First American to Acquire Loan Quality Analytics Company
|February 11, 2014|
First American Financial Corp. has signed an agreement with Verisk Analytics Inc. to acquire Interthinx Inc., a provider of loan quality analytics, decision support tools and loan review services for the mortgage industry.
Established in 1996, Interthinx provides solutions designed to help clients minimize risk, increase operational efficiencies, satisfy regulatory requirements, manage data verification and ensure compliance. The company is best known for FraudGUARD, its mortgage fraud analytics product.
"The sweeping market and regulatory changes of the past several years have led to more demanding mortgage origination requirements," said Dennis Gilmore, chief executive officer of First American Financial."Our customers have expressed to us a desire for tighter integration between loan origination activities, loan quality verification processes, and title and settlement services.
"First American already assures quality throughout the title and settlement process. The added capabilities of Interthinx will allow us to leverage our central role in real estate transactions to offer our customers further assurances in areas that present risk, including fraud; identity and income validation; collateral adequacy; and compliance. This puts First American in a unique position to provide the industry’s most robust loan-quality assurance solutions – from application to closing,” Gilmore added.
The purchase price is $155 million and the transaction is expected to close by March 31, subject to customary closing conditions, including certain regulatory reviews.
"We’re delighted by the opportunity to combine our expertise with that of First American, a company known for its integrity, innovation and solid commitment to the real estate community," said Jeff Moyer, president of Interthinx.