First American Title Insurance Company
, the largest subsidiary of First American Financial Corporation (FAF), has announced that in less than a year, more than $1 billion of real estate transactions have successfully funded and closed using FlexClose, a warehouse financing and closing service from FirstFunding
, a wholly-owned subsidiary of First American Financial Corporation. FlexClose gives lenders and real estate agents the ability to control the exact time funds arrive for a residential real estate transaction closing, even after the daily Fedwire cutoff.
FlexClose brings together the capabilities of three First American businesses: Settlement services from First American Title Insurance Company, banking from First American Trust
and warehouse financing services from FirstFunding.
“Surpassing $1 billion in real estate transactions funded with FlexClose reflects First American’s commitment to innovation and the company’s ongoing efforts to enhance the closing and settlement process for lenders, settlement agents, real estate agents, homebuilders and consumers,” said Chris Leavell, chief operating officer at First American Title Insurance Company. “Because we can bring together First American Title, First American Trust and FirstFunding, we can offer the real estate industry the ability to fund and close anytime, providing a level of service and flexibility that cannot be matched.”
FlexClose provides benefits to all the parties involved in residential real estate transactions, preventing delays and reducing risk, and allowing real estate agents to close at any time and get their commission immediately. With FlexClose, settlement agents can close transactions faster and homebuilders can save money and improve the buyer experience with immediate funding. Importantly, FlexClose also lets homebuyers and sellers close on their schedule and avoid delays.
“Reaching this $1 billion milestone in less than a year validates that FlexClose resolves a customer inconvenience that the real estate industry had until now accepted as the norm,” said Jim Dunkerley, president of FirstFunding. “The feedback we’ve received has been overwhelmingly positive and we’re excited to expand our work with First American Title to deliver this one-of-a-kind service to our customers.”