First American Financial Corporation has announced the signing of an agreement with Verisk Analytics Inc. to acquire Interthinx Inc. Established in 1996, Interthinx provides solutions designed to help clients minimize risk, increase operational efficiencies, satisfy regulatory requirements, manage data verification and ensure compliance. The company is best known for FraudGUARD, its mortgage fraud analytics product.
"The sweeping market and regulatory changes of the past several years have led to more demanding mortgage origination requirements," said Dennis Gilmore, chief executive officer of First American Financial Corporation. "Our customers have expressed to us a desire for tighter integration between loan origination activities, loan quality verification processes, and title and settlement services.
The purchase price is projected to be $155 million and the transaction is expected to close by March 31, 2014, subject to customary closing conditions, including certain regulatory reviews. The transaction is expected to be accretive to First American’s 2014 earnings.
"We’re delighted by the opportunity to combine our expertise with that of First American, a company known for its integrity, innovation and solid commitment to the real estate community," said Jeff Moyer, president of Interthinx.