First American Awarded Four-Year Contract With U.S. Small Business Administration
—First American to Provide Property Information to Assist Disaster Recovery—
June 2, 2008, SANTA ANA, Calif.
The First American Corporation (NYSE: FAF) announced today that its First American Federal Solutions subsidiary has been awarded a prime contract in support of the Small Business Administration (SBA) Title Company Initiative, a key program sponsored by the SBA Office of Disaster Assistance. First American was selected by the SBA for its comprehensive portfolio of property information that enables the SBA to quickly assist victims during disasters. First American will provide information products from several business groups—all of which will be coordinated by First American Federal Solutions.
The Small Business Act passed by Congress in 1953 authorizes the SBA to make recovery loans to eligible victims of declared disasters. The mission of the Office of Disaster Assistance helps people recover from disasters and rebuild their lives by providing affordable, timely and accessible financial assistance to homeowners, renters, businesses of all sizes and nonprofit organizations. In support of this important program, First American will supply legal and vesting reports that provide verification of land ownership, legal descriptions and trust deed information. This contract provides service through the year 2011, with between 3,600 and 36,000 reports annually.
“Following the 2005 hurricanes, First American was one of several companies providing assistance to state and federal agencies as they worked to help victims rebuild and recover,” said Frank McMahon, vice chairman for The First American Corporation. “The lessons learned from those disasters demonstrated the need for government agencies like the SBA to have access to accurate property information to help drive recovery efforts. With the award of this contract, First American Federal Solutions is strongly positioned to serve as a leader in disaster relief and disaster funds administration across the United States.”
Over the life of the contract, First American Federal Solutions will provide legal and vesting reports for all 50 States. While the SBA’s report volume requirements vary, First American was selected due to its ability to scale operations to meet the unique requirements following catastrophic events like Hurricanes Katrina, Rita and Wilma, where generation volumes exceeded 100,000 reports.
To execute this contract, First American Federal Solutions will be partnering with several other First American companies, including First American Title Insurance Company’s Lenders Advantage unit and First American CoreLogic, to provide legal, vesting and trust deed information. Additionally, First American’s systems engineering group will integrate the solutions into the SBA’s Disaster Credit Management System.
About First American Federal Solutions
First American Federal Solutions has been designated as the single entry point for federal clients in contractually obtaining each of the elements of the overall First American portfolio of goods and services. Located within the Washington, D.C., metropolitan area, the strength of this division is in supplying programmatic leadership to ensure that First American’s solutions provide full compliance with the unique acquisition, financial and operational requirements of mission-critical federal engagements.
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 approximately $8.2 billion in 2007, 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, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.