FirstAm Launches LienWatch

First American Real Estate Information Services has unveiled LienWatch, a new product designed to help mortgage servicers by providing advance warning of borrower default on second mortgages.Because the first-lien holders take precedence in the event of foreclosure, holders of second liens are exposed to a much greater risk of loss. First American said this is the first tool designed to provide servicers with an early warning to help them manage second-lien portfolios and minimize losses. The service will alert second-lien servicers about any foreclosure action taken on the first lien and provide other data about the first mortgages on the property. The First American Corp., the parent company of First American Real Estate Information Services, can be found online at http://www.firstam.com.