IDM, in conjunction with Lexis-Nexis, has created one of the nation’s largest real estate information databases. IDM has collected, converted, enhanced and maintained over 100 million real property ownership and sales records. It’s databases cover more than 1,050 Assessment counties and over 580 Recorder’s counties in 48 states, representing 75% of the total property owners in the United States. The databases are updated daily with property sales, mortgage information and other changes in property ownership.
The acquisition of IDM will expand the suite of products and services that FNF and its subsidiaries provide to various third party customers, including Realtors, lenders, appraisers and other real estate information customers. Furthermore, the acquisition of IDM will result in significant cost savings for FNF and its subsidiaries, Fidelity National Title and Chicago Title, in connection with providing real estate information to real estate related customers.
“The acquisition of IDM and its real estate information database will serve as the basis for FNF’s continued development and emergence as the real estate information leader in the country,” said William P. Foley II, Chairman and Chief Executive Officer.
Additionally, IDM maintains two destination sites that further enhance the value of this data, Sitexdata.com for real estate professionals and SmartHomeBuy.com for consumers. SmartHomeBuy.com gives potential homeowners vital information they need regarding a home purchase, including subject property reports, estimated market values, comparable sales information, flood and fire hazard reports and environmental hazard information. Sitexdata.com provides real estate professionals with additional information on residential, multi-family, commercial and industrial properties, including owner name and address, lender information, property characteristics, estimated market values and specific recordation and documentation data involved in a real estate transaction.
Fidelity National Financial, Inc. is the nation's leading title insurance and diversified real estate related services business. The company's title insurance underwriters -- Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title -- together issue approximately 30 percent of all title insurance policies nationally. The company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada.
In addition, Fidelity, through its principal subsidiaries, performs other real estate-related services such as escrow, appraisal services, collection and trust activities, real estate information and technology services, trustee's sale guarantees, credit reporting, flood certifications, real estate tax services, reconveyances, recordings, foreclosure publishing and posting services and exchange intermediary services in connection with real estate transactions. More information about the company can be found on Fidelity's website, located at www.fnf.com.
This press release contains forward-looking statements. The words “believe”, “expects”, “intend”, “anticipate”, “will”, and “project”, and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, competition and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission.
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