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Company: First American Data and Analytics, 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: Aggregation Platform
 Nomination Title: First American Data & Analytics Tax Source
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
Executive Summary
The Lending industry faced a unique pandemic environment with record high refinance and purchase volumes driven by historically low mortgage interest rates. With such high volumes, rapid, current, and accurate property tax information is required, along with a quick snapshot of any possible issues that might require remediation. In prior years, this would require manual intervention by contacting one of the 3,100+ county tax assessor’s offices in the United States. First American Data and Analytics supports Lenders and Title Insurers by providing a single report with rapid nationwide property tax information.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
August 2020.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 128 words used.
Solution
In 2020, The Lending industry faced a unique pandemic environment with record high refinance and purchase volumes driven by historically low mortgage interest rates. Naturally, this created a workflow problem for the industry. First American Data and Analytics built Tax Source for this exact situation:
- We combined a nationwide dataset of parcel information with an on-demand report to extract real time property tax information for a given parcel
- An AI was created to identify, extract, and associate to a parcel, PACE liens that affect the property tax
- For rapid deployment, we provided both a web-based report (through DataTree.com) and an integration option for existing LOS (Loan Origination Software) platforms
- Highest quality tax information vetted through a rigorous validation process
Please see the attachment for complete information.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 25 words used.
Within eight months of service entry, Tax Source went from zero to over $90,000 in revenue. Please see the attachment for revenue growth trends.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 7 words used.
Please see the attachment for complete information.
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