First American Financial Corp. is acquiring mortgage subservicing company ServiceMac LLC.
“The acquisition of ServiceMac reflects our steadfast commitment to support the mortgage industry and further expand our product innovation efforts,” says Dennis J. Gilmore, First American’s CEO. “We’re excited to soon welcome to First American the people of ServiceMac, a rapidly growing company recognized for its technology and business leadership.”
ServiceMac’s mortgage subservicing business complements First American’s existing capabilities and will enhance First American’s ability to provide lenders and servicers with end-to-end mortgage, settlement, post-closing services and servicing-related products and solutions. ServiceMac will have enhanced access to First American’s property and homeownership data and mortgage solutions products.
ServiceMac’s management team, including president and CEO Bob Caruso, will continue to lead the company’s operations.
“Joining the First American family accelerates our ability to develop new products and services that benefit our lender customers and their clients while strengthening our position as a counterparty in the mortgage finance ecosystem,” Caruso says. “Our employees will also benefit by being part of a company named to the Fortune 100 Best Companies to Work For list five years in a row.”