First American Mortgage Solutions Achieves ISO 9001 Certification with Emphasis on Quality and Continual Improvement
Independent third-party validation of quality management systems is a competitive advantage for company and its lender clients
March 29, 2016, Santa Ana, Calif.
First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced its Mortgage Solutions group has earned ISO 9001 certification, an industry-agnostic standard that sets criteria for quality management systems (QMS).
“Securing independent third-party validation of continual improvement efforts sets a new precedent for the mortgage lending industry. This certification gives us and our lender clients a critical competitive advantage in an environment of increased regulation that is heightening lenders’ focus on vendor management,” said Kevin Wall, President of First American Mortgage Solutions. “It supports our dedication to transparency and to managing performance against goals through quality measurement that goes beyond satisfying regulatory requirements.”
First American Mortgage Solutions provides lenders and servicers end-to-end solutions covering the entire life cycle of a residential loan, from origination, through post-closing to servicing. The specific certification is ISO 9001:2008 QMS and was awarded to the group’s origination and servicing business units.
Quality management systems are a collection of business processes focused on consistently meeting customer requirements and enhancing their satisfaction. They encompass the organizational structure, policies, procedures and resources needed to implement quality management. As part of its commitment to the Pursuit of Certainty in Lending™, First American Mortgage Solutions levers its QMS as it strives to deliver zero-defect loan manufacturing and an exceptional consumer experience.
“Lenders all over the country are looking for greater clarity and accountability from their vendor relationships,” said Bill Emerson, chief executive officer of Quicken Loans®. "First American’s accomplishment telegraphs a dedication to high-quality, consumer-focused lending.”
The Geneva, Switzerland-based International Organization for Standardization (ISO) is a recognized global driver of QMS improvements. First American Mortgage Solutions cited ISO 9001’s emphasis on structure, discipline and continual improvement as key factors in its selection of the standard. The group also chose Lloyd’s Register Quality Assurance (LRQA) as its registrar and certifying body. LRQA is a world-leading, independent provider of business assurance services including management system certification, validation and verification.
“ISO 9001 certification is a significant step toward balancing compliance with maximum efficiency, and it codifies our commitment to achieving our quality-centric goals,” said Wall. “This is one component of our ongoing improvement efforts and demonstrates our ambition to become the most trusted solutions provider in our industry.”
About First American Mortgage Solutions
First American Mortgage Solutions, a part of the First American family of companies, provides comprehensive solutions for residential lenders and servicers covering the entire loan spectrum, serving as a single source for title and settlement, data and analytics, fraud and verification, regulatory compliance, valuation and collateral risk, quality control, fulfillment services, and default services. More information about First American Mortgage Solutions can be found at www.firstam.com/mortgagesolutions.
About First American Financial Corporation
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With revenues of $5.2 billion in 2015, the company offers its products and services directly and through its agents throughout the United States and abroad. More information about the company can be found at www.firstam.com.