First American to receive two US patents for the application of artificial intelligence to improve the accuracy of automated title production

SANTA ANA, California – (BUSINESS WIRE) –First American finance company (NYSE: FAF), a leading global provider of title insurance, settlement services, and risk solutions for real estate transactions, announced today that the U.S. Patent and Trademark Office has granted the company two patents for innovative uses of artificial intelligence (AI) and text analytics to produce titles.

“These latest patents, the second and third patent granted to First American alone, reflect our leadership in advancing and accelerating automated title production,” said Dennis J. Gilmore, CEO of First American Financial Corporation. “These innovations result from our investments in AI, machine learning and other advanced technologies that are adding new levels of speed, accuracy and security to the real estate settlement process.”

The two patents, now part of the company’s portfolio of more than 30 active patents, enable First American to quickly and efficiently analyze and select relevant object description data, enabling more accurate automated title production. The patented AI-driven analysis helps to accelerate the creation of the title exposure.

“We are committed to leveraging the latest in natural language processing AI and machine learning to drive digital transformation and accelerate real estate transactions,” said Mark Fleming, senior vice president of Decision Sciences, First American. “These patented methods of analyzing text-based property description data add to our rich history of innovation and help fuel our efforts in automated title production.”

The two most recent additions to First American’s industry-leading patent portfolio are:

  • No. 10,997,403 B1, entitled “System and method for the automated selection of the best description from descriptions extracted from a variety of data sources using numerical comparison and textual centrality measure”.

  • No. 11,048,711 B1, entitled “System and method for the automated classification of structured property descriptions extracted from a data source with numerical representation and keyword search”.

Other First American innovations in this area include:

  • Patents on technologies that facilitate automated underwriting and title insurance creation;

  • Patents on technologies that enable mortgage loan risk assessments;

  • Patents on technologies that improve the speed and accuracy of data collection or extraction from source documents, including documents essential to obtaining legal protection insurance;

  • Patents related to optical character recognition technologies that help decipher and structure the data stored in millions of public records to enable breakthroughs in automated title production and improve the breadth and accuracy of title work data.

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 with a legacy dating back to 1889. First American also offers title management services; Titles and other real estate records and images; Evaluation products and services; Home warranty products; Banking, fiduciary and asset management services; and other related products and services. With total sales of $ 7.1 billion in 2020, the company offers its products and services directly and through its agents in the United States and abroad. In 2021, First American became the wealth 100 best companies to work with® List for the sixth year in a row. You can find more information about the company at www.firstam.com.

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