SANTA ANA — First American Financial Corp., one of the nation's largest title insurers, has acquired a New York tax services firm that will more than double First American's revenue in a market it entered three years ago.
First American purchased the realty tax services division of Metropolitan Realty Services Group for an undisclosed amount of cash and assumption of debt. A source close to the transaction estimated the purchase price at about $4 million.
The tax service informs lenders about borrowers who are not paying property taxes so that lenders can act before any government entity starts foreclosure.
"It's a big step for us," Parker S. Kennedy, First American president, said of the acquisition. "It broadens our horizons and potential number of customers."