First American Title Expands Asian-American Marketing Initiative to San Jose Area
—Innovative Program Facilitates Home Buying by Removing Cultural Barriers—
February 3, 2005, SANTA ANA, Calif.
First American Title Insurance Company today announced the extension of its Bay Area Asian-American marketing program to the Silicon Valley communities of
The Asian-American marketing program is part of First American Title’s broader Bay Area Diversity Marketing Program, launched in late 2003 initially to address the Latino community. The Asian marketing segment will focus first on the Chinese, Filipino and Vietnamese communities in and around
“Considering the tremendous purchasing power of the Asian communities in the Silicon Valley, our Asian marketing program is really an investment in the future of this region, ” said Michelle Wilson, vice president and Santa Clara County manager for First American Title.
Working with AREAA real estate professionals who specialize in serving the Asian communities, First American will conduct educational events and outreach programs such as seminars and homebuyer fairs to assist consumers who are interested in homeownership, but who have been hindered in the past by cultural barriers or by a limited understanding of how to purchase a home.
“Surveys from lending institutions and real estate groups have shown that one of the barriers to homeownership in the Asian-American community is a lack of education regarding the home-buying process,” said Pablo Wong, director of diversity marketing for First American Title’s Bay Area region. “We want to help remedy that situation and become a trusted advisor to Asian families who are interested in real estate.”
One of the fastest-growing population segments in the U.S, Asian Americans currently comprise more than 1.3 million, or roughly 18 percent, of the population in the Bay Area. Yet, only 55 percent of Bay Area Asian-American families are homeowners, compared to 70 percent among non-minority households.
First American Title’s Bay Area Diversity Marketing Program is aligned with The First American Corporation’s Emerging Markets Initiative, launched in October 2003 to promote home buying among African Americans, Asian Americans and Latinos. The initiative includes philanthropic giving and investment programs, the development of alternative credit-screening products and discounted settlement services bundles, and an increased commitment to workforce and vendor diversity at First American. The five-year, multimillion dollar program, which is endorsed by The Greenlining Institute—a multiethnic coalition that promotes homeownership and inner-city economic development—was received positively at its introduction by representatives from Fannie Mae, AREAA, the National Association of Hispanic Real Estate Professionals and the National Association of Real Estate Brokers.
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