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First American Acquires Leading, Web-Based Invoice Management Provider

July 30, 2002

iClear Addition Enhances Default Technology With Streamlined Attorney-to-Servicer Billing

DALLAS,  /PRNewswire-FirstCall/ -- First American Default Technology Group, the mortgage industry's leading provider of default management software and a member of The First American Corporation (NYSE: FAF) family of companies, today announced the acquisition of iSymmetrics, Inc. and its core product, iClear, the mortgage industry's premier Web-based invoice management system.

iClear is a total solution for secure, online bill presentment and payment. By integrating traditional, paper-based billing with electronic bill presentment, iClear delivers the efficiency of electronic commerce to all participants in the default management process, including attorneys, servicers and lenders.

"The acquisition of iSymmetrics and its iClear product is a complementary addition to First American's suite of default technology," said James C. Frappier, president of First American Default Technology Group. "The online billing system interfaces seamlessly with all First American default software systems, providing attorneys and servicers with unequaled, cost-effective solutions to their business needs."

iClear technology delivers strong, cost-effective back office support to attorneys enabling electronic submission of invoices and online management of complete billing cycles for their servicer clients. Mortgage servicers likewise benefit from the efficiency and automation delivered by the fully electronic payment system. iClear is a transaction-based system that requires no up-front licensing or set-up fees.

Source: The First American Corporation



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