Title Insurer Opens Vacation Properties Unit

First American Title Insurance Co. is trying to cash in on those who want to own a piece of paradise.

The Santa Ana company, the nation’s second-largest title insurer, recently created its National Vacation Ownership division to help close transactions for vacation ownership or time-share properties in the United States.

“We see this as a great additional source of business and revenues,” said Mitch Corriveau, director of the division’s Eastern region in Orlando, Fla. Another office that handles the West has opened in Palm Desert.

More than ever, vacationers are buying resort properties and time-shares--about $3 billion worth last year in the U.S. alone, according to the American Resort Development Assn.

The group expects the industry to grow about 15% annually over the next few years. Time-shares allow people to purchase the rights to occupy a home for a specified period each year.

Consumer interest in resort properties stems from programs allowing buyers more flexibility. For instance, Corriveau said, some developers allow buyers to exchange days in time-shares for a hotel or for another resort.

First American previously handled vacation ownership properties from individual offices around the country. But seeing sales growth of 15% to 20% a year in vacation ownership sales caused the company to open a separate division, employing about 30 people, Corriveau said.

Daryl Strickland covers real estate for The Times. He can be reached at (714) 966-5670 and at daryl.strickland@latimes.com.