First American and CAREB Form Alliance

—Partnership Will Equip Real Estate Professionals Serving Minority Home Buyers With Innovative Products, New Technology—


May 26, 2005, SANTA ANA and OAKLAND, Calif.

The First American Corporation (NYSE: FAF), the nation’s largest data provider, and the California Association of Real Estate Brokers, Inc. (CAREB), the largest and oldest state chapter of the National Association of Real Estate Brokers, Inc., today announced the formation of an alliance that will equip CAREB members with technology and training resources designed to help them better serve California’s African-American home buyers. 

The real estate information tools provided by First American will enable CAREB members, known as Realtists, to offer more efficient service to the African-American community and thereby increase homeownership opportunities.  The company will also sponsor educational events and seminars on trends and issues impacting real estate practitioners.

Home buying among African Americans continues to trail that of nonminorities both in California and across the nation.  Recent studies have shown that the difference in homeownership rates—about 75 percent overall for nonminorities and less than 50 percent among African Americans and other minority groups—has persisted for nearly two decades.         

First American will provide CAREB members with access to state-of-the-art loan origination technology; nontraditional credit information; sales lead-generation data; and First American’s Affordable Homeownership Settlement Bundle, an innovative product that combines all of the services necessary to close a residential real estate transaction in an easy-to-understand, single-price package.  The bundle is offered to eligible homebuyers in all California counties at an average discount of approximately 25 percent, based on household income level.  

“The business tools, resources and industry information now offered to our membership under this alliance have, historically, only been made available to the nation’s largest real estate franchises,” said Jacqueline Carlisle, CAREB president.  “We have found in First American a company that shares our desire to provide both smaller, independent agents and potential home buyers with the knowledge and tools necessary to help close the homeownership gap.  We look forward to working with First American for many years to come.”

The First American/CAREB alliance will immediately focus on CAREB member needs assessment and the development of additional local CAREB chapters.  Over time, it will strive to increase the number of African-American homeowners by increasing the capability and resources of the real estate professionals who serve them. 

“The persistent barriers to home buying that dissuade many would-be homeowners from even considering a home purchase can often be abated through education and access to the industry’s best products and services,”  said Landon V. Taylor, vice president of Market Development for The First American Corporation.  “Aligning with organizations like CAREB helps establish First American as a trusted advisor to the African-American community and positions us to serve a home buying segment with tremendous growth potential.”

The alliance with CAREB is part of First American’s broader Emerging Markets initiative, launched in October 2003 to increase market share across all First American business segments through comprehensive outreach to traditionally under-served markets.  It includes the development of innovative products to combat common barriers to home buying, strategic industry alliances, philanthropic giving and investment, and an increased commitment to workforce and vendor diversity at First American.

About CAREB
The California Association of Real Estate Brokers, established in 1955, is an executive body comprised of the presidents of the Realtist boards of California, chartered under the National Association of Real Estate Brokers, and elected and appointed real estate professionals and affiliates. The organization was founded to advocate for fairness and equal opportunity in the real estate industry for African American real estate professionals and consumers.  They provide educational and professional enhancement opportunities for members that directly impact the urban and minority real estate professional, and the communities and clients that the Realtists—CAREB members—traditionally serve.  CAREB works with government and private industry real estate regulators and service providers to help them better serve the urban and minority business and consumer community. More information about the association can be found at www.careb.biz.

About First American 
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 31,000 employees in 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.

 

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