FirstAm Buys Burrow REO Ops

The First American Corp., Santa Ana, Calif., has announced the acquisition of the real-estate-owned segment of Burrow Closing Management Corp., a provider of REO services to mortgage lenders and asset management companies.The terms of the transaction were not disclosed. First American said the acquired operations will be organized as a wholly owned subsidiary named National Default REO Services LLC, but it will do business under the name Burrow REO. Scott Brooks, who has managed the business since its inception, has joined First American and will serve as chief executive officer of Burrow REO. First American said it will retain about 50 REO professionals now located in Mission Viejo, Calif., and transfer them to its Santa Ana headquarters. The company can be found on the Web at http://www.firstam.com.