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FIRST AMERICAN AND HOUSTON ASSOCIATION OF REALTORS® BOOST QUALITY OF
MLS DATA FOR REAL ESTATE PROFESSIONALS
— Implementation of Database Integrity
System Offers Increased Listing Accuracy for MLSs and Their Members—
SANTA
ANA, Calif., Aug. 11, 2005 – First American Residential Group, Inc.,
a member of The First American Corporation (NYSE: FAF) family of companies,
today announced that it has formed a strategic partnership with the Houston
Association of REALTORS® (HAR) and has acquired HAR’s international
Database Integrity (DBI) system. This system is an integrated software program
used for monitoring the quality of real estate information and enforcing compliance
with multiple listing service (MLS) rules and regulations. Developed by HAR,
the system is currently implemented throughout the Association’s user
base and will now be offered to the MLS industry by First American.
MLS systems
contain core listing data for real estate transactions and are crucial
for real estate professionals and consumers looking to buy or sell property.
The
DBI system monitors the integrity of the data provided, ensuring that the
information is complete, accurate and up-to-date. This helps protect the MLS
from potential
liability and improves the overall interaction between real estate professionals
and consumers. As a First American technology, DBI will be utilized by
a greatly expanded market, benefiting REALTORS® and their clients nationwide.
“The
reliability of property data has been a concern of the MLS industry for some
time now,” said Stephen C. Roney, president and chief executive officer
of First American Residential Group. “MLS data is now available to the
public more than ever before, but what has not been available is the assurance
that the integrity of the data is intact. With this system, we can now offer
that assurance.”
Under the agreement, First American will own the DBI system, and will
continue to enhance and develop it with input from HAR. The first
phase of system
implementation will begin with the MLSs currently using First American’s
TEMPO™ platform,
offered through its MarketLinx® Solutions subsidiary. Later phases
of implementation will include the general MLS industry.
“We
have taken a huge industry elephant and divided it into manageable
chunks,” said HAR board chair
Toni Nelson. “For too long our brokers, agents and consumers
have wrestled with a data system that grew larger, but not necessarily
more accurate. Now
we have a means of controlling the quality of the data that real
estate professionals rely upon daily for their business.”
About
The Houston Association of REALTORS®
Founded in 1918, the Houston
Association of REALTORS® (HAR)
is a 21,000-member organization of real estate professionals engaged
in every aspect of the industry, including residential and commercial
sales and leasing,
appraisal, property management and counseling. It is the largest
individual membership in Houston, as well as the second largest local
Association/Board
of REALTORS® in the United States.
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 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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