First American Title Expands Breadth of AgentNet® Services, Introduces Order Insights With Real-Time Fraud Alerts

Rhea-AI Summary

First American Title Insurance Company has launched Order Insights, a real-time fraud alert system integrated into their AgentNet® Services platform. This new feature automatically validates transaction data and alerts title agents about discrepancies and potential fraud risks. The launch comes as real estate-related fraud losses exceeded $145 million in 2023, according to FBI data.

In November alone, Order Insights analyzed over 130,000 files for fraud prevention. The system is now available to all First American policy-issuing title agents as part of AgentNet® Services, which serves as a digital storefront for First American Title's products and services. The platform combines with AgentNet Knowledge to provide comprehensive fraud prevention tools and underwriting expertise.

Positive

• Launch of Order Insights fraud alert system enhances company's digital service offerings
• System has already analyzed 130,000+ files in November, showing strong adoption
• Addresses significant market need with real estate fraud losses exceeding $145M in 2023

Negative

• None.

Insights

Tech Expert

The launch of Order Insights represents a significant technological advancement in fraud prevention for the title insurance industry. By leveraging real-time transaction validation and First American's extensive data assets, this system creates a robust defense mechanism against the growing threat of real estate fraud. The system's ability to process and protect over 130,000 files in November alone demonstrates its substantial operational scale. The integration with AgentNet Services creates a comprehensive digital ecosystem that streamlines fraud detection while maintaining operational efficiency. This platform's ability to automatically flag discrepancies and potential fraud indicators marks a shift from reactive to proactive fraud prevention in real estate transactions.

Financial Analyst

This strategic enhancement to First American's digital infrastructure addresses a critical market need, with real estate fraud losses exceeding $145 million in 2023. The integration of Order Insights into AgentNet Services strengthens FAF's competitive position in the title insurance market by offering value-added services to their agent network at no additional cost. This technology investment should help protect revenue streams by reducing fraud-related losses while potentially increasing market share through enhanced agent relationships. The platform's scalability and planned expansion of features indicate a long-term commitment to digital transformation that could drive operational efficiencies and margin improvements.

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation (NYSE: FAF), today announced the launch of Order Insights, a real-time, transaction-based fraud alert system. Available to all First American policy-issuing title agents, Order Insights is now included with AgentNet^® Services, the digital storefront for First American Title’s products and services that launched earlier this year.

Fraud continues to challenge the real estate industry, with real estate-related fraud losses totaling over $145 million in 2023, according to the FBI’s annual Internet Crime Report. Order Insights leverages First American’s industry-leading data assets to provide title agents an edge in reducing fraud risk. As a transaction is entered in AgentNet Services, Order Insights automatically validates the transaction data and notifies title agents of file discrepancies and identifies other potential fraud risk indicators.

"Order Insights is another example of First American’s leadership in the digital transformation of title and settlement and our dedication to helping our valued agents protect their clients’ transactions and grow their businesses,” said Stephen Vincini, president of First American Title’s Agency Division. “Dynamic fraud alerts help our agents deliver the certainty and trust needed to power seamless real estate transactions for their clients.”

In the month of November, Order Insights' real-time analysis helped protect over 130,000 files. Together with the fraud prevention tools, tips, and notifications in AgentNet Knowledge, a one-stop destination for industry-leading underwriting expertise, Order Insights is another high-value addition to the AgentNet platform and sets the stage for expanded real-time communication and fraud prevention tools in the near future.

Simple to navigate and use, AgentNet is designed to be the only name title agents need to remember for industry-leading title technology. For more information on the AgentNet suite of products and services, contact a First American sales representative or visit FirstAm.com/AgentNet.

About First American Title Insurance Company

First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. First American Title provides comprehensive title insurance coverage and professional services for real estate purchases, construction, refinances and equity loans. For more information, visit www.firstam.com/title.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.0 billion in 2023, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2024, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the ninth consecutive year, and named one of the 100 Best Workplaces for Innovators by Fast Company for the second consecutive year. More information about the company can be found at www.firstam.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241211513792/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Title Insurance Company

FAQ

What is First American Title's new Order Insights system and how does it work?

Order Insights is a real-time fraud alert system that automatically validates transaction data and notifies title agents of file discrepancies and potential fraud risks. It's integrated into the AgentNet® Services platform and available to all First American policy-issuing title agents.

How many files did FAF's Order Insights analyze in November 2023?

Order Insights analyzed over 130,000 files for fraud prevention during November 2023.

What is the current scale of real estate fraud losses according to FBI data?

According to the FBI's annual Internet Crime Report, real estate-related fraud losses totaled over $145 million in 2023.

What additional features does FAF's AgentNet platform include for fraud prevention?

AgentNet includes Order Insights for real-time fraud alerts, AgentNet Knowledge for fraud prevention tools and tips, and underwriting expertise resources, all integrated into a single platform.