First American Debuts Innovation Center

First American Debuts Innovation Center

August 12, 2019
First American Financial Corporation has acquired the mortgage industry document technology provider Docutech for an undisclosed sum
First American Financial Corp. has introduced its First American Innovation Center, an online information resource for the mortgage industry.
According to the Santa Ana, Calif.-based company, the Innovation Center will feature original content by First American’s experts regarding market trends and technology that impacts real estate, title and mortgage lending professionals. Access to the resources is free, and a subscription service offers content update alerts.
“The real estate and mortgage finance industries are undergoing dramatic changes as technology and consumer demand for an enhanced experience create opportunities for innovation,” said Dennis Gilmore, CEO at First American. “First American and our people are at the forefront of these changes, driving innovation to improve the customer experience, enhance security and accelerate the real estate transaction process.”
Last month, First American Chief Economist Mark Fleming speculated that consumer homebuying power could accelerate in the second half of this year.
“If the mortgage rate declines from its current July 2019 level of 3.8 percent to the expected level of 3.7 percent in the third quarter of 2019, assuming a five percent downpayment, and the July 2019 average household income of $65,800, housebuying power increases a modest 0.1 percent, from $410,000 to $414,000,” said Fleming. “In this hypothetical 3.7 percent mortgage rate environment, consumer-housebuying power would be 13.3 percent higher than it was in July 2018, when the 30-year, fixed mortgage rate was 4.5 percent. In fact, it would be the highest housebuying power in the history of the series, which dates to the year 2000.”