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FIRST AMERICAN’S TRANSACTION MANAGER RECEIVES REAL ESTATE TRANSACTION
STANDARD 1.5 CERTIFICATION
—Online Transaction Management Platform is First
to Receive Recognized Industry Certification—
SANTA ANA, Calif., May 10, 2005 – First American Residential
Group, Inc., a member of The First American Corporation (NYSE:FAF)
family of companies, today announced that it has received the Real Estate
Transaction Standard (RETS) certification
for its newly created MLS Import feature of Transaction Manager, the company’s
online transaction management platform. A widely adopted industry standard
organized by the National Association of REALTORS® (NAR), RETS provides a
common data
exchange format for real estate listing information. First American’s
Transaction Manager is the first real estate transaction management platform
to receive RETS
certification.
The MLS Import feature of Transaction Manager allows users to
import multiple listing service (MLS) data directly into REALTOR® transaction
files. By using a RETS-compliant interface, Transaction Manager can rapidly
integrate with MLS systems that have a RETS-compliant server, such as the
browser-based
TEMPO™ system provided by First American subsidiary MarketLinx® Solutions.
Marketlinx’s TEMPO system has been RETS certified since 2003. First
American’s
RETS-compliant server will benefit MLS customers using any RETS 1.5 MLS
system.
"Streamlining
the transaction process is important for the future of real estate,” said
Mark Lesswing, vice president of NAR’s Center for REALTOR Technology. “Recognizing
standards like RETS as an important technology enabler demonstrates
First American’s
leadership in the industry. Innovative, RETS-compliant solutions like
First American’s
Transaction Manager can be offered to our membership in a more cost-effective
manner, benefiting all involved.”
Transaction Manager provides
an integrated set of tools that supports real estate professionals
throughout all phases
of the real estate transaction, from listing to closing. A proven,
fourth-generation platform, Transaction Manager is an easily configurable system
offered
through MLS and broker distribution channels. This mature, open application
provides
access to a variety of vendors integral to the real estate transaction,
a common data repository, private branding options and role-based
security throughout.
“We are proud to have the first transaction management platform to receive
RETS 1.5 certification,” said Stephen C. Roney, president and chief executive
officer of First American Residential Group. “MLS data is central
to the workflow process of the REALTOR, and we are committed to providing
the best integrated,
most efficient and easiest to deploy and use solutions to our MLS
partners and their members.”
To date, First American has nearly 80,000 registered users on the Transaction Manager platform. For
more information about Transaction Manager and the other products and services First American offers to the real estate industry, visit www.firstam.com/residential.
About
First American Residential
Group
First American Residential Group provides service, technology,
outsourcing and product solutions to members of the real estate
and relocation industries.
The company offers integrated solutions to real estate brokers
and agents that streamline the listing and closing process and lead to
increased efficiency and
profitability. First American Residential Group’s technology
platforms and product solutions have been built specifically to meet
today’s ever-changing
real estate transaction management needs. For more information, visit
www.firstam.com/residential.
About The First American Corporation
The First American Corporation (NYSE: FAF),
a Fortune 500 company that traces its history to 1889, is the
nation’s
largest data provider. First American combines advanced analytics
with its vast data resources to supply businesses and consumers with
valuable information products
to support the major economic events of people’s lives, such
as getting a job, renting an apartment, buying a car or house, securing
a mortgage and
opening or buying a business. The First American Family of Companies,
many of which command
leading market share positions in their respective industries, operate
within six primary business segments, including: Title Insurance
and
Services, Specialty
Insurance, Mortgage Information, Property Information, Credit Information
and Screening Information. With revenues of $6.72 billion in 2004,
First American
has 31,000 employees in approximately 2,000 offices throughout the
United States and abroad. More information about the company and
an archive
of its press
releases can be found at www.firstam.com.
Contact:
David Schulz
Corporate Communications
The First American Corporation
714.800.3298
dschulz@firstam.com
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