First American and NAREB Form Strategic Partnership
—Organizations Unveil a Comprehensive, Five-Point Plan Designed to Increase the Rate of African American Homeownership—
July 27, 2006, LOUISVILLE, KY
The First American Corporation (NYSE: FAF), America’s largest provider of business information, and the National Association of Real Estate Brokers (NAREB®), the oldest and largest minority real estate trade association in the United States, today announced that First American has been named as a NAREB Strategic Business Information & Title Services Partner, an alliance that will extend innovative business resources to NAREB’s national network of Realtist members and help increase homeownership opportunities in traditionally under-served African-American communities.
Under the partnership, detailed today at NAREB’s 59th Annual Convention in
- Lead Generation: Using extensive First American data resources, NAREB Realtist members will have the opportunity to reach more potential homebuyers and sellers through customized, multicultural lead generation and marketing solutions.
- Homeownership Counseling: First American will contribute its proprietary alternative credit scoring products and additional resources to assist NAREB’s Rebuild America Homeownership Counseling Division in preparing and approving more potential homebuyers with non-traditional credit or banking histories.
- Down Payment Assistance: NAREB and the First American Homeownership Foundation will partner with municipal housing agencies in 10 urban areas to provide first-time homebuyer down payment assistance grants to low-income families.
- Loan Origination Technology: A Web-based, point-of-sale technology platform will be made available to Realtists—initially in select markets—enabling them to deliver best possible mortgage financing options to their homebuyer clients with unprecedented speed and ease.
- Real Estate Financial Literacy: NAREB and First American will select and provide funding to the top 10 NAREB local boards that will assist in the 2007 rollout of a co-branded real estate financial literacy program designed to help families maximize wealth through the effective use of real estate.
Over time, this partnership is expected to help narrow the persistent gap that exists between minority and non-minority homeownership levels. Nationally less than half of African-American families own homes, significantly trailing the roughly 75 percent homeownership rate among non-minorities.
“No other organization matches NAREB’s level of awareness and dedication to removing the challenges facing today’s prospective African-American homebuyer,” said Landon V. Taylor, vice president of market development for The First American Corporation and president of the First American Homeownership Foundation. “We are honored to have the opportunity to partner with NAREB in its mission to empower Realtists across the country, who work tirelessly each day to make the dream of homeownership possible for African Americans in their communities.”
“First American is to be commended for meeting the challenge of helping NAREB achieve our goal of increasing African-American homeownership above 50 percent by year end,” said Clifford H. Turner, NAREB president and chief executive officer. “We are confident that through this bold stand First American will stand tall with NAREB as we reach those under-served communities with our Rebuild America Initiative.”
Those attending NAREB’s 59th Annual Convention at the Galt House Hotel & Suites in
NAREB is a national trade association dedicated to bringing together the nation’s minority professionals in the real estate industry to promote the meaningful exchange of ideas about its business and how best to serve its clientele. It strives to create an environment where creativity flourishes in both the workplace and the marketplace. NAREB teaches, lives by and searches for the highest professional and ethical principles as the main thrust within its code of ethics and mandated through its mission of democracy in housing. In this way, NAREB offers economic improvement for both its members and the minority community it serves. For more information, visit www.nareb.com.
The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, is