transactions over the next year. 

In December 2003, First American announced the filing of its rates for the Affordable Homeownership Settlement Package—a bundled and discounted title insurance and settlement services product—with the California Department of Insurance. The package  combines lender and owner title insurance policies with escrow closing services, a credit report, an appraisal, flood zone certification and home warranty coverage—all in an easy-to-understand, single-price product.  It is offered to eligible homebuyers in all California counties at an average discount of approximately 25 percent.  Discount eligibility is based on U.S. Department of Housing and Urban Development definitions of low-to-moderate income.

In addition to the Affordable Homeownership Settlement Package, First American’s broader minority homeownership initiative—launched in October 2003 to promote home buying among African Americans, Asian Americans and Latinos—is comprised of a targeted philanthropic giving program, a for-profit community investment program, the development of alternative credit-screening products and an increased commitment to workforce and vendor diversity at First American.  The five-year, multimillion dollar program is endorsed by The Greenlining Institute and was received positively at its introduction by representatives from Fannie Mae, the National Association of Hispanic Real Estate Professionals, the National Association of Real Estate Brokers and the Asian Real Estate Association of America.

First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through nearly 1,500 offices and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa AnaCalif. Information about The First American Corporation’s subsidiaries and an archive of its press releases can be found on the Internet at www.firstam.com.

 

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