First American Financial just inked a deal to acquire Bank of America’s lien release business.
The deal is huge as it also includes an agreement to provide such services to Bank of America going forward.
First American provides title insurance, settlement services and risk solutions for real estate transactions.
“The post-closing function is important in today’s mortgage lending environment, and this move will enhance the breadth of our post-closing products and services,” said Dennis Gilmore, CEO of First American Financial Corporation.
Once the sale is complete in 1Q18, Bank of America’s lien release business and its employees will become part of First American’s Mortgage Solutions division.
"This move will further solidify First American’s industry leadership in post-closing services and collateral file perfection,” said Kevin Wall, president of First American Mortgage Solutions.
“It demonstrates our ability and commitment to provide lenders, servicers and investors post-closing services at an unmatched scale and level of efficiency, supported by fraud detection, loan quality and compliance analytics, and First American’s number-one industry position in real property data coverage,” Wall added.