FirstAm Buys Default Services Provider

The First American Corp., Santa Ana, Calif., has completed its acquisition of SNK Holdings Inc., a privately held provider of mortgage default services based in Northbrook, Ill., and its subsidiary operations for an undisclosed amount.First American said the acquisition -- including SNK's LOGS Financial Services -- has become First American National Default Outsourcing, which it termed "a growing component" of the company's Mortgage Information Services group. "The combination of default servicing operations, technology integration, process improvements, and other synergies will reduce First American National Default Outsourcing's annual operating expenses by $5 million within the first 12 months," First American said. "The acquisition will also strengthen First American's countercyclical revenue base, as the company will now service approximately 60% of the default outsourcing market." First American can be found online at http://www.firstam.com.