First American Financial Corporation [1] has announced the completion of First American’s acquisition of ServiceMac LLC [2], a mortgage subservicing company. Founded in 2017, ServiceMac offers clients innovative, data-driven technology, and delivers quality results and immediate loan-level transparency to their accounts.
“We are pleased to welcome ServiceMac to the First American family,” said Dennis J. Gilmore [3], CEO of First American Financial. “ServiceMac’s rapid growth, innovative technology, and business leadership align well with our ongoing commitment to support the mortgage industry and further expand our product innovation efforts.”
ServiceMac’s mortgage subservicing business complements First American’s existing capabilities and will enhance First American’s ability to provide lenders and servicers with end-to-end mortgage, settlement, post-closing services and servicing-related products and solutions. ServiceMac will have enhanced access to First American’s property and homeownership data, and mortgage solutions products, further advancing the company’s ability to add value to its existing services and develop new products and services.
ServiceMac’s management team, including President and CEO Bob Caruso, will continue to lead the company, which will now operate as a wholly-owned subsidiary of First American.
“Joining First American further enhances our position as a counterparty in the mortgage finance ecosystem and allows us to work together to develop new products and services to support our industry,” said Caruso. “Equally important, our employees will benefit from becoming part of a company named to the Fortune 100 Best Companies to Work For list six years in a row.”