SANTA ANA — Continuing to expand its real estate services, First American Financial Corp. said Monday that it has agreed to buy a state-of-the-art computer system that helps lenders keep track of activities that affect the loans they have made.
The Excelis Mortgage Loan Servicing system, to be purchased from Prudential Insurance Co., would give the Santa Ana company a centerpiece for packaging related services that it provides lenders.
First American, which owns the nation's second-largest title insurer, said that no other title insurer offers such a loan-tracking system.
Operating as a separate subsidiary called Excelis Inc., the unit is expected to bring in $20 million in revenue in its first year, said John Long, president of the company's First American Real Estate Information Services subsidiary.
The price for Excelis was not disclosed, but it is less than $10 million in cash plus possible royalties in the future, Long said. The deal should close March 29, he said.