First American Announces Agreement to Acquire Bank of America’s Lien Release Business Operations and Assets
Acquisition will complement and enhance First American’s existing best-in-class lien release business and will include agreement to continue to provide lien release services to Bank of America
December 8, 2017, 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 the signing of an agreement to acquire Bank of America’s lien release business, which includes an agreement to provide these services to Bank of America going forward.
“We’re excited to soon welcome the Bank of America lien release team to First American,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “The post-closing function is important in today’s mortgage lending environment, and this move will enhance the breadth of our post-closing products and services.”
The transaction is expected to close in the first quarter of 2018. Once the sale is complete, Bank of America’s lien release business and its employees will become part of First American’s Mortgage Solutions division, a leading provider of comprehensive solutions for residential lenders and servicers covering the entire loan spectrum.
First American Mortgage Solutions’ wide range of post-closing products and services includes CleanFile Solutions™, a single, vertically integrated suite that combines post-closing document management, loan quality control, lien release preparation and recording to cure, perfect and complete collateral files. The acquisition will complement First American Mortgage Solutions’ existing best-in-class post-closing and document management capabilities, augmenting First American’s ability to serve the lender, servicer and investor communities.
"This move will further solidify First American’s industry leadership in post-closing services and collateral file perfection,” said Kevin Wall, president of First American Mortgage Solutions. “It demonstrates our ability and commitment to provide lenders, servicers and investors post-closing services at an unmatched scale and level of efficiency, supported by fraud detection, loan quality and compliance analytics, and First American’s number-one industry position in real property data coverage.”
About First American
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 total revenue of $5.6 billion in 2016, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2016 and again in 2017, First American was named to the Fortune 100 Best Companies to Work For® list. More information about the company can be found at www.firstam.com.