First American Database Solutions - Best Service Using Aggregated Content

Company: First American Database Solutions, Santa Ana, CA
Company Description: First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services. For more information visit: http://www.firstam.com/.
Nomination Category: New Product & Service Categories - Content
Nomination Sub Category: Service Using Aggregated Content

Nomination Title: First American Database Solutions' Instant Recordable Legal and Rapid Legal and Vesting Reports

Video and full entry attached.
Relesed March 2019.

When a home transfers ownership or new loans are taken, the documents always include a legal description. This description is critical as it geographically describes a parcel so that it can be used to legally identify the parcel associated to the owner or the lien. Currently, when a Title Company creates a new deed, they have to manually type the legal description of the property, slowing the process and increasing the possibility of errors. Likewise, Lenders follow this same process when including the legal description into the loan documentation. This manual requirement is due to the fact that documents, after receiving the county stamp and being recorded by that county, are OCR’ed into images and the hard copy destroyed. First American Data and Analytics solves these issues with the Instant Recordable Legal and Rapid Legal and Vesting Reports.

To meet this need, First American created a first and unique-in-the-industry process that leverages our growing inventory of 7+ billion document images:

An AI was developed and taught to identify the legal description
The legal is extracted using OCR
The AI cleans extraneous verbiage
The description is run through an algorithm to determine the best document and legal to use for a given property
Finally, the legal description is produced in a report where the legal can be copied and pasted into new documents
Since new document images are constantly collected, the AI starts the process over for every parcel in the United States

The legal descriptions are stored in the First American Legal Description Database, another first of its kind in the industry and can be retrieved using the Instant Recordable Legal or Rapid Legal and Vesting reports.

Full graphs are available in the attached PDF comparing month over month and revenue since inceptions. From product release in March, 2019 to December 2020 revenue has increase from $600.00 to $33,900.

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