First American Completes Acquisition Of Mortgage Analytics Provider Loanperformance
April 18, 2005
SANTA ANA, Calif., The First American Corporation (NYSE: FAF) has completed its acquisition of LoanPerformance, a major supplier of advanced analytics and information for the U.S. mortgage finance and servicing market. The transaction was approved by LoanPerformance shareholders and was completed on April 13, 2005. Terms of the transaction, which will be accretive to First American in 2005, were not disclosed.
San Francisco-based LoanPerformance is an industry leader in developing mortgage performance and risk analytics used for benchmarking, predictive modeling and market and securities analysis. LoanPerformance has also assembled an exceptional team of quantitative analytics specialists who are also experts on the mortgage industry. The foundation of the company’s analytics is an industry-wide cooperative database of more than 100 million loans contributed by the leading mortgage servicers, securitizers and portfolio lenders in the United States. With its cooperative database as a foundation, and access to First American’s real property information, LoanPerformance is uniquely positioned to create increasingly valuable mortgage credit and prepayment analytics for all segments of the mortgage industry.
Parker Kennedy, chairman and chief executive officer of The First American Corporation said: “LoanPerformance is a strong and valuable addition to the First American family of companies. We are eager to begin leveraging the expertise of LoanPerformance’s analytical staff as we evolve into the next phase of our business as a data and analytics company. We are also evaluating acquisition opportunities of other data and analytics providers to augment these services, and we plan to extend analytics to every dimension of our growing data business.”
In addition to its state-of-the-art advanced mortgage analytics capabilities, LoanPerformance brings First American customers that include government sponsored entities, ratings agencies, mortgage-backed securities investors and major Wall Street investment banks, as well as the country’s largest mortgage lenders and servicers. LoanPerformance also offers First American exciting new products like PreTell, which is an advanced mortgage prepayment score that measures the propensity of a borrower to prepay their mortgage.
Source: The First American Corporation
Contact ALTA at 202-296-3671 or email@example.com.