First American Launches New MLS Solutions Division
—Combines MarketLinx and Interealty Subsidiaries to Offer Best-in-Class Multiple Listing Service Technology to Nearly 500,000 Real Estate Professionals—
December 9, 2005, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF), the nation’s largest data provider, today announced the launch of First American MLS Solutions, a new division of First American Residential Group. The division will combine the organizations and services of First American subsidiaries MarketLinx® Solutions and Interealty to provide customizable Web-based solutions for multiple listing services (MLSs) and real estate associations through a single entity.
“Our strategy is to provide real estate professionals, buyers, sellers and borrowers with a fully integrated experience that includes all of the services necessary to close a real estate transaction.” said Parker S. Kennedy, chairman and chief executive officer of The First American Corporation. “Combining these two organizations into one division will help further extend the First American brand in the homebuying process and produce significant efficiencies that will benefit existing MarketLinx and Interealty customers.”
First American is already the leading Web-based MLS technology provider and has established a strong market position through the success of both MarketLinx and Interealty. Currently, the two companies together provide a full line of products and support services to nearly half a million real estate professionals in North America. First American MLS Solutions will continue to offer the technology of both companies.
Bryan Foreman of Interealty has been appointed president of the new division and will report to Stephen C. Roney, president and chief executive officer of First American Residential Group. Thad N. Shows of MarketLinx will assume the position of vice president, residential strategic IT operations and development, with First American Title Insurance Company. Shows will be responsible for the integration of all MLS, residential and title products, reporting to Larry Godec, senior vice president and chief information officer of First American Title Insurance Company.
“By offering our MLS products and technologies through one division under single leadership, we are taking the next step toward a unified, end-to-end solution that reduces the cost and time associated with residential real estate transactions,” said Roney. “The formation of First American MLS Solutions allows us to further improve our high-quality MLS services and technologies.”
“The unification of our MLS solutions enhances our overall value proposition to our customers, enabling us to capitalize on the strengths of both MarketLinx and Interealty,” said Foreman. “First American will continue to lead this market through our unsurpassed dedication to client service. MarketLinx and Interealty service teams will remain intact and continue to support and enhance existing technology systems under the new division. The trust our clients have placed in us is our most important asset.”
About First American Residential Group
First American Residential Group is a subsidiary business line established by The First American Corporation in 2002 to address the real estate brokerage, MLS and relocation market segments with the full array of First American capabilities. Its systems streamline real estate listing, financing and closing processes, resulting in increased efficiency and profitability. First American Residential Group operating units include First American MLS Solutions, the nation’s leading provider of MLS systems and real estate software in North America; and Relocation Advantage and Certified Closing Network, leading providers of closing management services to relocation companies. For more information, visit: www.residential.firstam.com.
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.