The venture will be fully operational by the end of 2006.
Financial terms of the agreement were not disclosed.
“Our venture with The First American Corporation will give Chase more direct control over the quality of property appraisals,” Francis Kim, director of Chase Vendor Management, said in a company announcement. “This will allow us to help create a smooth home buyers’ experience from mortgage origination to closing.”
Chase’s home mortgage division operates in 44 states.
“We are pleased to partner with Chase in the rollout of Quantrix Valuation services,” said Mel Bois, senior vice president at First American and chairman of Quantrix Valuation. “We will have more direct input and help streamline mortgage originations. We intend to bring a best-in-class service level to the mortgage customers we serve.”
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