1st American Buys LP
Santa Ana, CA-Financial services data giant First American Corp. here has agreed to buy LoanPerformance for an undisclosed amount.
Based in San Francisco, LoanPerformance is best known in the residential finance industry for its database that contains information on more than 100 million loans.
The database is key to LP's mortgage performance and analytic offerings to the industry.
Its clients include 19 of the nation's top 20 servicers, said a spokesman for the company.
LP's analytical products are used by mortgage servicers and investors in mortgage-backed securities, among others.
News of its potential sale began circulating in early March. The company has had suitors - on and off - for several years.
"A bunch of people have looked at them," said one servicing broker familiar with the company. "We heard there was a letter of intent in February."
Besides being a data provider, First American has other business units, including title insurance and services, credit information and screening.
First American president Parker Kennedy said the acquisition accelerates his company's move into the "information analytics area and helps to maximize the value of our vast property information database assets."
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