NEW SETTLEMENT SERVICES DASHBOARD STREAMLINES CLOSING PROCESS

—Brings Unparalleled Automation and Efficiency to Mortgage Lending to Compress Cycle Times Without Jeopardizing Quality or Increasing Risk—


March 23, 2007, SANTA ANA, Calif.

The First American Corporation (NYSE: FAF), America’s largest provider of business information, announced today that it has launched a powerful new settlement services technology for the lending industry that streamlines workflow management and processes associated with closing mortgage loans. First American’s Transaction Management Dashboard is a rich Internet application designed to change the loan process from a reactive model to a proactive and automated approach. 

“Our customers are looking for process improvements and advances in technology in order to improve the speed, quality and customer service of the settlement process,” said Roger S. Hull, chief information officer for The First American Corporation. “Through development of this sophisticated technology for exception management, we are illustrating our ongoing commitment to assist lenders in streamlining closing processes, which in turn reduces costs for them and their clients.”

Traditional loan processing and closing involves ordering, monitoring and receiving a number of products and services from multiple parties. In the past, service and software solutions relied on the end user to review, evaluate and respond to information from each party without proactively integrating the information or providing recommendations for next steps to be taken. Transaction Management Dashboard changes the current model to one where status information provided by any party involved in the transaction triggers creation of a new action plan or dynamically modifies the existing action plan for the lender.

Transaction Management Dashboard continuously communicates with both the lender’s loan origination software and the vendor’s fulfillment platform for real-time integration of information from all parties. The system evaluates the status of each loan and refines the steps or exceptions to be managed by the lender’s staff. Further, it keeps a detailed audit log of all recommend steps and tracks compliance with these steps, eliminating the need to review numerous vendor Web sites and email files or rely on the loan processor or closer to identify exceptions or issues. 

Transaction Management Dashboard, like all First American mortgage processing technology, conforms to industry standards, including the Mortgage Information Standards Maintenance Organization’s (MISMO) designation for XML and Web services. Designed to offer maximum flexibility and scalability, First American’s technology can be easily and cost-effectively integrated within an existing loan origination systems and through other internal or external systems. First American’s technology also enables lenders to competitively respond to market demands and satisfy regulatory requirements for guaranteed pricing. 

To learn more about First American’s mortgage processing technology, please visit the First American booth at the 2007 Mortgage Bankers Association’s National Technology in Mortgage Banking Conference & Expo at the Tampa Convention Center in Tampa, Fla., March 25-28, or call (800) 508-8733.

About First American

The First American Corporation (NYSE: FAF), a FORTUNE 500® company that traces its history to 1889, 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. With revenues of $8.5 billion in 2006, First American has approximately 2,100 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.

 

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Media Contact:

Carrie Gaska
Corporate Communications
The First American Corporation
(714) 250-3298 • cgaska@firstam.com 

Investor Contact:

Donna Dolan
Investor Relations
The First American Corporation
(714) 250-3677 • dodolan@firstam.com 

 

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