Three subsidiaries of Norwest Mortgage Inc. plan to offer title, appraisal, and employment verification services in a joint venture with First American Financial Corp., the companies announced this week.
Two holding companies, Relstar LLC and Relstar Title Services LLC, will be created.
Norwest and First American will each hold a 50% interest in the subsidiaries. First American would manage the venture, which is expected to be operational in August, pending federal and state approval.
The Norwest subsidiaries - ATI Title Co., a provider of title insurance products and escrow closings; Value IT, a provider of appraisal services nationwide; and VIE, a provider of income and employment verification reports to lenders - will keep their names. They have more than 1,000 employees in more than 100 offices nationwide.
First American, based in Santa Ana, Calif., has 15,000 employees and more than 400 offices. It provides real estate-related financial and information services.