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BUSINESS
February 13, 2001
First American Corp., a Santa Ana title company that offers real estate-related financial and informational services, said Monday it agreed to acquire LFC Nationwide, a provider of property and other real estate-related inspections. Financial terms were not disclosed. The transaction is expected to close in March. LFC, which is based in Sterling, Va., has about 150 employees.
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BUSINESS
August 31, 2011 | By Roger Vincent, Los Angeles Times
Property and credit data provider CoreLogic said it would move its headquarters from Santa Ana to Irvine, and also said it was considering a sale of the company, causing its stock to surge. CoreLogic will move to 40 Pacifica in the Irvine Spectrum in late summer 2012, landlord Irvine Co. said. CoreLogic will occupy 170,000 square feet — about 7 1/2 floors — and have prominent signs on the building. Financial terms of the lease were not disclosed, but the Irvine Co. is asking $2.15 a square foot per month at 40 Pacifica, one of the highest rates in the Irvine Spectrum, according to brokerage Cushman & Wakefield.
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BUSINESS
November 2, 2000
The Santa Ana operator of the nation's second-largest title insurance company reported third-quarter profit of $24.4 million, or 37 cents a share, down 13% from $28 million, or 42 cents a share, posted a year ago. Revenue declined 3% to $750.3 million.
BUSINESS
March 19, 2010 | By Nathan Olivarez-Giles and Alejandro Lazo
During the subprime loan era, it's well documented that lenders took all kinds of shortcuts -- such as failing to verify borrowers' employment or income -- to sell mortgages. Now Bank of America Corp., the nation's biggest mortgage lender, is saying the nation's second-largest title insurer did much the same thing and should be on the hook for more than $500 million in losses. In a lawsuit filed earlier this month, BofA alleged that First American Corp. in Santa Ana relied on home buyers to tell them about liens on their properties and other matters, rather than conducting traditional title searches.
BUSINESS
January 31, 2001 | From Reuters
First American Corp. said Tuesday it agreed to acquire Credit Management Solutions Inc. for about $52 million in a stock swap, broadening its centralized national database that streamlines title searches. The move, approved by the boards of both companies, is expected to close in the second quarter, said First American, a Santa Ana title company that offers real-estate-related financial and informational services. Shareholders of Credit Management, based in Annapolis Junction, Md.
BUSINESS
December 19, 2000 | From Dow Jones Newswires
Business is looking brighter for title insurance companies, including two Orange County titans, as speculation grows that the Federal Reserve may cut interest rates soon. Title insurance companies rely on real estate transactions for revenue, and if interest rates fall, mortgage refinancing activity "quite naturally goes higher" and will push the companies' earnings higher, said Michael Grondahl, a US Bancorp Piper Jaffray analyst.
BUSINESS
May 13, 2000
Reflecting its expansion into nonfinancial services, First American Financial Corp. said Friday that shareholders have approved changing the company's name to First American Corp. The change for the Santa Ana business information company, which operates the nation's second-largest title insurer, will have no effect on shares outstanding. The stock will continue to be traded on the New York Stock Exchange under the same FAF ticker symbol.
BUSINESS
November 17, 2007 | From Times Wire Services
First American Corp. agreed to a $5-million settlement to resolve a Florida investigation into whether it made improper payments to real estate agents and mortgage brokers to win business. The accord also calls for a monitor to review Santa Ana-based First American's business practices for one year, according to a statement from Florida's insurance commissioner.
BUSINESS
November 2, 2007 | From Times Wire Reports
First American Corp. said third-quarter profit fell 48% as demand for new mortgages fell amid the worst U.S. housing slump in 16 years. Net income was $46.6 million, or 49 cents a share, compared with $90.4 million, or 92 cents, a year earlier, the Santa Ana-based title insurer said.
BUSINESS
August 8, 2001
* First American Title Insurance Co., a unit of Santa Ana-based First American Corp., said Tuesday it agreed to acquire The Associated Group title and escrow business in Salt Lake City from founder Bill Wirthlin. Financial terms of the transaction, which expected to close in September, were not disclosed.
BUSINESS
May 1, 2009 | Times Wire Reports
Title insurer First American Corp. said first-quarter profit rose after it cut staff and lowered other costs. Net income climbed 23% to $36 million, or 38 cents a share, compared with $29.3 million, or 32 cents, a year earlier, the Santa Ana firm said. Revenue declined 17% to $1.38 billion. First American cut 365 jobs in the quarter and reduced other costs to cope with less revenue from declining home sales. Title insurers protect buyers from liens and ownership disputes tied to properties changing hands.
BUSINESS
August 1, 2008 | From Times Wire Services
Shares of title insurer First American Corp. jumped 12% after the company reported second-quarter profit that beat analysts' estimates. The Santa Ana company had net income of $42 million, or 45 cents a share, contrasted with a loss of $66 million, or 68 cents, a year earlier. Profit excluding an investment loss was about 48 cents a share, beating the 43-cent estimate of analysts surveyed by Bloomberg. "We reserved more than our competitors, so we're seeing claims come in in line with our expectations," Chief Executive Parker Kennedy said.
BUSINESS
January 16, 2008 | From Bloomberg News
First American Corp., the largest U.S. title insurer, will split into two publicly traded companies by separating its financial information and underwriting businesses. The stock rose 7.1%. The unit with the title and specialty insurance operations will be spun off to shareholders, the Santa Ana-based firm said in a statement Tuesday. The existing holding company, to be renamed, will consist primarily of businesses that provide data on mortgages, properties and credit.
BUSINESS
December 21, 2007 | E. Scott Reckard
Federal regulators are looking into allegations that mortgage lender Washington Mutual Inc. pressured First American Corp. of Santa Ana to inflate appraisals of homes nationwide. Washington Mutual, the nation's largest savings and loan, said Thursday that it was "voluntarily and fully cooperating" with probes by the Securities and Exchange Commission and the Office of Thrift Supervision, a U.S. Treasury Department agency that regulates federally chartered S&Ls.
BUSINESS
November 17, 2007 | From Times Wire Services
First American Corp. agreed to a $5-million settlement to resolve a Florida investigation into whether it made improper payments to real estate agents and mortgage brokers to win business. The accord also calls for a monitor to review Santa Ana-based First American's business practices for one year, according to a statement from Florida's insurance commissioner.
BUSINESS
November 2, 2007 | From Times Wire Reports
First American Corp. said third-quarter profit fell 48% as demand for new mortgages fell amid the worst U.S. housing slump in 16 years. Net income was $46.6 million, or 49 cents a share, compared with $90.4 million, or 92 cents, a year earlier, the Santa Ana-based title insurer said.
BUSINESS
July 28, 2000
First American Corp. posted lower profits and sales for the second quarter, noting that higher interest rates put a damper on mortgage refinancing activity. The Santa Ana business information company, which operates the nation's second-largest title insurer, said net income fell 28% to $25 million, or 38 cents a share, from $34.8 million, or 54 cents a share, a year earlier. Sales dipped to $775.9 million from $781.9 million.
BUSINESS
September 5, 2007 | Annette Haddad, Times Staff Writer
Battered by the housing market downturn, giant title insurer First American Corp. said Tuesday that it would slash 1,300 jobs, institute a hiring and salary freeze and cut certain unspecified executive perks and benefits to reduce expenses. The job reductions at the Santa Ana-based company amount to 3% of the workforce and follow the elimination of 600 positions after the company posted a surprise second-quarter loss because of the housing slump.
BUSINESS
August 3, 2007 | Annette Haddad, Times Staff Writer
Giant title insurer First American Corp. posted a second-quarter loss Thursday because surging mortgage foreclosures indirectly increased the number of claims filed on policies sold by the company. Mortgage lenders and some home buyers obtain title insurance to ensure that a property can be legally transferred from the seller to the buyer or, in the case of a refinancing, to ensure that the home is indeed legally owned by the borrower.
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