First American First Lien Outsourcing Partners with National Bankruptcy Services, LLC
—Partnership will Bolster First American’s Default Outsourcing Services for Mortgage Servicers Nationwide—
November 15, 2007, DALLAS
First American First Lien Outsourcing, a member of The First American Corporation (NYSE:FAF) family of companies, announced today that it has partnered with National Bankruptcy Services (NBS), the nation’s premier provider of bankruptcy administration and vendor management services, to jointly provide default management and administrative outsourcing services to mortgage lenders and servicers.
“NBS provides deep domain knowledge and subject matter expertise in bankruptcy,” said Ty Miller, chief operating officer of First American First Lien Outsourcing. “Partnering with a firm known for its expertise in and proficient approach to default management provides enhanced value to First American and the clients we serve in the mortgage default space.”
The partnership combines First American’s foreclosure outsourcing expertise and default technology, including its automated default workflow solution VendorScape, with NBS’s national bankruptcy outsourcing services to provide a seamless solution for complete default management.
“First American’s VendorScape technology complements NBS’ existing proprietary bankruptcy tracking software and provides clients with additional transparency at the loan and portfolio levels,” said Larry Buckley, executive vice president of NBS.
VendorScape will also be used to streamline the bi-directional communication between the parties and local bankruptcy attorneys.
First American First Lien Outsourcing partners with mortgage servicers across the nation to implement creative default management solutions designed to reduce costs, enhance efficiencies and ensure regulatory and legal compliance. These solutions include timeline and data management, as well as information exchange among clients, vendors and attorneys.
NBS provides a total bankruptcy solution to mortgage servicers and consumer lenders from the inception of a case through its conclusion at discharge or dismissal. NBS manages the administration of bankruptcy portfolios with advanced technology that drives workflow, manages court dockets and payment data from multiple sources and coordinates required legal activity on cases at the local level. The NBS solution includes aggressive loss mitigation strategies in bankruptcy that can significantly reduce loss severity.
About The First American Corporation
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of $8.5 billion in 2006, it is America’s largest provider of business information. 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 five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. More information about the company and an archive of its press releases can be found at www.firstam.com.