Los Angeles Area Multiple Listing Service Adopts First American Transaction Management Platform
—Common Real Estate Management Technology Now Available to More Than 11,600 Southern California Real Estate Professionals—
February 23, 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 entered into an agreement to provide Transaction Manager, its online real estate transaction management platform, to the Combined L.A./Westside Multiple Listing Service, Inc. (The MLS™/CLAW). The agreement provides for the deployment of a dynamic transaction management system to the 11,600 members of The MLS/CLAW, including the
Transaction Manager will integrate with The MLS/CLAW’s proprietary multiple listing service (MLS) platform, demonstrating First American’s ability to provide transaction management technology that integrates with a multitude of solutions. The regional implementation of Transaction Manager is the first-of-its-kind in
“We selected First American over the competition for many reasons,” said Annie Ives, chief executive officer of The MLS/CLAW. “The fact that Transaction Manager can integrate with our own custom-developed solution demonstrates the flexibility of their system. The integration of our two systems will enable higher levels of efficiency, significant closing time reduction and, most importantly, superior customer service for our membership base.”
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. In addition to offering configurable solutions specific to each constituent, this mature, open application provides access to a variety of settlement vendors integral to the real estate transaction, a common data repository, private branding and role-based security throughout. Transaction Manager will be adapted to meet the specific needs of The MLS/CLAW’s membership base.
“The MLS/CLAW is among the several major MLSs and/or associations in the nation to license our platform for regional deployment across all members,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “This move by The MLS/CLAW and the serious interest of other major real estate organizations validates the maturing business model surrounding the regional deployments of our platform. Transaction management is becoming a more commonly considered and adopted solution, and we are pleased that The MLS/CLAW has selected Transaction Manager to serve the thousands of subscribers on their system.”
The addition of The MLS/CLAW membership base increases the number of currently registered users on the Transaction Manager platform to nearly 80,000, positioning First American as a national leading provider of transaction management technology. 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, product solutions, outsourcing and technology to members of the real estate and relocation industries. The company offers integrated solutions to real estate brokers and agents, and the associations and MLSs that serve them. First American Residential Group systems streamline the listing, financing and closing processes and lead to increased efficiency and profitability. Additionally, First American Residential Group is responsible for MarketLinx, the nation’s leading provider of MLS services; and Relocation Advantage, a leading provider of closing management services to relocation companies. First American Residential Group’s product, outsourcing and technology solutions have been built specifically to meet today’s real estate management needs. For more information, visit: www.firstam.com/residential.
About The First American Corporation
The First American Corporation (NYSE: FAF) is a Fortune 500 company that traces its history to 1889. As the nation’s largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people’s lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. 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 30,000 employees in approximately 1,800 offices throughout the