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First American Corporation - Wikipedia, The Free Encyclopedia
First American Corporation - Wikipedia, The Free Encyclopedia
This article is about First American Financial Corporation (formerly known as The First American Corporation) First American Financial Corporation (NYSE: FAF
Type
Public (NYSE: FAF (http://www.nyse.com/about/listed/quickquote.html? ticker=faf) ) Orange County, California, USA (1894)
Founded
Headquarters 1 First American Way, Santa Ana, California, USA Key people Parker S. Kennedy, Executive Chairman Dennis J. Gilmore, Chief Executive Officer Website http://www.firstam.com (http://www.firstam.com/)
(http://www.nyse.com/about/listed/quickquote.html?ticker=faf) ) is a United States financial services company and is a leading provider of title insurance and settlement services to the real estate and mortgage industries. First American provides financial services through its Title Insurance and Services segment and its Specialty Insurance segment. The First American Family of Companies core business lines include title insurance and closing/settlement services; title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. First American serves homebuyers and sellers, real estate professionals, loan originators and servicers, commercial property professionals, homebuilders and others involved in residential and commercial property transactions with products and services specific to their needs. First American offers its products and services directly and through its agents and partners throughout the United States and in more than 60 countries. In June 2010, First American Financial Corporation was established when The First American Corporation split its businesses to create two separate legal entities, First American Financial Corporation (NYSE: FAF
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(http://www.nyse.com/about/listed/quickquote.html?ticker=faf) ) which provides title and financial services and CoreLogic Inc. (NYSE: CLGX (http://www.nyse.com/about/listed/quickquote.html?ticker=clgx) ) which provides information solutions [1] and analytics services to the real estate and mortgage industry.
Contents
1 History 1.1 Orange County Title Company (18941960) 1.2 First American Title Insurance and Trust Company(19601968) 1.3 The First American Financial Corporation(19682000) 1.4 The First American Corporation (2000-2010) 1.5 First American Financial Corporation (2010-present) 2 Products and services 3 Spin-off 4 Selected subsidiaries and divisions 4.1 First American Title Insurance Company 4.2 First American Data Tree 4.3 Data Trace 4.4 FAF International 4.5 First American Trust, FSB 4.6 First American Thrift 4.7 First American Property and Casualty Insurance Company 4.8 First American Homebuyers Protection Corporation 4.9 First American (India) 5 External links 6 References
History
Orange County Title Company (18941960)
First American traces its roots to 1889, when Orange County, Californiaa rural, undeveloped area at the time split off from the county of Los Angeles. Two firms opened to handle title matters in the brand-new county. Five years later, Charles Edward Parker (C.E. Parker), a local businessman, succeeded in merging the two competitors into a single entityOrange County Title Company. C.E. Parker became the president of Orange County Title, which, starting in 1909, would pay a cash dividend every year for the rest of the century and would become one of the first abstract companies in California to qualify to issue title insurance policies.[2] Donald Parker Kennedy (D.P. Kennedy), grandson of C.E. Parker, joined Orange County Title in 1948. D.P. Kennedy developed a plan to expand the company beyond Orange County, which was approved by the board of directors in 1957. The first branch office was established shortly thereafter in Ventura, California and Orange County Title was soon operating in four states.
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First American introduced a tax monitoring service in 1987, which, after being supplemented by a 1991 purchase of TRTS Data Services, made First American the second largest provider of tax monitoring services in the United States. In 1991, the credit reporting and tax monitoring ventures were merged into a new subsidiary, First American Real Estate Information Services, Inc., which operated in technological areas, such as servicing software systems and database products involving property information, appraisal, automated title plans and document imaging. First American also focused heavily on its mortgage credit reporting business. First American acquired Metropolitan Credit Reporting Services, Inc., Metropolitan Property Reporting Services, Inc., California Credit Data, Inc. and Prime Credit Reports, Inc. in 1994. First American added CREDCO, Inc. in 1995, making it the largest mortgage credit reporting service in the country, based on the number of reports issued. Parker S. Kennedy, the son of D.P. Kennedy was named president of First American Title in 1989 and assumed the presidency of the parent corporation in 1993. On December 3, 1993, the company moved its shares to the New York Stock Exchange.
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Spin-off
June 1, 2010 marked the separation of the First American Corporation's financial services operations and its information solutions businesses into two independent public companies.[3] The spin-off was intended to allow First American to focus solely on its core businesses. As part of a spin-off transaction, First American Financial Corporation common stock was distributed to shareholders of The First American Corporation on June 1, 2010.[4] The First American Corporation assumed the new name CoreLogic, Inc. on that day. The shares of both companies traded on a when-issued basis from May 24, 2010 through June 1, 2010, and began full-fledged trading on the New York Stock Exchange on June 2, 2010; First American Financial Corporation under the ticker symbol FAF, and CoreLogic, Inc. under the ticker symbol CLGX.
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On June 1, 2010, each shareholder received one share of First American Financial Corporation common stock for every share of The First American Corporation common stock held as of the close of business on the record date of May 26, 2010. Shareholders also received a cash payment in lieu of any fractional shares.
Data Trace
Data Trace is a title technology company that provides a standardized title and tax information system that spans the nation and empowers title insurance companies to streamline order processing and title production.
FAF International
FAF International is the international division of First American Financial Corporation and is the leading provider of title insurance and a broad range of related property and financial services to both corporate clients and consumers around the world.
First American Corporation - escrow through independent agents and directly through theWikipedia,or closing process.
External links
First American Financial Corporation website (FirstAm.com) (http://www.firstam.com) First American Title Insurance Company website (Title.FirstAm.com) (http://title.firstam.com) FAF International Services website (FAFInt.com) (http://www.fafint.com/index.html) First American Trust website (FirstAmTrust.com) (http://www.firstamtrust.com) First American Homebuyers Protection website (HomeWarranty.FirstAm.com) (http://homewarranty.firstam.com/)
References
1. ^ CoreLogic Products and Solutions (http://corelogic.com/products-and-solutions.aspx?industry=96) 2. ^ First American - Company History (http://www.firstam.com/about/company-information/history-of-firstamerican.html) 3. ^ http://investors.firstam.com/phoenix.zhtml?c=233852&p=irol-faq#40645 4. ^ http://www.corelogic.com/changes/ 5. ^ First American Data Tree - Company Overview (http://www.datatree.com/about_us.asp)
Retrieved from "http://en.wikipedia.org/wiki/First_American_Corporation" Categories: Companies listed on the New York Stock Exchange | Companies established in 1889 | Companies based in Santa Ana, California | Real estate in the United States This page was last modified on 12 May 2011 at 01:39. Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. See Terms of Use for details. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.
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