Industry News

First American expands real estate default services

Buys SNK Holdings

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The First American Corp. today announced it has completed its acquisition of privately held, mortgage default services provider SNK Holdings Inc. and its subsidiary operations, including LOGS Financial Services, to create First American National Default Outsourcing (NDO), a growing component of First American's Mortgage Information Services group. The combination of default servicing operations, technology integration, process improvements and other synergies will reduce First American National Default Outsourcing's annual operating expenses by $5 million within the first 12 months, according to a company statement. The acquisition will also strengthen First American's counter-cyclical revenue base, as the company will now serve approximately 60 percent of the default outsourcing market. Northbrook, Ill.-based SNK/LOGS is the second-largest mortgage default services provider in the nation. The company has established the industry's premier system for complete process outsourcing, a...