First American to Acquire BofA’s Lien Release Business
December 14, 2017
First American Financial Corp. announced it signed an agreement to acquire Bank of America’s lien release business, which includes an agreement to provide these services to Bank of America going forward.
“We’re excited to soon welcome the Bank of America lien release team to First American,” said Dennis J. Gilmore, chief executive officer at First American Financial. “The post-closing function is important in today’s mortgage lending environment, and this move will enhance the breadth of our post-closing products and services.”
The transaction is expected to close in the first quarter of 2018. Once the sale is complete, Bank of America’s lien release business and its employees will become part of First American’s Mortgage Solutions division.
"This move will further solidify First American’s industry leadership in post-closing services and collateral file perfection,” said Kevin Wall, president of First American Mortgage Solutions. “It demonstrates our ability and commitment to provide lenders, servicers and investors post-closing services at an unmatched scale and level of efficiency, supported by fraud detection, loan quality and compliance analytics, and First American’s number-one industry position in real property data coverage.”
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