First American Financial (FAF) Announces Acquisition of TD Service Financial
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First American Financial Corporation (NYSE: FAF) announced its acquisition of TD Service Financial Corporation, an industry-leading provider of technology and services to the mortgage banking industry that specializes in post-closing services and document management. TD Service Financial Corporation is the parent company of several subsidiaries that will be included in the acquisition, including TD Service Company, Security Connections, Inc. (SCI) and TD Quality Control Services.
TD Service Financial and its subsidiaries will become part of First American’s Mortgage Solutions division, a leading provider of comprehensive solutions for residential lenders and servicers covering the entire loan spectrum. First American Mortgage Solutions offers a wide range of products and services designed to help perfect loan files. The acquisition expands and enhances the group’s post-closing and document management capabilities, broadening First American’s ability to serve the lender, servicer and investor communities.
“We’re excited to welcome TD Service Financial Corporation to the First American family. Both companies have a long history of dedicated service to our clients and commitment to our industry,” said Dennis J. Gilmore, chief executive officer of First American Financial Corporation. “We share the same passion for delivering superior customer service and similar core values rooted in putting people first, which ensures this move will benefit the customers and employees of both companies.”
TD Service Financial customers will benefit from enhanced post-closing technology and services augmented by First American’s fraud detection, loan quality and compliance analytics, and number-one industry position in real property data coverage and content.
“This union establishes a best-in-class, post-closing suite of services that further broadens our end-to-end offerings and ability to support our customers across the full life cycle of a mortgage loan,” said Kevin Wall, president of First American Mortgage Solutions.
TD Service Financial and First American have a business association that dates back to the relationship between TD Service Financial founder and current Chairman Dale Dykema and First American’s late, iconic, former CEO, Donald P. Kennedy.
“Joining First American feels like a natural extension of this relationship and will mean our customers will continue to receive high levels of service, as well as significant enhancements made possible by First American’s capabilities,” said Dykema.
Dykema and Co-Chairman Sandi Dykema will retire following the acquisition and current President and Chief Operating Officer Robert Phelps will join the leadership team that serves under Wall at First American Mortgage Solutions.
“We’ll be able to offer more choices and deliver more complete solutions to our clients leveraging First American’s industry-leading property and image data, and customized lender support to help meet today’s stricter vendor management requirements,” said Phelps. “Our employees will also appreciate the opportunity to be part of a company recognized in 2016 by Fortune® magazine as one of the 100 best companies to work for in America.”
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