First American Acquires Certified Closing Network
—Acquisition Expands Menu of Residential Relocation Products and Services—
August 22, 2005, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s largest data provider, today announced that it has acquired Certified Closing Network (CCN), a premier provider of customized and outsourced title clearance, equity calculation and settlement services for clients with residential relocation-related transactions. CCN will become a part of First American Residential Group, Inc., a specialty business line established by First American in 2002 to address the service, technology and outsourcing needs of companies serving the residential real estate and relocation markets. Terms of the transaction, which closed on Aug. 19, 2005, were not disclosed.
“The high quality of the CCN team and their proven focus on customer service perfectly complements our current offerings within the relocation services arena,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “This acquisition creates exciting opportunities for First American to develop new products and services specifically designed to meet the current and future needs of relocation clients.”
CCN utilizes a national network of attorneys and title and escrow agents who have developed expertise specifically targeted to serving the relocation market. CCN’s service teams will continue to operate out of the company’s Bethesda, Md., and Washington, D.C., locations under the direction of managing partners G. Michael Dufour, Jennifer Swanhart Murphy and John L. Heithaus.
“We are very excited to join the First American team,” said DuFour. “We believe this partnership will be extremely beneficial to our clients, employees and network members. By combining CCN’s proven management processes with First American’s financial stability and deep resources, we will be even better positioned to deliver the service, turnaround times and pricing our clients demand.”
CCN and First American Residential Group initially formed a formal marketing alliance in February 2004, with First American serving as CCN’s preferred title insurance underwriter. “This is the natural next step in that alliance,” added Roney.
The addition of CCN will give First American an expanded array of products and services to include in its customizable solutions for relocation customers. First American Relocation Advantage, a division of First American Residential Group, will continue to service its clients under the direction of Scott W. Felton, president, from its current Plano, Texas and Edina, Minn., locations. Roney noted, “Since service delivery has been customized to the respective clients of both organizations, customers will see no change in the high quality of service upon which they have come to rely.”
About Certified Closing Network
Certified Closing Network (CCN) is a network of real estate settlement experts dedicated to serving the needs of third-party relocation management companies, human resource outsourcers and in-house relocation programs. CCN’s customized full-service solutions for both departure and destination programs use a special brand of teamwork to noticeably improve turnaround times, customer service satisfaction and process integrity.
About The First American Corporation
The First American Corporation (NYSE: FAF), a Fortune 500 company that traces its history to 1889, is the nation’s largest data provider. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. 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 $6.72 billion in 2004, First American has approximately 2,000 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.