First American Title Hits $1 Billion Milestone With FlexClose™, a Warehouse Financing & Closing Service for Residential Rea...
December 02 2019 - 10:00AM
Business Wire
—FlexClose™, a service provided by
FirstFunding®, enables lenders and real estate agents to
control the exact time funds arrive for a closing, even after
Fedwire cutoff—
First American Title Insurance Company, a leading
provider of title insurance and settlement services and the largest
subsidiary of First American Financial Corporation (NYSE: FAF),
today announced that in less than a year more than $1 billion of
real estate transactions have successfully funded and closed using
FlexClose™, a warehouse financing and closing service from
FirstFunding®, a wholly owned subsidiary of First American
Financial Corporation. FlexClose gives lenders and real estate
agents the ability to control the exact time funds arrive for a
residential real estate transaction closing, even after the daily
Fedwire cutoff.
FlexClose brings together the capabilities of three First
American businesses: settlement services from First American Title
Insurance Company, banking from First American Trust and warehouse
financing services from FirstFunding.
“Surpassing $1 billion in real estate transactions funded with
FlexClose reflects First American’s commitment to innovation and
the company’s ongoing efforts to enhance the closing and settlement
process for lenders, settlement agents, real estate agents,
homebuilders and consumers,” said Chris Leavell, chief operating
officer at First American Title Insurance Company. “Because we can
bring together First American Title, First American Trust and
FirstFunding, we can offer the real estate industry the ability to
fund and close anytime, providing a level of service and
flexibility that cannot be matched.”
FlexClose provides benefits to all the parties involved in
residential real estate transactions. The service helps lenders
prevent delays and reduce risk, and allows real estate agents to
close at any time and get their commission immediately. With
FlexClose, settlement agents can close transactions faster, and
homebuilders can save money and improve the buyer experience with
immediate funding. Importantly, FlexClose also lets home buyers and
sellers close on their schedule and avoid delays.
“Reaching this $1 billion milestone in less than a year
validates that FlexClose resolves a customer inconvenience that the
real estate industry had until now accepted as the norm,” said Jim
Dunkerley, president of FirstFunding. “The feedback we’ve received
has been overwhelmingly positive and we’re excited to expand our
work with First American Title to deliver this one-of-a-kind
service to our customers.”
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary
of First American Financial Corporation (NYSE: FAF), traces its
history to 1889. One of the largest title insurers in the nation,
the company offers title services through its direct operations and
an extensive network of agents throughout the United States and
abroad. First American Title provides comprehensive title insurance
coverage and professional services for real estate purchases,
construction, refinances and equity loans. For more information,
visit www.firstam.com/title.
About FirstFunding®
FirstFunding® is a wholly owned subsidiary of First American
Financial Corporation (NYSE: FAF), offering warehouse funding
facilities to non-delegated lenders, correspondent lenders,
community banks and credit unions. FirstFunding is committed to
being a valuable funding partner to the mortgage investors and
warehouse lenders serving the non-delegated and delegated
correspondent channel. For more information, visit
www.firstfundingusa.com.
About First American Trust
First American Trust is a wholly-owned subsidiary of First
American Financial Corporation (NYSE: FAF). For more than 50 years,
First American Trust has provided comprehensive wealth management
and trust solutions on a local, full-service basis. First American
Trust delivers financial solutions through comprehensive wealth
management, investment advisory and fiduciary services. For more
information, visit www.firstamtrust.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191202005136/en/
Media Contact: Marcus Ginnaty Corporate Communications
First American Financial Corporation (714) 250-3298
Investor Contact: Craig Barberio Investor Relations First
American Financial Corporation (714) 250-5214
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