First American CoreLogic Announces Purchase of BasePoint Analytics
—Acquisition to Accelerate Creation of Industry Standard Predictive Analytics for Fraud Detection—
June 17, 2009, SANTA ANA, Calif.
First American CoreLogic, a member of The First American Corporation (NYSE: FAF) family of companies and America’s largest provider of advanced property, ownership and mortgage information, analytics and services, announced today that it has purchased BasePoint Analytics, LLC, a leading provider of predictive analytic fraud and risk management solutions for the mortgage and global banking industries.
First American CoreLogic formed a strategic partnership with BasePoint Analytics in 2005, holding a 40 percent minority interest in the company, which helps mortgage lenders better measure fraud losses and minimize fraud exposure by deploying advanced analytics and optimizing the loan review processes within the lender’s existing production environment. The transaction includes BasePoint Analytics’ patent-pending process for fraud detection that utilizes advanced analytics in the review of loan applications.
“This transaction is consistent with our strategy of continuously improving the fraud detection process for our clients,” said George Livermore, chief executive officer of First American CoreLogic. “The complete acquisition of BasePoint Analytics provides an opportunity to intensify and accelerate the combination of First American CoreLogic’s data and analytic resources with BasePoint Analytics’ proven fraud technologies. This integration will deliver a new wave of predictive analytics to the marketplace to assist lenders in identifying suspected fraud early in the lifecycle of a loan.”
Tim Grace has been appointed senior vice president of fraud analytics, to oversee the development and management of First American CoreLogic’s fraud analytics solution suite. Grace was formerly president and chief operating officer of BasePoint Analytics, where he was responsible for managing the day-to-day operations of the company, as well as implementing strategic initiatives and pursuing new business opportunities.
“I am looking forward to coupling the considerable resources within First American CoreLogic with the technology and operating assets of BasePoint Analytics to provide our clients with the earliest and most cost effective industry standard solutions to identify and mitigate fraud ,” said Grace.
About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, is the largest provider in the U.S. of real estate, property, ownership, fraud, mortgage and mortgage securities data—and the advanced analytics that use them—for the assessment of real estate sales, collateral valuation, home price trends, mortgage originations, mortgage- and asset-based securities pricing, foreclosures, delinquencies and asset dispositions. The company’s market-specific data covers 98 percent of all U.S. ZIP codes and 3,059 counties in all 50 states and the District of Columbia, representing 99 percent of the U.S. population, 97 percent of all properties (140 million), more than 50 million active mortgages, and 97 percent of loan-level, non-agency mortgage securities. First American CoreLogic’s products and services enable customers to manage credit and mortgage risk, protect against fraud, acquire and retain customers, mitigate loss, decrease mortgage-transaction cycle times, value properties accurately, determine real estate trends, and project future market performance. For more information about First American CoreLogic, please visit www.facorelogic.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 $6.2 billion in 2008, 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.