FirstAm Title Product Passes 1M Mark

First American Title Insurance has completed its one-millionth order for FACT, the company's accelerated title and settlement product that protects home equity lenders against losses resulting from undisclosed liens, poor legal descriptions, fraud, and forgery.Introduced in 2003, FACT helps lenders complete same-day closings while also mitigating their risk. Because a pre-closing title search is not required, "FACT speeds the origination process," said Paul Dorman, equity division director at First Am Title's Lenders Advantage. With mortgage fraud on the rise, FACT's insuring provisions are particularly useful for lenders operating highly automated, "low-touch" origination channels, Mr. Dorman said. A recent enhancement includes fraud prevention notification prior to closing. First American Title is a subsidiary of First American Corp., which can be found on the Web at http://www.firstam.com.