PRZOOM - /newswire/ -
Shantinagar, Karnatka, India, 2007/06/06 - First Indian Corporation, a wholly owned subsidiary of The First American Corporation (NYSE: FAF), recently hosted First American corporate executives Parker S. Kennedy, chairman and CEO and Dennis Gilmore, COO during a five-day visit to India.
The First American officers visited First Indian offices in Bangalore and Hyderabad in order to gain greater insight into the corporation’s overseas operations. During the visit, they reviewed opportunities to further extend First American product and service offerings in the Indian market, met with a high government official to exchange views on First American's expansion plans and learned more about the Indian government, culture and economic vision.
“The Indian economy is growing rapidly and factors strongly into our plans to expand product and service offerings globally,” said Kennedy. “We have established a leadership position in the real estate and mortgage information industries, and that uniquely positions us to offer a higher degree of sophistication in the area of business information services in India.”
The current value of real estate loans in India is approximately $50 billion USD and is expected to grow at a rate in excess of 25 to 28 percent annually. India has 67 cities of more than 500,000 people and commercial growth is booming, with global and local retailers eyeing India’s youthful middle class, which is among the fastest growing in the world. Seventy-five percent of all new retail space in India is expected to be concentrated in the country’s five largest cities and foreign direct investment in the real estate sector is expected to infuse $50 billion USD during the next three years.
All of the top 10 U.S.-based mortgage originators, as well as the top 10 U.S.-based mortgage servicers, now source significant core processing services from India. The majority of the leading mortgage providers in the United Kingdom and Australia follow similar sourcing patterns.
“Our talented and dedicated First Indian Corporation employees deliver high-quality work in software development, research, analytics and transaction processing,” said Gilmore. “They have contributed significantly to the operational efficiency initiatives of The First American Corporation, and we see tremendous opportunity in leveraging those resources to develop advanced analytic products and services that can be consumed by leading corporations around the globe.”
First Indian Corporation pioneered business process outsourcing in India in 1994 and has since grown into one of the largest providers of offshore services to the mortgage industry. “Having been associated with the company for more than a decade, I am elated to be part of this evolution, and see limitless potential in our people and business opportunities in the Indian market, said Peter W. Gorrie, president of First Indian Corporation.”
“We are pleased to support the various businesses of our parent company, and are working continuously to increase the value we bring to First American and its global clients,” said Anoop Hegde, country manager for First Indian Corporation. “Equally exciting are the emerging opportunities for First American and First Indian to offer customized services to further develop the real estate and mortgage industry in India.”
About First Indian Corporation
First Indian Corporation Private Limited, a subsidiary of The First American Corporation, is a leading provider of offshore transaction, technology and analytics services for the real estate information and mortgage industries, with more than 5,800 employees in its Bangalore and Hyderabad centers. The First Indian Corporation’s primary areas of focus include title insurance, property tax, flood certification, default management services, and credit and property information. The company assimilates and delivers information that helps First American customers make decisions, operate their businesses and advance their lives.
About First American
The First American Corporation (NYSE: FAF), (firstam.com) a FORTUNE 500® company that traces its history to 1889, is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. With revenues of $8.5 billion in 2006, First American has approximately 2,100 offices throughout the United States and abroad.