First American Financial, a provider of title insurance, settlement services and risk solutions for real estate transactions, has agreed to acquire Bank of America’s lien release business operations and assets.
The deal also includes an agreement under which First American Financial will continue to provide lien release services to Bank of America.
Upon completion of the transaction, which is scheduled in the first quarter of 2018, Bank of America’s lien release business and its staff will become part of First American’s Mortgage Solutions division.
First American’s Mortgage Solutions division offers a complete range of solutions for residential lenders and servicers covering the entire loan spectrum.
First American Mortgage Solutions said that the takeover to will complement and enhance its existing in-class post-closing and document management capabilities.
Commenting on the deal, First American Financial CEO Dennis Gilmore said: “We’re excited to soon welcome the Bank of America lien release team to First American. 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.”
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First American Mortgage Solutions president Kevin Wall said: “This move will further solidify First American’s industry leadership in post-closing services and collateral file perfection.
“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.”