First American Announces Completion of Docutech Acquisition
Purchase uniquely positions the company to deliver beginning-to-end collateral file management, from mortgage application through post-closing, accelerating the evolution of real estate settlement
March 3, 2020, Santa Ana, Calif.
First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions announced today the completion of First American’s acquisition of Docutech, a leading provider of document, eClose and fulfillment technology for the mortgage industry.
Docutech is a respected industry leader that leverages technology to help financial institutions quickly and accurately provide regulatory-compliant loan documents for mortgage and home equity lending. Founded in 1991, Docutech provides innovative solutions that are widely used by lenders across the U.S. and have contributed to the industry’s evolution toward a digital real estate closing experience.
“We are pleased to welcome Docutech to the First American family. The Docutech acquisition demonstrates our ongoing commitment to invest in and grow our core business. It also reflects our dedication to improving the home-buying experience and driving the digital transformation of the real estate settlement process,” said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. “Together, we’re uniquely positioned to provide collateral file management from the inception of the mortgage process through post-closing, which will help accelerate the evolution of real estate closings.”
Docutech’s innovative technology enhances First American’s ability to provide lender customers with beginning-to-end digital mortgage and settlement services and deliver a more digital experience to their borrowers. Docutech’s technology platform, which is fully integrated with leading third-party and proprietary loan origination systems and reaches more than 175 lenders, deepens First American’s relationships with these industry players.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $6.2 billion in 2019, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2020, First American was named to the Fortune 100 Best Companies to Work For® list for the fifth consecutive year. More information about the company can be found at www.firstam.com.
About Docutech
Docutech, a member of the First American family of companies, offers a wide range of document technology solutions for mortgage and home equity lending, from document generation to eDelivery, eClose and print fulfillment. The company sets the standard in providing market-proven technology and unrivaled customer service to the financial industry. Founded in 1991, Docutech’s knowledge and solutions empower lending professionals to efficiently produce accurate loan packages in all 50 states to ensure compliance with constantly changing laws and regulations. For more information, visit the company’s website at www.docutech.com.
Forward-Looking Statements
Certain statements made herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.”
These forward-looking statements include, without limitation, statements regarding the completion of the transaction and the timing thereof as well as the effects thereof, including the acceleration of the evolution of digital real estate closings and the accretive nature of the acquisition to the company’s earnings. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation: the failure to obtain necessary governmental or other approvals in a timely fashion or at all; challenges to the proposed transaction or issues related thereto; regulatory-, technology- or business-related challenges or issues pertaining to the evolution of digital real estate closings; and the accuracy of future earnings projections.
The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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