First American Financial to Buy Two Companies for $32 Million

SANTA ANA — First American Financial Corp. said Monday it has agreed to buy a mortgage credit reporting company and a flood threat data-service firm for a total of $32 million in cash and debt securities.

The real estate financial services company, based in Santa Ana, said it will acquire Credco Inc., a mortgage credit firm, from U.S. Bancorp of Portland, Ore.

First American also will acquire Flood Data Services Inc. of Austin, Texas, from a group led by the company’s founder, Don Craven. Flood Data maintains a national database that shows where property flood zones can be found.

First American provides title insurance, tax monitoring and other services to property buyers and mortgage lenders. The transactions are expected to close in January.