In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. [NYSE:FAF] was leaking more t

First American Financial Pays Farcical $500K Fine

submited by

Style Pass

2021-06-20 12:30:03

In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. [NYSE:FAF] was leaking more than 800 million documents — many containing sensitive financial data — related to real estate transactions dating back 16 years. This week, the U.S. Securities and Exchange Commission settled its investigation into the matter after the Fortune 500 company agreed to pay a paltry penalty of less than $500,000.

If you bought or sold a property in the last two decades or so, chances are decent that you also gave loads of personal and financial documents to First American. According to data from the American Land Title Association, First American is the second largest mortgage title and settlement company in the United States, handling nearly a quarter of all closings each year.

The SEC says First American derives nearly 92 percent of its revenue from its title insurance segment, earning $7.1 billion last year.