First American Title Insurance Company, a subsidiary of First American Financial Corporation (FAF - Snapshot Report) , recently launched an Android version of its myFirstAm application.
myFirstAm is a web portal that provides users with a single platform to access title order status, property information and other requisites for a real estate transaction. The portal combines the leading technologies of First American, namely, EaglePro Classic, EaglePro2 and FASTWeb.
The company launched the commercial real estate version of myFirstAm last week. Now, with the introduction of the android version, First American seeks to make the portal mobile.
People involved in the real estate industry require instant access to important transaction details so that they can assist buyers with the requisite information whenever and wherever they need. Thus, First American came up with this app to cater to those customers who want to access property information, and track title and escrow status even when they are away from workstations.
The app allows users to analyze transaction documents, place customer service requests, calculate estimated title insurance and closing fees, and generate a property search based on current location or address. Additionally, the app is beneficial as it allows users to access information related to recently viewed property searches and plan comparable sales on an aerial map.
The clients can also use the app to email property reports, access transaction history, including foreclosure activity, and view property data such as legal descriptions, parcel and tract information, tax information, property characteristics, transaction history, comparable sales, recorded documents and plat maps.
The Title Insurance and Services segment generated 92.7% of total revenues in the first quarter of 2013, which increased 18.6% year over year to $1.1 billion. The unique features of myFirstAm app are expected to attract more customers. This would drive revenues at the Title Insurance and Services segment boosting overall profitability for the company.
First American currently carries a Zacks Rank #4 (Sell). Among others in the industry, American Safety Insurance Holdings Limited , State Auto Financial Corp (STFC - Snapshot Report) and Markel Corporation (MKL - Snapshot Report) look more attractive with a favorable Zacks Rank #1 (Strong Buy).