GMAC Mortgage taps First American for servicing partnership; first american to provide tax processing for the lender's servicing portfolio

Business Wire, Feb 14, 1996

Officials for First American Real Estate Information Services, Inc. and GMAC Mortgage Corporation announced a five-year agreement that will have First American performing tax payment and processing activities for GMAC Mortgage.

"We believe this new arrangement will help us gain greater overall efficiency in our servicing operations," explained Mike O'Brien, President and CEO of GMAC Mortgage. "Dealing with thousands of different tax authorities across the country is costly and time consuming. We expect this arrangement with First American will help us dedicate more of our core resources to serving our customers' requests, providing better service."

GMAC Mortgage services loans totaling over $46.7 billion for more than 500,000 customers from its servicing center based in Waterloo, Iowa. GMAC Mortgage is a wholly-owned subsidiary of General Motors Acceptance Corporation, providing a variety of home financing services to customers through a nationwide network of 80 offices.

"First American and GMAC Mortgage share a common vision of the future of the mortgage industry and this agreement is testament to that," commented John Long, President and CEO of First American Real Estate Information Services. "First American is a leader in real estate information technology and offers companies like GMAC Mortgage a broad base of services to choose from."

The agreement expands First American and GMAC Mortgage's relationship. First American currently provides GMAC Mortgage with tax reporting, flood certification and credit reporting services. Final details and terms of the arrangement are in the process of being finalized. Long expects to have the activities fully implemented by September.

Headquartered in St. Petersburg, Florida, First American Real Estate Information Services group is a wholly owned subsidiary of First American Financial Corporation (NYSE:FAF), and is a comprehensive, single-source provider of real estate services. The company provides real estate tax reporting, credit reporting, tax outsourcing and certification, property valuation and reporting, flood compliance and mortgage assignments. Employing more than 1,350 real estate service professionals across the nation, First American serves more than 5,000 customers nationwide.

For more information on First American Real Estate Information Services, write First American Real Estate Information Services, 150 2nd Avenue, Suite 1600, St. Petersburg, FL 33701.

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