A major American financial service provider is edging closer to Australia by acquiring an Australian provider of mortgage processing services.
Perpetual (PLMS), a mortgage industry service provider, has been acquired by First Mortgages Society (FMS), a subsidiary of US-based First American Financial Corporation.
It’s a strategic move for First American. CEO Dennis Gilmore said it will “significantly enhance First American’s settlement and servicing capabilities in Australia.”
“By bringing together the mortgage servicing businesses of PLMS and FMS, we can offer our combined customer base innovative technology and a nation-wide network of mortgage processing services,” he said.
First America, founded in 1889, is a leading provider of title insurance and settlement services to the real estate and mortgage industries in the US.