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To meet the growing demands of the mortgage servicing industry for a full range of default products and services, First American Real Estate Information Services entered into a joint venture with Barrett, Burke, Wilson, Castle, Daffin and Frappier, a Dallas-based law firm, in 1998 to develop and market the Default Account Information SYstem (DAISY) and the National Default Tracking System (NDTS). In the same year, FAREIS purchased BJF, a New Orleans-based company with more than 14 years of success in the effective loss mitigation of mortgage loans. In 1999, First American acquired the CMAX claims processing software and processing management operation from Restin, VA-based Irving Burton Associates. Later in 1999, First American purchased the Default Account Information SYstem (DAISY) and National Default Outsource Services Operation from Barrett, Burke, Wilson, Castle, Daffin and Frappier. This array of products and services is bundled together to form First American Default Management Solutions.
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