First American Financial Corp., a global provider of title insurance, settlement services and risk solutions for real estate transactions, has completed its acquisition of ServiceMac LLC.
Founded in 2017, ServiceMac is an independent mortgage subservicer for lenders, investors and other mortgage servicers.
“We are pleased to welcome ServiceMac to the First American family,” says Dennis J. Gilmore, CEO at First American Financial Corp. “ServiceMac’s rapid growth, innovative technology and business leadership align well with our ongoing commitment to support the mortgage industry and further expand our product innovation efforts.”
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 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, which will now operate as a First American subsidiary.
“Joining First American further enhances our position as a counterparty in the mortgage finance ecosystem and allows us to work together to develop new products and services to support our industry,” comments Caruso.
Photo by Ralph Kelly on Unsplash
