April 20, 2022, Santa Ana, Calif.
. Very First American Data & Analytics, a department of First American Financial Corporation (NYSE: FAF)and a leading national supplier of property and ownership data and advanced analytic solutions, revealed today that the County of Riverside Assessor-County Clerk-Recorder’s office has chosen the business’s CovenantGuard ™ service to help determine and redact unlawful discriminatory restrictive covenants in county tape-recorded property files, a requirement under recently enacted California AB 1466.
California AB 1466 requires the county recorder of each California county to establish a restrictive covenant modification program to help in the identification and redaction of unlawfully restrictive covenants in public land records. The law needs county recorders to develop an implementation plan by July 1, 2022, and to report on the development of their restrictive covenant modification programs through 2025.
Commenting on the choice, County of Riverside Assessor-County Clerk-Recorder Peter Aldana said, “Our workplace fully supports California’s effort to address prejudiced restrictive covenants. In anticipation of AB 1466 passing and ending up being law, we looked for to identify a vendor finest positioned to use a practical solution. That is why Very First American Data & Analytics was the natural choice. They are an acknowledged leader in property information extraction and have the experience and technology essential to efficiently deal with the review and adjustment work. We believe that working together with First American will allow us to fulfill every requirement of AB 1466, identifying and editing prejudiced language in restrictive covenants from Riverside County’s official land records.”
The job with the County of Riverside Assessor-County Clerk-Recorder’s office is a public-private collaboration created to meet California AB 1466 requirements and show CovenantGuard’s ability to find and assist county recorders modify or edit files including inequitable restrictive covenants. In addition to California, a number of other states presently have existing or pending legislation to resolve prejudiced limiting covenants.
“We’re committed to supporting California’s effort to determine and redact illegal discriminatory limiting covenants in historic public land records and eagerly anticipate working with the County of Riverside on this essential endeavor,” stated Robert Karraa, president of First American Data & Analytics. “With our unequaled information possessions and patented information extraction technology, we’re distinctively placed to help counties throughout the state and the country.”
CovenantGuard Powered by First American’s Industry-Leading Data Assets
Very first American maintains and curates the market’s largest property and ownership dataset and a file repository that contains more than 7.5 billion digitized taped documents across the country, including more than 210 million recorded files from California that cover all 58 counties in the state. For counties in California and over 1,700 counties nationwide, Very first American’s dataset currently includes a substantial part of the relevant taped file images and collects new document images as regularly as everyday.
The business likewise has the innovation to quickly scan additional historic digitized handwritten documents provided by county recorders that may pre-date the company’s stored document images and include them to CovenantGuard for evaluation. As an outcome, First American can search countless recorded documents each day to identify unlawful prejudiced language. CovenantGuard is configurable to a county’s requirements, allowing county recorders to customize the search terms utilized to determine inequitable restrictive covenants and develop the rules for redaction.
About Very First American Data & Analytics
First American Data & Analytics, a department of Very first American Financial Corporation, is a national supplier of property-centric information, risk management and evaluation solutions. First American keeps and curates the market’s largest home and ownership dataset that consists of more than 7.5 billion document images. Its major platforms and items include: DataTree ®, FraudGuard ®, RegsData ®, First American TaxSource ® and ACI ®. Learn more about how First American Data & Analytics powers the realty, home loan and title settlement services markets with sophisticated decisioning options at www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is the premier supplier of title, settlement and danger options genuine estate transactions. With its combination of monetary strength and stability built over 130 years, innovative proprietary innovations, and unmatched information possessions, the company is leading the digital transformation of its market. Very first American likewise provides information products to the title market and other 3rd parties; evaluation services and products; home loan subservicing; home warranty products; banking, trust and wealth management services; and other associated services and products. With overall profits of $9.2 billion in 2021, the business provides its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Business to Work For by Great Place to Work ® and Fortune publication for the seventh successive year. More information about the business can be discovered at www.firstam.com.