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, according to a company statement. With the addition of the LOGS platform, First American now can offer its lender customers either full-service onsite default assistance or complete outsource management of default operations at a First American NDO support facility.
First American National Default Outsourcing has established headquarters in Lewisville, Texas, and will continue to manage and direct outsourcing activities from its regional offices in Milwaukee; Northbrook, Ill.; and Jacksonville, Fla. First American will also work to maximize service levels by continuing to utilize its existing attorney/agent network, as well as the LOGS network of agents nationwide.
First American’s primary business segments include title insurance and services, specialty insurance, trust and other services, mortgage information, property information, credit information and screening information.
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