First American and NAHREP Announce Launch of National Referral Network on MSN Latino
—Online Resource Instantly Connects Prospective Homebuyers With Trusted, Spanish-Speaking Real Estate Agents, Mortgage Brokers, Homebuying Counselors and Settlement Service Providers—
October 14, 2005, NEW YORK
NEW YORK, Oct. 14, 2005 – 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 launch of the NAHREP National Referral Network (NRN) on MSN Latino Finanzas, a premier Spanish-language Internet destination offering an unparalleled collection of financial education and planning resources for the U.S. Hispanic market.
Unveiled today at NAHREP’s 5th Annual Hispanic Marketing Convention and Expo in New York, the NRN offers a full spectrum of integrated real estate service providers ready to assist Spanish-speaking home seekers with the knowledge and tools necessary to enter the homebuying process. The NRN offers a fully automated, single-point of access to NAHREP-certified Spanish-speaking real estate brokers and agents; specialized credit evaluation and closing/settlement services from First American; mortgage pre-approval services by National City Mortgage; and homebuying counseling services by Operation HOPE, Inc.
More than 1.2 million registered users regularly visit the MSN Latino Web portal, recording, on average, nearly 150,000 page views per month in the Finanzas area. First American estimates the NRN will generate several hundred leads each month, which, in its early stages, will likely result in helping dozens of families achieve the dream of homeownership each month.
“This innovative partnership brings together several organizations, with proven programs for assisting the Hispanic consumer, for a single purpose: help increase the number of Hispanic homeowners,” said Frances Martinez Myers, NAHREP chairman. “NAHREP is committed to working with the industry’s best companies to meet the unique cultural and language needs of the rapidly growing Hispanic homebuying segment. Home seekers who choose to take advantage of this referral network can rest assured that they will be guided, end-to-end, through the homebuying process by qualified advocates committed to their satisfaction. As this referral network matures, we look forward to offering an expanded array of service providers to ensure the utmost level of consumer choice in securing the right services at the right prices.”
NAHREP and First American expect to have more than 1,000 real estate agents registered as part of the NRN by the end of 2005. This extensive agent network will help ensure that buyers are paired with real estate professionals in their immediate geographic area and speed the response time from information submission to first contact by a real estate agent. Unlike many Web-based referral services that simply pair consumers to service professionals solely through automated zip code matching, the NRN employs counselor/advocates who work directly with each prospective homebuyer to determine the best agent-client fit. Dilbeck Realtors, NAHREP’s national servicing agent for the NRN, will facilitate this process of connecting consumers to affiliated real estate agents across the nation.
“This is an exciting next step in First American’s continuing efforts to help close the minority homeownership gap in
About The First American Corporation
The First American Corporation, 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