|First American Corp. is restructuring its business lines, placing several of its operating units into two new divisions.
The Santa Ana, Calif.-based company announced today that it created two new business lines.
The first line, valuations and property solutions, will focus on valuation products. Units included in the line are First American eAppraiseIT, First American Residential Value View and First American Field Services.
The valuation line will be headed by Joni Pierce.
"We are moving toward a single platform that will allow clients to automatically match the appropriate valuation product -- full appraisal, desk- review, BPO or specialty automated valuation model -- to specific product risk, using cascading logic," Pierce said in the statement. "We will be able to share technology and best practices to better select and manage the independent appraisers, Realtors and field service providers who generate valuations and property information."
The second line, Outsourcing and Technology Solutions, includes First American's National Default Outsourcing, National Claims Outsourcing, Loss Mitigation Services, Default Technologies, Loan Production Solutions, REO Servicing and Global Offshore Services.
Scott Brinkley will head the second line.
First American Corp. Vice Chairman Frank McMahon said plans announced in January to split the company into two publicly traded companies -- the Information Solutions company and the Financial Services company -- have been delayed because of market turbulence.
McMahon is slated to become chief executive officer of the new Information Solutions company.
First American reported an $8 million third-quarter loss, deteriorating significantly from a $47 million profit a year earlier.