First American Real Estate acquires Cuffaro Appraisal Services.ST. PETERSBURG, Fla.--(BUSINESS WIRE)--July 11, 1996--First American Real Estate Information Services See Information Systems. Inc., a subsidiary of The First American Financial Corp. (NYSE NYSE See: New York Stock Exchange : FAF FAF abbr. financial aid form ), announced today that it has acquired 100 percent of the stock ownership of Cuffaro Appraisal Services (CAS), San Diego, one of the largest regional appraisal companies in the country. CAS, which will be renamed First American Appraisal Services, will remain in San Diego. Anand Nallathambi, senior vice president of strategic business development at First American, has been appointed president. Joseph A. Cuffaro Jr., former president and founder of CAS, will be executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , reporting directly to Nallathambi. "After an extensive review of potential acquisitions in the appraisal industry, we decided on CAS because of its 20 years of experience and its 'best practices' approach to the business," said John Long, president of First American Real Estate Information Services Inc. "Our capacity to deliver a full array of quality appraisal and statistical evaluation products further strengthens First American's ability to offer end-to-end mortgage servicing and origination services to our clients." Nallathambi added, "We plan to use the acquisition as a platform to develop a nationwide appraisal business. This initiative will leverage First American's presence in the industry and CAS' reputation as an innovator, with an enviable client list that includes some of the nation's largest originators." Cuffaro said, "Given the consolidation of the mortgage industry and lenders' need to source a full array of services quickly and efficiently, this is a strategic move for CAS. We look forward to joining First American, one of the leading service providers in the mortgage industry." Based in San Diego, CAS performs appraisals in all counties in California The U.S. state of California is divided into fifty-eight counties. Counties are responsible for all elections, property-tax collection, maintenance of public records such as deeds, and local-level courts within their borders, as well as providing law enforcement (through the county , as well as Arizona, New Mexico, Nevada and Oregon. The company's more than 600 clients are some of the nation's leading mortgage lenders, community banking institutions, credit unions and asset management companies in the country. Focused primarily on the first mortgage business, CAS has pioneered centralized research, telecommuting telecommuting, an arrangement by which people work at home using a computer and telephone, transmitting work material to a business office by means of a modem and telephone lines; it is also known as telework. and EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. capabilities. It has also structured cutting edge outsourcing arrangements with national lenders. Headquartered in St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. , First American Real Estate Information Services group is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of First American Financial Corp. (NYSE: FAF), and is a comprehensive, single-source provider of real estate services. The company provides real estate tax reporting, credit reporting, tax outsourcing and certification, property valuation and reporting, flood compliance, mortgage assignments and satisfactions and mortgage servicing software. Employing more than 1,350 real estate service professionals across the nation, First American serves more than 5,000 customers nationwide. CONTACT: First American Inger Padilla, 800/449-8732 or Principal Communications, New York Bill Campbell, 212/303-7606 |
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