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FIRST AMERICAN ACQUIRES CERTIFIED CLOSING NETWORK
—Acquisition
Expands Menu of Residential Relocation Products and Services—
SANTA ANA, Calif.,
Aug. 22, 2005 –The First American Corporation (NYSE: FAF), the nation’s
largest data provider, today announced that it has acquired Certified
Closing Network (CCN), a premier provider of customized and outsourced title clearance,
equity calculation and settlement services for clients with residential relocation-related
transactions. CCN will become a part of First American Residential Group, Inc.,
a specialty business line established by First American in 2002 to addresses
the service, technology and outsourcing needs of companies serving the residential
real estate and relocation markets. Terms of the transaction, which closed
on Aug. 19, 2005, were not disclosed.
“The high quality of the CCN team
and their proven focus on customer service perfectly complements our current
offerings within the relocation services arena,” said Stephen C. Roney,
president and chief executive officer of First American Residential Group. “This
acquisition creates exciting opportunities for First American to develop new
products and services specifically designed to meet the current and future
needs of relocation clients.”
CCN utilizes a national network of attorneys
and title and escrow agents who have developed expertise specifically
targeted to serving the relocation market. CCN’s service teams will continue to
operate out of the company’s Bethesda, Md., and Washington, D.C., locations
under the direction of managing partners G. Michael Dufour, Jennifer Swanhart
Murphy and John L. Heithaus.
“We are very excited to join the First American
team,” said DuFour. “We believe this partnership will be extremely
beneficial to our clients, employees and network members. By combining CCN’s
proven management processes with First American’s financial stability
and deep resources, we will be even better positioned to deliver the service,
turnaround times and pricing our clients demand.”
CCN and First American Residential Group initially formed a formal
marketing alliance in February 2004, with First American serving as
CCN’s preferred
title insurance underwriter. “This is the natural next step in that alliance,” added
Roney.
The addition of CCN will give First American an expanded array of products
and services to include in its customizable solutions for relocation
customers. First American Relocation Advantage, a division of First American
Residential
Group, will continue to service its clients under the direction of Scott
W. Felton, president, from its current Plano, Texas and Edina, Minn., locations.
Roney noted, “Since service delivery has been customized to the respective
clients of both organizations, customers will see no change in the high quality
of service upon which they have come to rely.”
About Certified Closing
Network
Certified Closing Network (CCN) is a network of real estate
settlement experts dedicated to serving the needs of third-party relocation
management
companies, human resource outsourcers and in-house relocation programs.
CCN’s
customized full-service solutions for both departure and destination programs
use a special brand of teamwork to noticeably improve turnaround times, customer
service satisfaction and process integrity.
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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