First American Financial Corp. (FAF) is developing an asset management company to oversee its REO services. The new business is called Residential Management Services, according to a HousingWire source. First American provides title insurance and settlement services for residential and commercial real estate nationwide and in Canada. The Santa Ana, Calif.-based firm spun off from analytics firm CoreLogic (CLGX) in June of last year. That same month, both First American and CoreLogic started trading on the New York Stock Exchange separately. First American reported a first quarter net loss of $15.3 million Thursday, due to a $45.3 million contribution to strengthen reserves covering a guaranteed valuation product sold in Canada. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.