ST. PETERSBURG, Fla., Sept. 11 /PRNewswire/ -- First American Real Estate Information Services, Inc., a subsidiary of The First American Financial Corporation (NYSE: FAF), announced today that Meritech Mortgage Services, Ft. Worth, has selected First American's Excelis Loan Servicing System for its 20,000 subprime loan portfolio. The conversion is expected to be completed by first quarter 1998.
Meritech is an investor and servicer in non-conforming and subprime loans, primarily B&C quality.
Commenting on the decision, Dennis G. Stowe, Meritech's president said: "The work flow technology within Excelis MLS is the best in the market. It will enhance our existing level of automation and improve overall efficiency. Excelis provides tools not available in our present system without the need to purchase `add-on' products.
"The system's rules-based technology can be calibrated to allow for aggressive servicing of B&C loans, improving our ability to monitor borrower behavior as well as vendor performance. Timeline management is particularly critical to the loss mitigation process. Excelis' event-driven, `tickler' system will alert us to problems and help us choose the right vendor to deal with them."
Mark Brisebois from First American said: "The flexibility of our system makes it particularly well suited for today's specialty lenders and companies that are doing business in more than one segment of the market. We are pleased that a leading B&C lender, like Meritech, has recognized these advantages and selected us."
Excelis, which was acquired by First American a year ago, has since been selected by a number of leading lenders. By early 1998, Excelis will have added more than a million loans to its loan servicing system.
The First American Financial Corporation (NYSE: FAF) is the nation's leading provider of real estate-related financial and information services. Through its wholly owned subsidiary, First American Real Estate Information Services, Inc., it provides a variety of services to leading financial institutions nationwide, including credit reporting, flood compliance, appraisal services, real estate tax reporting and certification, outsourcing, document preparation services, property reporting and valuation, mortgage satisfactions, mortgage loan servicing systems and default management solutions. The Information Services group has its headquarters in St. Petersburg, Florida. Through other subsidiaries, First American Financial, founded in 1889 and based in Santa Ana, California, has more than 10,000 employees in over 400 branch offices in the United States and abroad. Information about the company's subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.
SOURCE First American Real Estate Information Services, Inc.
-0- 09/11/97
/First American Real Estate Information Services, Inc. press releases available through Company News On-Call by fax, 800-758-5804, ext. 312375, or at http://www.prnewswire.com/
/CONTACT: Inger Padilla of First American, 800-449-8732; or Todd Dillard, Excelis, Inc., 800-717-5554/
(FAF)
CO: First American Real Estate Information Services Inc.; Meritech Mortgage
Services ST: Florida, Texas IN: RLT SU: CON
LA-SS -- LATH042 -- 6107 09/11/97 09:03 EDT http://www.prnewswire.com
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