First American Title Hits $1 Billion Milestone with FlexClose™, a Funding and Closing Service for Residential Real Estate Transactions from FirstFunding®
December 2, 2019, Santa Ana, Calif.
First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation (NYSE: FAF), today announced that in less than a year more than $1 billion of real estate transactions have successfully funded and closed using FlexClose™, a warehouse financing and closing service from FirstFunding®, a wholly owned subsidiary of First American Financial Corporation. FlexClose gives lenders and real estate agents the ability to control the exact time funds arrive for a residential real estate transaction closing, even after the daily Fedwire cutoff.
FlexClose brings together the capabilities of three First American businesses: settlement services from First American Title Insurance Company, banking from First American Trust and warehouse financing services from FirstFunding.
“Surpassing $1 billion in real estate transactions funded with FlexClose reflects First American’s commitment to innovation and the company’s ongoing efforts to enhance the closing and settlement process for lenders, settlement agents, real estate agents, homebuilders and consumers,” said Chris Leavell, chief operating officer at First American Title Insurance Company. “Because we can bring together First American Title, First American Trust and FirstFunding, we can offer the real estate industry the ability to fund and close anytime, providing a level of service and flexibility that cannot be matched.”
FlexClose provides benefits to all the parties involved in residential real estate transactions. The service helps lenders prevent delays and reduce risk, and allows real estate agents to close at any time and get their commission immediately. With FlexClose, settlement agents can close transactions faster, and homebuilders can save money and improve the buyer experience with immediate funding. Importantly, FlexClose also lets home buyers and sellers close on their schedule and avoid delays.
“Reaching this $1 billion milestone in less than a year validates that FlexClose resolves a customer inconvenience that the real estate industry had until now accepted as the norm,” said Jim Dunkerley, president of FirstFunding. “The feedback we’ve received has been overwhelmingly positive and we’re excited to expand our work with First American Title to deliver this one-of-a-kind service to our customers.”
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary of First American Financial 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. First American Title provides comprehensive title insurance coverage and professional services for real estate purchases, construction, refinances and equity loans. For more information, visit www.firstam.com/title.
FirstFunding® is a wholly owned subsidiary of First American Financial Corporation (NYSE: FAF), offering warehouse funding facilities to non-delegated lenders, correspondent lenders, community banks and credit unions. FirstFunding is committed to being a valuable funding partner to the mortgage investors and warehouse lenders serving the non-delegated and delegated correspondent channel. For more information, visit www.firstfundingusa.com.
About First American Trust
First American Trust is a wholly-owned subsidiary of First American Financial Corporation (NYSE: FAF). For more than 50 years, First American Trust has provided comprehensive wealth management and trust solutions on a local, full-service basis. First American Trust delivers financial solutions through comprehensive wealth management, investment advisory and fiduciary services. For more information, visit www.firstamtrust.com.