The Arizona Department of Financial Institutions confirms that the Arizona Title Company, a licensed escrow company in the state, has shut down.
Customers were greeted with 'closed' signs and vacated offices in Phoenix Wednesday afternoon. The closure came suddenly and with out warning.
Below is a statement from the corporation regarding the closure: The First American Corporation has issued the following statement regarding the recent decision by Arizona Title Agency, Inc. to discontinue operations in the state of Arizona: “First American Title Insurance Company is the sole title insurance underwriter for Arizona Title and in that capacity, has assured state insurance regulators of its commitment to fulfill its duties and responsibilities and assist them as may be necessary or appropriate under the law to ensure that transactions involving the customers of these two companies, and the policyholders of First American, are successfully processed to completion. As a first step, First American has set up a dedicated customer service center to field questions from existing customers of Arizona Title. Customers with pending transactions may call 925-249-2819 to receive further information. First American has had a long-standing relationship with Arizona Title and we regret that the current market conditions have forced them into this very unfortunate situation.”
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of $8.2 billion in 2007, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytics Solutions, and Risk Mitigation and Business Solutions.
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