First American has acquired Certified Closing Network, a provider of customized title clearance and settlement services for clients with residential relocation-related transactions, the company said today.
CCN will become a part of First American Residential Group, a specialty business line addressing the service, technology and outsourcing needs of companies serving the residential real estate and relocation markets.
Terms of the transaction, which closed on Aug.19, 2005, were not disclosed.
“The high quality of the CCN team and their proven focus on customer service perfectly complements our current offerings within the relocation services arena,” said Stephen C. Roney, president and chief executive officer of First American Residential Group, in a statement.
Roney said the acquisition creates “exciting opportunities” for First American to develop new products and services for relocation clients.
This is a busy time for First American. Last Thursday, the company announced that it had added a compliance element to its document management system, integrating ComplianceEase’s ComplianceAnalyzer with its Document Management System.
CCN utilizes a national network of attorneys and title and escrow agents with relocation expertise. CCN’s service teams will continue to operate out of the company’s Bethesda, Md., and Washington, D.C., locations under the direction of managing partners G. Michael DuFour, Jennifer Swanhart Murphy and John L. Heithaus, First Am said.
“We are very excited to join the First American team,” said DuFour. “By combining CCN’s proven management processes with First American’s financial stability and deep resources, we will be even better positioned to deliver the service, turnaround times and pricing our clients demand.”
CCN and First American Residential Group initially formed a formal marketing alliance in February 2004, with First American serving as CCN’s preferred title insurance underwriter. “This is the natural next step in that alliance,” added Roney.
The addition of CCN will give First American an expanded array of products and services to include in its customizable solutions for relocation customers.
First American Relocation Advantage, a division of First American Residential Group, will continue to service its clients under the direction of Scott W. Felton, president, from its current Plano, Texas and Edina, Minn., locations.
Roney noted, “Since service delivery has been customized to the respective clients of both organizations, customers will see no change in the high quality of service upon which they have come to rely.”
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