First American Title Insurance Company Launches Strategic Markets Division in Texas
—New Initiative Offers Mobile Escrow Services to the Multicultural Homebuying Community —
February 11, 2008, SANTA ANA, Calif.
First American Title Insurance Company today announced it has launched its Strategic Markets Division in Texas as a part of a national market-penetration strategy designed to further enhance the company’s position as the title and settlement services company of choice for the multicultural real estate market, which is among the nation’s fastest growing homebuying segment.
“We recognize the increased need to offer innovative solutions to our customers. The in-language mobile closing services provide the convenience and flexibility that our customers require from an experienced and qualified escrow officer,” said Jessica Verduzco, vice president, strategic markets director for First American’s central region. “We have learned that many of our multicultural homebuyers find the escrow closing experience daunting due to language barriers and unfamiliarity with the process. By providing experienced escrow officers who can accommodate language needs and walk them through the closing process, we are able to alleviate some of the anxiety. Furthermore, mobile closings offer greater convenience for both the real estate professional and the homebuyer.”
To kick off the launch of the new division in Texas, First American will host an event in Houston in conjunction with the Chinese New Year. The event, intended for real estate agents and mortgage lenders, will take place on Monday, February 11 from 4:30 – 7:00 p.m. at the First American Southwest Branch (6609 West Sam Houston Parkway South, Suite 101, Houston) and will feature a traditional lion dance.
According to recent U.S. Census reports, multicultural homeownership rates lag behind that of whites between 12-28 percent, depending on ethnicity. The national homeownership rate of whites is 75.3 percent.
“Homeownership is a first step toward true financial security and wealth-building for most Americans, but in many ethnic communities, common barriers such as financial literacy and credit issues often make homeownership seem unattainable,” said Verduzco. The new division brings to market several innovative new products and business solutions that help real estate and mortgage professionals increase the rate of homeownership in the rapidly growing multicultural and new immigrant housing markets. It is comprised of consumer-focused outreach and educational events, specialized programs for real estate professionals and the hiring and training of key First American staff to better service ethnically diverse communities.
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through nearly 1,500 offices and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa Ana, Calif. Information about The First American Corporation’s subsidiaries and an archive of its press releases can be found on the Internet at www.firstam.com.