SANTA ANA, Calif., April 18 /PRNewswire-FirstCall/ -- The First American
Corporation (NYSE: FAF), the nation's largest data provider, today announced
that it has completed its acquisition of LoanPerformance, a major supplier of
advanced analytics and information for the U.S. mortgage finance and servicing
market. The transaction was approved by LoanPerformance shareholders and was
completed on April 13, 2005. Terms of the transaction, which will be
accretive to First American in 2005, were not disclosed.
San Francisco-based LoanPerformance is an industry leader in developing
mortgage performance and risk analytics used for benchmarking, predictive
modeling and market and securities analysis. LoanPerformance has also
assembled an exceptional team of quantitative analytics specialists who are
also experts on the mortgage industry. The foundation of the company's
analytics is an industry-wide cooperative database of more than 100 million
loans contributed by the leading mortgage servicers, securitizers and
portfolio lenders in the United States. With its cooperative database as a
foundation, and access to First American's real property information,
LoanPerformance is uniquely positioned to create increasingly valuable
mortgage credit and prepayment analytics for all segments of the mortgage
industry.
Parker Kennedy, president and chief executive officer of The First
American Corporation said: "LoanPerformance is a strong and valuable addition
to the First American family of companies. We are eager to begin leveraging
the expertise of LoanPerformance's analytical staff as we evolve into the next
phase of our business as a data and analytics company. We are also evaluating
acquisition opportunities of other data and analytics providers to augment
these services, and we plan to extend analytics to every dimension of our
growing data business."
In addition to its state-of-the-art advanced mortgage analytics
capabilities, LoanPerformance brings First American customers that include
government sponsored entities, ratings agencies, mortgage-backed securities
investors and major Wall Street investment banks, as well as the country's
largest mortgage lenders and servicers. LoanPerformance also offers First
American exciting new products like PreTell, which is an advanced mortgage
prepayment score that measures the propensity of a borrower to prepay their
mortgage.
LoanPerformance is a leader in residential mortgage performance data and
credit risk decision support tools for mortgage originators, servicers,
securities issuers and investors. LoanPerformance's industry-standard
mortgage servicing and securities databases track the delinquency and
prepayment performance of 46 million active individual mortgage payments per
month and provide loan-level information on over $900 billion in non-agency
mortgage and asset-backed securities. LoanPerformance's proprietary databases
and suite of predictive prepayment and risk modeling solutions enable clients
to make informed business decisions about credit risk, loss mitigation,
customer retention, securitization and investment. For more information visit
http://www.loanperformance.com.
First American RES, a member of The First American Family of Companies, is
the nation's largest provider of advanced property and ownership information,
analytics and services. RES' database covers more than 2,300 counties
representing 97 percent of the nation's real estate transactions. With more
than 600,000 users nationwide, RES products are used by companies to improve
customer acquisition and retention, detect and prevent fraud, improve mortgage
transaction cycle time and cost efficiency, measure the value of residential
and commercial properties, identify real estate trends and neighborhood
characteristics, track market performance and increase market share. More
information about First American RES can be found on the Internet at
http://www.firstamres.com.
The First American Corporation (NYSE: FAF) 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 $6.72 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 http://www.firstam.com.
Media Contact:
David Schulz
The First American Corporation
(714) 800-3298
dschulz@firstam.com
SOURCE The First American Corporation
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Related links:
http://www.firstam.com
CONTACT:
David Schulz of The First American
Corporation, +1-714-800-3298, dschulz@firstam.com
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