First American expands post-closing services with lien-release biz acquisition

The deal includes an agreement to provide services to Bank of America

First American expands post-closing services with lien-release biz acquisition
First American Financial has entered an acquisition agreement that would enhance its offering of post-closing services.

The company is acquiring Bank of America’s lien-release business and has agreed to provide these services to Bank of America following completion of the transaction.

The transaction is set to complete in the first quarter of 2018. After the sale closes, Bank of America’s lien-release business and its employees will become part of the Mortgage Solutions division of First American. The division provides services for residential lenders and servicers.

First American CEO Dennis Gilmore said that the acquisition “will enhance the breadth of our post-closing products and services.”

First American Mortgage Solutions’ post-closing products and services include CleanFile Solutions, which combines post-closing document management, loan quality control, lien-release preparation, and recording to complete collateral files. The company said the acquisition will complement its post-closing and document management capabilities.

"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.


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