First American Financial Corp., a provider of title insurance, settlement services and risk solutions, announced Thursday the completion its acquisition of Bank of America’s lien release business.
First American first announced the deal back in December, saying the transaction would be completed during the first quarter of this year.
The major deal makes Bank of America’s lien release business and its employees part of First American’s mortgage solutions division.
As part of the agreement, the group will continue to provide lien release services to Bank of America.
“We have taken our industry leadership in post-closing services and collateral file perfection another step forward,” said Kevin Wall, First American Mortgage Solutions president.
“The acquisition affirms 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, as well as First American’s number-one industry position in real property data coverage,” Wall said.
First American explained the acquisition will complement its existing post-closing and document management capabilities, enhancing its ability to serve the lender, servicer and investor communities.