- Pilot Program Aims to Help Minority Homebuyers Understand, Navigate the Home
Buying Process -
PHOENIX, Feb. 17 /PRNewswire-FirstCall/ -- The First American Corporation
(NYSE: FAF) and Mountain Pacific Mortgage Company today announced the
formation of a strategic alliance designed to substantially expand
homeownership opportunities for families in the under-served Latino and low-
to moderate-income communities of greater Phoenix. Under a pilot program,
which pairs First American's unmatched expertise in title insurance and
related settlement services with Mountain Pacific's residential lending
capabilities, new homebuyers will benefit from educational resources,
streamlined loan application processes and a single-price closing package that
simplifies and reduces upfront home buying costs.
"This is a tremendous partnership for First American and a real
opportunity to potentially help create tens of thousands of new homeowners,"
said Oli Rodriguez, Arizona Emerging Markets director for First American.
"Mountain Pacific shares our vision of building stronger communities by
closing the minority homeownership gap and is providing the necessary
resources to help achieve this goal in the Phoenix area. Many mortgage
lenders talk about servicing emerging markets -- Mountain Pacific is taking
action."
First American and Mountain Pacific will implement the program through
First American Title Insurance Company offices in Maricopa and Pinal County,
Ariz., and through Mountain Pacific's branch in Glendale, Ariz. Program
components will focus on educating potential homebuyers on the steps necessary
to buy a home and provide guidance to real estate professionals on how best to
service diverse markets. These efforts, combined with a streamlined funding
and closing process available to homebuyers who choose Mountain Pacific and
First American, are intended to put homeownership within reach for more
Americans and help protect buyers from predatory lenders or other questionable
service providers.
"First American has demonstrated its commitment to expanding homeownership
opportunities and proven itself a true partner to the community groups,
lenders, homebuilders and real estate professionals who likewise understand
the potential of the emerging markets," said Dan Harder, senior vice president
of Mountain Pacific Mortgage. "Through our combined efforts, we will offer an
unprecedented level of service to Arizona homebuyers and hope to replicate
this innovative business model in other key markets across the Rocky Mountain
and Southwestern states."
The First American/Mountain Pacific alliance will operate in conjunction
with The First American Corporation's broader minority homeownership
initiative, launched in October 2003 to promote home buying among African
Americans, Asian Americans and Latinos. Key components of the initiative
include the introduction of alternative credit-screening products, a targeted
philanthropic giving program, a for-profit community investment program, an
increased commitment to workforce and vendor diversity, and bundled and
discounted closing services. The closing bundle is offered to eligible
homebuyers in all Arizona counties at an average discount of approximately 25
percent. Discount eligibility is based on U.S. Department of Housing and
Urban Development income definitions. For more information, visit:
http://www.emergingmarkets.firstam.com.
About Mountain Pacific Mortgage
Established in 1994, Mountain Pacific Mortgage provides residential and
commercial lending services. Through its 200 employees, Mountain Pacific
offers permanent residential loan services, residential and commercial
construction loans and a broad range of permanent commercial loan products.
Headquartered in Lakewood, Colo., the company has 30 branch offices in
10 states and is a member of the USA LOAN(R) Network, LLC, a growing
cooperative of independent lenders established to help increase loan volume
and profitability for its member companies.
About First American
The First American Corporation is a Fortune 500 company that traces its
history to 1889. As the nation's largest data provider, the company supplies
businesses and consumers with information resources in connection with the
major economic events of people's lives, such as getting a job; renting an
apartment; buying a car, house, boat or airplane; securing a mortgage; opening
or buying a business; and planning for retirement. 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 $6.21 billion in 2003, First American has
30,000 employees in approximately 1,800 offices throughout the United States
and abroad. More information about the company and an archive of its press
releases can be found at http://www.firstam.com.
Contacts:
Olivia "Oli" Rodriguez
Emerging Markets
First American Title Insurance Company
(602) 685-7108
David Schulz
Corporate Communications
The First American Corporation
(714) 800-3298
SOURCE First American Corporation
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Related links:
http://www.firstam.com
Company News On-Call:
http://www.prnewswire.com/comp/312375.html
CONTACT:
Olivia "Oli" Rodriguez, Emerging Markets of
First American Title Insurance Company, +1-602-685-7108, or David
Schulz, Corporate Communications of The First American
Corporation, +1-714-800-3298
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