First American Corp (New York Stock Exchange

Sector: Financials . Industry: Insurance - Multiline · View FAF on other exchanges
As of 21 Jul 2008
24.64USD
Price Change
+0.04
Percent Change
+0.16%
Analyst Recommendations


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Back to the Company Overview
The First American Corporation, through its subsidiaries, is engaged in the business of providing business information, and related products and services. The Company has five segments that fall within two primary business groups, financial services and information technology (IT). The financial services group includes its title insurance and services segment and its specialty insurance segment. The First American Corporation's mortgage information, property information and risk mitigation and business solutions segments comprise its information technology group.
In January 2007, the Company's subsidiary, First American Title Insurance Company, acquired Complete Title Services, LLC, a provider of title insurance and tax-deferred exchange services in North/Central Minnesota. In February 2007, the Company combined its property data and related analytics businesses with CoreLogic Systems, Inc., a provider of mortgage risk assessment and fraud prevention solutions. The former stockholders of CoreLogic own approximately 18% of the combined entity. In October 2007, the Company acquired Proxix Solutions.
The title insurance and services segment issues residential and commercial title insurance policies, accommodates tax-deferred exchanges and provides escrow services, investment advisory services, trust services, lending and deposit products, and other related products and services. The specialty insurance segment issues property and casualty insurance policies, and sells home warranty products. The Company’s mortgage information, property information and First Advantage segments comprise its information technology group. The mortgage information segment offers real estate tax reporting and outsourcing, flood zone certification and monitoring, default management services, document preparation and other real estate related services. The property information segment licenses and analyzes data relating to real property, offers risk management and collateral assessment analytics, and provides database management and appraisal services. The First Advantage segment, which is comprised entirely of the Company’s First Advantage Corporation subsidiary, , provides specialty credit reports to the mortgage lending and automotive lending industries, provides employment background screening, hiring management solutions, payroll and human resource management, corporate tax and incentive services, drug-free workplace programs and other occupational health services, employee assistance programs, resident screening and renter’s insurance, investigative services, computer forensics and electronic discovery services, motor vehicle records, transportation business credit services, automotive lead generation services, and supply chain security services.
The Financial Services Group
The title insurance and services segment's principal product is policies of title insurance on residential and commercial property. This segment also provides tax-deferred exchange, escrow, equity loan, investment advisory, trust, thrift, and other related products and services.
The First American Corporation, through First American Title Insurance Company and its affiliates, transacts the business of title insurance through a network of direct operations and agents. Through this network, the Company issues policies in all states (except Iowa) and the District of Columbia. In Iowa, it provides abstracts of title only. The Company also offers title services, either directly or through joint ventures, in Guam, Puerto Rico, the U.S. Virgin Islands, the Bahamas, Australia, Canada, China, Hong Kong, Ireland, Latin America, New Zealand, South Korea, the United Kingdom, Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania, the Slovak Republic, Turkey, Spain and other territories and countries.
The Company’s home warranty business provides residential service contracts that cover many of the systems and appliances in residential homes against failures that occur as the result of normal usage during the coverage period. Most of these policies are issued on resale residences. Coverage is for one year and is renewable annually at the option of the contract holder and upon approval of the Company. Coverage and pricing typically vary by geographic region. Fees for the warranties may be paid at the closing of the home purchase or directly by the consumer and are recognized monthly over a 12-month period. Renewal premiums may be paid by a number of different options. In addition, the contract holder is responsible for a service fee for each trade call. First year warranties primarily are marketed through real estate brokers and agents.
The First American Corporation offers property and casualty insurance through its subsidiaries First American Property and Casualty Insurance Company, and First American Specialty Insurance Company. First American Property and Casualty Insurance Company conducts its business utilizing the Company's distribution channels, allowing for cross selling through existing closing-service activities. First American Specialty Insurance Company conducts its business utilizing a network of brokers.
The Information Technology Group
The mortgage information segment provides tax monitoring, flood zone certification, default management services, document preparation services and other real estate related services. The Company's tax monitoring service advises real property mortgage lenders of the status of property tax payments due on real estate securing their loans. Under a contract the Company, on behalf of a mortgage lender, monitors the real estate taxes owing on properties securing such lender’s mortgage loans for the life of such loans. In general, providers of tax monitoring services, such as the Company’s tax service, indemnify mortgage lenders against losses resulting from a failure to monitor delinquent taxes. Its default management business sells software and provides services which help mortgage servicing companies and financial institutions mitigate losses on mortgages that are in default, as well as manage foreclosures, maintain and sell real estate-owned (REO) properties and process foreclosure claims.
The First American Corporation's property information segment provides licenses and analyzes data relating to real property, offers risk management and collateral assessment analytics, and provides database management and appraisal services to various businesses, in particular to businesses operating in the real estate industry, such as mortgage lenders and brokers, real estate agents, property and casualty insurance companies, and title insurance companies. The data offered by this segment include property characteristic information, such as the square footage of a piece of property or the number of rooms in a residence, and images of publicly recorded documents relating to real property.
The property information segment also provides appraisal services to mortgage lenders, real estate agents, investors and other businesses requiring valuations of real property. These services include traditional appraisals, which require physical inspection and human analysis, broker price opinion services, which value real property based on the opinions of real estate brokers and agents, and automated valuation models, which use data and sophisticated mathematical models and analytic tools to arrive at a valuation.
First Advantage operates in six primary business groups: lender services, data services, dealer services, employer services, multifamily services, and investigative and litigation support services. First Advantage’s lender services group provides specialized credit reports for mortgage lenders throughout the United States. Its data services group offers motor vehicle records, transportation industry credit reporting, fleet management, supply chain theft and damage mitigation consulting, consumer location, criminal records reselling, subprime credit reporting, consumer credit reporting services and lead generation. Through its dealer services group, First Advantage provides specialized credit reports, credit automation software and lead generation services to auto dealers and lenders. First Advantage’s employer services group helps thousands of companies manage risk with employment screening, occupation health and tax incentive services and hiring solutions. Its multifamily services group helps customers manage risk with resident screening services. Its investigative and litigation support services group provides corporate litigation and investigative services.
The Company competes with Fidelity National Financial, Inc., LandAmerica Financial Group, Inc., Stewart Title Guaranty Company and Old Republic International Corporation.
Find Out More About First American Corp
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First American Corp (New York Stock Exchange 2008-07-21T19:11:00-07:00 Rating: 4.5 Diposkan Oleh: Merlyn Rosell