First American Loan Production Solutions Adds New International Document Packages
—Disclosures and Documents Now Available for U.S. Buyers in Costa Rica, the Dominican Republic and Mexico—
August 18, 2008, SANTA ANA, Calif.
First American Loan Production Solutions, a member of The First American Corporation (NYSE: FAF) family of companies and a leader in document solutions, announced today that it is now offering electronic document packages for purchase mortgages in Costa Rica, the Dominican Republic and Mexico.
The solution, which is already being used by a large U.S. lender, enables lenders to originate and close loans for U.S. borrowers who are purchasing investment properties and second homes in Latin America and the Caribbean.
This solution was designed to be borrower friendly by emulating domestic closing document packages to ensure a streamlined closing process. The document packages include federal- and state- mandated disclosures, program-specific notes and security instruments compliant with the local regulations that are unique to each country. In addition, the package content includes Internal Revenue Service forms for tax reporting purposes, closing requirements unique to each country and other ancillary documents common to the closing transaction.
“While the impetus for these new solutions was client need, the new offerings fit in well with our strategic plan to further expand our services internationally,” said Randy Gilster, president of First American Loan Production Solutions. “We were able to accommodate specific needs for our clients by leveraging our flexible document solutions. This new international document offering will help domestic and foreign lenders meet the growing demand in these markets and will assist in expanding their global reach.”
In addition to the new suite of international document packages, First American also offers international document solutions for Australia, New Zealand, Canada and Great Britain. Documents are available in Spanish and a variety of other foreign languages.
About First American Loan Production Solutions
First American Loan Production Solutions is the nation's leading provider of loan document services and outsourced loan fulfillment. By combining flexible e-business technologies and customized regulatory compliance, Loan Production Solutions serves small and large originators alike. First American’s document preparation services are developed and designed to integrate all affected parties in the closing document process. By bringing expert legal counsel, exhaustive technological checks and balances, and experienced, up-to-date support together in a single source, First American delivers unmatched due diligence to ensure complete integrity at every step. More information about the company can be found at www.loanproductionsolutions.com.
About First American
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.