First American Financial Corp.: The firm said...
First American Financial Corp.: The firm said Tuesday it has completed two purchases for a total of $32 million.
Flood Data Services Inc., based in Austin, Texas, provides information on the flood zone status of mortgaged properties. Credco Inc., based in Portland, Ore., is a mortgage credit reporting company. First American said the acquisitions are part of its plan to diversify its businesses.
For 1993, the Santa Ana-based company reported record earnings powered by a flurry of mortgage refinancing activity in Southern California. As interest rates rose during 1994, however, the company’s business declined, and it said Tuesday it does not expect to report a profit for the fourth quarter of 1994.