First American Board OKs Investment Plan

First American Financial Corp. said Wednesday its board approved a proposal to invest up to $1 million in RE3W Inc., a Costa Mesa real-estate Internet company.

The Santa Ana title insurer said RE3W intends to use the company’s back-end systems to provide users with access to property data, credit information and escrow closing services.

RE3W is expected to become a transaction-based Web site. It is in talks with other strategic investors from the real estate industry to conclude funding of $5 million in equity to develop the site, which RE3W expects to launch in the fall.