First American Awarded Two U.S. Patents for the Application of Artificial Intelligence to Enhance Accuracy of Automated Title Production
Patents for artificial intelligence-driven analysis of property description data expands the company’s industry-leading portfolio of patents
December 1, 2021, 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 that the United States Patent and Trademark Office has issued the company two patents for the innovative application of artificial intelligence (AI) and text-analysis methods to title production.
“These latest patents, the second and third awarded to First American this year alone, reflect our leadership of the advancement and acceleration of automated title production,” said Dennis J. Gilmore, CEO, First American Financial Corporation. “These innovations flow from our investment in AI, machine-learning and other advanced technologies that bring new levels of speed, accuracy and certainty to the real estate settlement process.”
The two patents, now part of the company’s portfolio that includes more than 30 active patents, allow First American to rapidly and efficiently analyze and select relevant property description data, fueling more accurate automated title production. The patented AI-driven analysis helps accelerate the creation of the title commitment.
“We’re committed to deploying the latest AI and machine learning natural language processing methods to advance the digital transformation and acceleration of real estate transactions,” said Mark Fleming, senior vice president of Decision Sciences at First American. “These patented methods for analyzing text-based property description data further extend our rich history of innovation and help move our automated title production efforts forward."
The two latest additions to First American’s industry-leading patent portfolio are:
- No. 10,997,403 B1, titled “System and Method for Automated Selection of Best Description from Descriptions Extracted from a Plurality of Data Sources Using Numeric Comparison and Textual Centrality Measure.”
- No. 11,048,711 B1, titled “System and Method for Automated Classification of Structured Property Description Extracted from Data Source Using Numeric Representation and Keyword Search”.
Other First American innovations in this field include:
- Patents on technologies that facilitate the automated underwriting and production of title insurance;
- Patents on technologies that enable risk assessments of mortgage loans;
- Patents on technologies that improve the speed and precision of data collection or extraction from source documents, including documents essential to the underwriting of title insurance policies;
- Patents related to optical character recognition technologies that help to unlock and structure the data held in millions of public records, powering automated title production breakthroughs, as well as enhancing the breadth and accuracy of title plant data.
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; banking, trust and wealth management services; and other related products and services. With total revenue of $7.1 billion in 2020, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2021, First American was named to the Fortune 100 Best Companies to Work For® list for the sixth consecutive year. More information about the company can be found at www.firstam.com.