First American National Default Title Services Announces Foreclosure Title Products to Reduce Fees
—First American Provides National Foreclosure Title Services in Compliance with Fannie Mae Fee Caps—
August 5, 2009, SANTA ANA, Calif.
First American National Default Title Services, a division of First American Title Insurance Company, announced today that it has partnered with Fannie Mae to provide national foreclosure title products designed to decrease the costs of foreclosure. First American National Default Title Services has agreed to provide its pre-foreclosure title report to Fannie Mae’s foreclosure counsel in accordance with Fannie Mae’s pricing limits on title costs.
First American National Default Title Service’s Foreclosure Title Report is a multi-state, uniform title search product developed by utilizing an extensive network of local abstractors, title data and a team of national underwriters and title experts versed in the nuances of state and county requirements. The Foreclosure Title Report was designed to assist lenders, servicers and investors in reducing and controlling rising foreclosure costs while still providing comprehensive title evidence. The inherent cost efficiencies provide homeowners in default with additional resources to reinstate their loans and remain in their homes.
First American National Default Title Service’s and Fannie Mae’s shared goal of providing solutions to combat the economic challenges in today’s mortgage industry created a natural symmetry. Wes Mee, president of First American National Default Title Services Division, states, “We have worked diligently to do our part to provide cost-effective solutions to our lender, mortgage servicer and investor clients. We are looking forward to being an additional resource to Fannie Mae and their mortgage servicer partners.”
About First American National Default Title Services
First American National Default Title Services, a division of First American Title Insurance Company, provides the mortgage servicing industry with a variety of title insurance and information products and services in support of various default-related servicing activities.
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 its direct operations 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.