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First American Closes Acquisition of Bank of America's Lien Release Business Operations, Assets.

MANews-(C)2009-2018

2 February 2018 - US-based real estate title insurance, settlement services and risk solutions provider First American Financial Corp. (NYSE: FAF) has closed the acquisition of US-based Bank of America's (NYSE: BAC) lien release business, the company said.

This deal includes an agreement to provide these services to Bank of America going forward.

Bank of America's lien release business and its employees will become part of First American's Mortgage Solutions division, a provider of comprehensive solutions for residential lenders and servicers covering the entire loan spectrum.

First American Mortgage Solutions' range of post-closing products and services includes CleanFile Solutions, a single, vertically integrated suite that combines post-closing document management, loan quality control, lien release preparation and recording to cure, perfect and complete collateral files.

The acquisition will complement First American Mortgage Solutions' existing best-in-class post-closing and document management capabilities, augmenting First American's ability to serve the lender, servicer and investor communities.

First American Financial is a provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889.

The company also provides 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.

With total revenue of USD 5.6bn in 2016, the company offers its products and services directly and through its agents throughout the United States and abroad.

Country: USA

Sector: Construction/Real Estate

Target: Bank of America/lien release business

Buyer: First American Financial Corp

Vendor: Bank of America

Deal size in USD:

Type: Corporate Acquisition

Financing:

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Date:Feb 2, 2018
Words:281
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