First American’s Transaction Manager Receives Real Estate Transaction Standard 1.5 Certification
—Online Transaction Management Platform is First to Receive Recognized Industry Certification—
May 10, 2005, SANTA ANA, Calif.
First American Residential Group, Inc., a member of The First American Corporation (NYSE:FAF) family of companies, today announced that it has received the Real Estate Transaction Standard (RETS) certification for its newly created MLS Import feature of Transaction Manager, the company’s online transaction management platform. A widely adopted industry standard organized by the National Association of REALTORS® (NAR), RETS provides a common data exchange format for real estate listing information. First American’s Transaction Manager is the first real estate transaction management platform to receive RETS certification.
The MLS Import feature of Transaction Manager allows users to import multiple listing service (MLS) data directly into REALTOR® transaction files. By using a RETS-compliant interface, Transaction Manager can rapidly integrate with MLS systems that have a RETS-compliant server, such as the browser-based TEMPO™ system provided by First American subsidiary MarketLinx® Solutions. Marketlinx’s TEMPO system has been RETS certified since 2003. First American’s RETS-compliant server will benefit MLS customers using any RETS 1.5 MLS system.
“Streamlining the transaction process is important for the future of real estate,” said Mark Lesswing, vice president of NAR’s Center for REALTOR Technology. “Recognizing standards like RETS as an important technology enabler demonstrates First American’s leadership in the industry. Innovative, RETS-compliant solutions like First American’s Transaction Manager can be offered to our membership in a more cost-effective manner, benefiting all involved.”
Transaction Manager provides an integrated set of tools that supports real estate professionals throughout all phases of the real estate transaction, from listing to closing. A proven, fourth-generation platform, Transaction Manager is an easily configurable system offered through MLS and broker distribution channels. This mature, open application provides access to a variety of vendors integral to the real estate transaction, a common data repository, private branding options and role-based security throughout.
“We are proud to have the first transaction management platform to receive RETS 1.5 certification,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “MLS data is central to the workflow process of the REALTOR, and we are committed to providing the best integrated, most efficient and easiest to deploy and use solutions to our MLS partners and their members.”
To date, First American has nearly 80,000 registered users on the Transaction Manager platform. For more information about Transaction Manager and the other products and services First American offers to the real estate industry, visit www.firstam.com/residential.
About First American Residential Group
First American Residential Group provides service, technology, outsourcing and product solutions to members of the real estate and relocation industries. The company offers integrated solutions to real estate brokers and agents that streamline the listing and closing process and lead to increased efficiency and profitability. First American Residential Group’s technology platforms and product solutions have been built specifically to meet today’s ever-changing real estate transaction management needs. For more information, visit www.firstam.com/residential.
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 31,000 employees in approximately 2,000 offices throughout the