First American Financial‘s patent involves systems and methods for comparing public property records from different providers. By applying predetermined textual manipulations, the technology ensures consistency in data fields, identifies differences, and determines verified data fields based on reliability factors. GlobalData’s report on First American Financial gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on First American Financial, Virtual banking assistant was a key innovation area identified from patents. First American Financial's grant share as of January 2024 was 84%. Grant share is based on the ratio of number of grants to total number of patents.

Real estate property record verification system

Source: United States Patent and Trademark Office (USPTO). Credit: First American Financial Corp

A recently granted patent (Publication Number: US11836816B1) discloses a method and system for verifying property record information by comparing data fields from different record providers. The system involves receiving sets of information from multiple providers, determining if they refer to the same property record, transforming the data fields using textual manipulations to ensure consistency, identifying differences between data fields, and determining a verified set of data fields based on reliability factors and discrepancies. The method aims to enhance the accuracy of property record information by considering the reliability of individual record providers and adjusting factors over time based on statistical information.

Furthermore, the patent includes provisions for receiving additional sets of information, comparing them with existing data fields, and adjusting reliability factors accordingly. The system utilizes various types of textual manipulations, such as truncation, padding, and arithmetic operations, to standardize data fields and improve consistency. By matching real property identifiers and analyzing reliability factors, the method ensures the accuracy of verified data fields associated with property record characteristics. Overall, the patented technology offers a comprehensive approach to validating property record information by leveraging multiple data sources, textual manipulations, and reliability assessments to enhance data accuracy and consistency in real estate transactions.

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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.