|By Business Wire||
|February 6, 2014 08:07 AM EST||
First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions to participants in real estate transactions, today announced the signing of an agreement with Verisk Analytics, Inc. (Nasdaq: VRSK) to acquire Interthinx, Inc., a leading provider of loan quality analytics, decision support tools and loan review services for the mortgage industry.
Established in 1996, Interthinx provides solutions designed to help clients minimize risk, increase operational efficiencies, satisfy regulatory requirements, manage data verification and ensure compliance. The company is best known for FraudGUARD®, its market-leading mortgage fraud analytics product.
“The sweeping market and regulatory changes of the past several years have led to more demanding mortgage origination requirements,” said Dennis Gilmore, chief executive officer of First American Financial Corporation. “Our customers have expressed to us a desire for tighter integration between loan origination activities, loan quality verification processes, and title and settlement services.
“First American already assures quality throughout the title and settlement process. The added capabilities of Interthinx will allow us to leverage our central role in real estate transactions to offer our customers further assurances in areas that present risk, including fraud; identity and income validation; collateral adequacy; and compliance. This puts First American in a unique position to provide the industry’s most robust loan-quality assurance solutions – from application to closing.
“This acquisition also represents a significant step in our ongoing effort to capitalize on our unique data assets – which include the nation’s largest inventory of property and title information and imagery – to provide solutions to the real estate industry and enhance our title insurance and settlement services offerings,” Gilmore added.
“We’re delighted by the opportunity to combine our expertise with that of First American, a company known for its integrity, innovation and solid commitment to the real estate community,” said Jeff Moyer, president of Interthinx.
The purchase price is $155 million and the transaction is expected to close by March 31, 2014, subject to customary closing conditions, including certain regulatory reviews. The transaction is expected to be accretive to First American’s 2014 earnings.
BofA Merrill Lynch is acting as financial advisor, and McGuireWoods LLP as legal advisor, to First American Financial Corporation in connection with the transaction.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions to participants in real estate transactions, that traces its heritage back to 1889. In addition to title and settlement services, First American provides title plant management services; property and title information and imagery; valuation products and services; home warranty products; property and casualty insurance; and banking, trust, and investment advisory services. With revenues of approximately $4.5 billion in 2012, the company offers its products and services directly and through its agents throughout the United States and abroad. More information about the company can be found at www.firstam.com.
Interthinx provides essential solutions to mitigate risk in the mortgage lending marketplace. Interthinx offers capabilities in mortgage fraud and verification, property valuation, compliance, quality control and loss mitigation that are used by the nation’s top financial institutions. Interthinx helps its clients minimize risk, increase operational efficiencies, satisfy regulator demands, manage data verification, and remain compliant. For more information, visit www.interthinx.com.
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