FirstAm Agrees to Buy SNK/LOGS

The First American Corp., Santa Ana, Calif., has announced the signing of a letter of intent to acquire SNK Holdings Inc., a provider of mortgage default services, and its subsidiaries, including LOGS Financial Services.First American said it will combine the Northbrook, Ill.-based SNK with its Mortgage Information Group's National Default Outsourcing operations, creating a new company, First American National Default Outsourcing, to be based in Lewisville, Texas. First American will manage and direct outsourcing activities from regional offices in Milwaukee, Northbrook, and Jacksonville, Fla. "The addition of LOGS' servicing platform gives us greater capacity to support clients, and complements our recent acquisition of default claims management specialist Baker, Brinkley & Pierce," said James C. Frappier, president of First American Default Management Solutions. Regarding the acquisition of BB&P on Jan. 6, Mr. Frappier said it is "the only company in the industry that has proven itself capable of handling large volumes of claims efficiently, cost effectively, and with the turn time that our customers require." First American can be found online at http://www.firstam.com.