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PRESS RELEASE


Fraud Databases Explode

--
First American CoreLogic Announces Mortgage Industry's Largest National Fraud Data Repository

-- Encompasses 80 Million Loan Applications, Fraud Reports, Largest Property, Securities and Servicing Databases


SANTA ANA, Calif. -- (Oct. 13, 2009) -- First American CoreLogic, a member of The First American Corporation (NYSE: FAF) family of companies and America's largest provider of advanced property and ownership information, analytics and services, today announced that it has built the mortgage industry's most comprehensive national fraud data repository to help clients combat all types of mortgage fraud and to further enhance the predictive performance of its anti-fraud solutions.

The First American CoreLogic National Fraud Database is the largest central repository of application and transaction data in the mortgage industry and includes:
  • More than 80 million loan applications or 65 percent of all loan applications annually

  • The largest aggregation of reported fraud data including contributions from more than 35 lenders and investors with application and performance history dating back to 2005

  • The only collection of fraud information (including default, foreclosure, charge-off and repurchase indicators) robust enough for building precise pattern recognition scoring models

  • Daily contributions of application and lien information from 17 lenders within First American's Multi-lien Closing Alert Program

  • The industry's leading title, lien release and payoff information to aid in detecting various types of first- and second-lien fraud

  • Comprehensive third-party information including loan information on more than 160,000 brokers, 135,000 appraisers, account executives, loan officers and retail branches

    Property and neighborhood-specific fraud and foreclosure data

The repository also incorporates the First American Property Data Repository; the LoanPerformance(TM) TrueStandings® Securities and Servicing databases, which house 97 percent and 80 percent coverage of active non-agency mortgage securities and all active first-lien mortgages, respectively; the Mortgage Electronic Registration Systems (MERS) registry and price trends and foreclosure data.


"The best scoring and analytic products stem from and rely upon robust data assets," said Tim Grace, senior vice president of Fraud Analytics at First American CoreLogic. "Our new National Fraud Repository enables our clients to have access to fraud-identifying data and analytics, new and innovative scoring products, and comprehensive fraud and risk alerts, making their internal safeguards more effective. As the number of participants and reporting companies grow, it will make fraud risk more transparent and make it harder for perpetrators to carry out fraudulent activity. Our goal is to help our customers reduce the occurrence of fraud schemes such as shot-gunning, loan stacking, undisclosed debt, short-sale fraud, falsification of lien releases, flipping and house stealing."

As an example of how shared information, better communication and industry cooperation can stop fraud, Grace pointed to First American's Multi-Lien Closing Alert Program. This two-year old program, which includes eight of the nation's 10 largest home equity lenders, has already saved the industry more than $200 million in fraud losses and significantly reduced the occurrences of "shot-gunning fraud" for program participants.


For more information about the National Fraud Repository, please visit www.facorelogic.com/2X


About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, is the largest provider in the U.S. of real estate, property, ownership, fraud, mortgage and mortgage securities data--and the advanced analytics that use them--for the assessment of real estate sales, collateral valuation, home price trends, mortgage originations, mortgage- and asset-based securities pricing, foreclosures, delinquencies and asset dispositions. Our market-specific data covers 98 percent of all U.S. ZIP codes and 3,059 counties in all 50 states and the District of Columbia, representing 99 percent of the U.S. population, 97 percent of all properties (140 million), more than 50 million active mortgages and 96 percent of loan-level, non-agency mortgage securities. First American CoreLogic's products and services enable customers to manage credit and mortgage risk, protect against fraud, acquire and retain customers, mitigate loss, decrease mortgage-transaction cycle times, value properties accurately, determine real estate trends and project future market performance. For more information about First American


CoreLogic, please visit http://www.facorelogic.com


About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500(®) company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America's largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.


Media Contact
Carrie Gaska
Corporate Communications
The First American Corporation
714.250.3298 cgaska@firstam.com


SOURCE The First American Corporation

 
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