First American Title Launches Transformative Enhancements to Its ClarityFirst™ Platform, Accelerating the Digital Future of the Commercial Title Insurance Industry
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 important new enhancements to ClarityFirst™, a first-of-its-kind, end-to-end digital solution for commercial real estate transactions. Launched by First American Title's National Commercial Services Division in 2020, ClarityFirst™ is leading the digital evolution within the commercial title insurance industry, streamlining and securing the closing process, and enhancing the overall transactional experience. With more than 22,000 active clients using the platform and 36,000 commercial transactions closed, its swift adoption has confirmed the demand and market readiness for transformation.
"The success of ClarityFirst represents another example of First American's continuing leadership of the digital transformation of the real estate transaction process," said Dennis J. Gilmore, chief executive officer at First American Financial Corporation. "ClarityFirst is part of our strategy to leverage our industry-leading property and title plant data and deep knowledge of the transaction process to deliver a superior customer experience, and the strong response to this first-of-its-kind platform confirms our approach resonates with customers."
ClarityFirst, which has been developed to meet the needs of all key commercial real estate stakeholders, enables a streamlined closing process with greater transparency, efficiency and security than conventional, paper-intensive methods.
"Commercial real estate transactions are inherently complex, with multiple stakeholders, varying asset classes and customs that differ from state to state - and sometimes site to site. ClarityFirst has proven to be the right product at the right time, and we are proud to have brought it to the market," said Sally French Tyler, executive vice president of First American Title Insurance Company and president of the company's National Commercial Services Division. "The launch of ClarityFirst in 2020 signaled the first of many steps in modernizing the commercial title insurance business. With dynamic features tailored specifically to our clients' evolving needs, we're pioneering a 21st century solution in an industry that has been predominantly paper-based for more than 130 years. As n agile technology, ClarityFirst is poised to grow along with our clients, revolutionizing the future of commercial title - one feature at a time."
With its latest release, ClarityFirst simplifies the transactional process by supporting portfolio transactions, those that include multiple sites and geographic locations, providing a holistic look into First American Title clients' multisite projects. This allows key stakeholders to navigate individual sites and view included properties in an interactive map or dashboard, making it easier to view an entire portfolio from a single page.
ClarityFirst's all-new Milestones feature provides customers with the ability to easily track deal progress and receive real-time notifications, delivering complete transparency throughout the transaction lifecycle. The platform also provides 24/7 access to transaction details and documents, quick and efficient property research, and secure wire instruction verification that protects client funds.
Commercial real estate professionals - from developers, lenders and investors to brokers and attorneys - have long sought a way to reduce the time, cost and complexity of completing real estate transactions, while improving the security of sensitive information and funds. ClarityFirst's innovative and evolving features cut through the complexity of today's commercial transactions, providing the tools and information commercial professionals need, exactly how and when they need them.
To learn more about ClarityFirst or request an account, visit https://www.ClarityFirst.com. For more information about First American Title National Commercial Services, visit https://www.firstam.com/ncs.
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 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; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $7.1 billion in 2020, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2021, First American was named to the Fortune 100 Best Companies to Work For® list for the sixth consecutive year. More information about the company can be found at www.firstam.com.
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