First American to Acquire LoanPerformance
California, April, 2005 - The First American Corporation has reached agreement to acquire LoanPerformance, a major supplier of advanced analytics and information for the U.S. mortgage finance and servicing market.
The transaction is subject to approval of the LoanPerformance shareholders and is expected to close in April.
Based in San Francisco, LoanPerformance develops mortgage performance and risk analytics used for benchmarking, predictive modeling and market and securities analysis.
Parker Kennedy, president and chief executive officer of The First American Corporation said: "The development and use of advanced analytics is a natural progression for information companies. This acquisition accelerates First American's move into the information analytics arena and helps to maximize the value of our vast property information database assets. This acquisition will also add to our organization a unique combination of talented individuals along with the robust data assets that LoanPerformance manages on behalf of its customers. We plan to extend these powerful analytics capabilities to every dimension of our business, and we expect that strategy will lead to the creation of the next generation of products for compressing the lending process, lowering costs and increasing both value and quality for our customers."
In addition, 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 some of the country's largest mortgage lenders and servicers.
Dan Feshbach, chief executive officer of LoanPerformance, said, "This business combination gives us greater access to First American's rich property data, a scaled, world-class technology infrastructure, and affords us the opportunity to substantially enhance the capabilities of our existing products while delivering even more robust and cutting-edge solutions. Our products differ from other analytical models by the fact that they leverage a much wider, deeper and more robust level of information. We are eager to combine our capabilities with the broad array of data, technology and market channel resources of First American."
Dan Feshbach will continue as chief executive officer of LoanPerformance. The LoanPerformance management team will continue to lead the company from its headquarters in San Francisco.
For more information, visit www.loanperformance.com or http://www.firstam.com