Qualified Intermediary
First American Exchange
First American Exchange Company, LLC · Parent: First American Title Insurance Company / First American Financial Corporation (NYSE: FAF)
- FEA membership
- FEA member
- CES® holders
- CES® on staff; names not published on cited pages
- Fidelity bond
- Not published on cited pages
- E&O / other cover
- Firm states a multimillion-dollar fidelity bond and professional liability policy from an independent underwriter; specific limits are not published on the current site and are omitted here.
- How funds are held
- Segregated
- Dual-signature wires
- Wire controls unknown
- Reverse / improvement / DST
- Reverse Yes · Improvement Yes · DST Unknown
- Last sourced
- 2026-09-04
Published coverage notes
Firm states a multimillion-dollar fidelity bond and professional liability policy from an independent underwriter; specific limits are not published on the current site and are omitted here.
Fund handling
Exchange funds are held in segregated bank deposit accounts designated with the taxpayer’s name and tax identification number. Deposits are limited to FDIC-insured institutions with investment-grade ratings, or subsidiaries of investment-grade institutions. The firm says it does not invest exchange funds in securities.
Who it is for
Nationwide delayed, build-to-suit/improvement, and reverse exchanges. First American markets the QI alongside its title network.
Verdict
Another title-family QI. The custody story is TIN-titled segregated deposits at monitored banks and a parent indemnification letter ‘in most instances,’ not a published bond number. ‘Multimillion-dollar’ coverage without a limit is marketing language; ask for the declarations. Julie Baird’s FEA presidency is a people credential, not a federal charter. Confirm whether your file is run by a CES® or by a coordinator who is not.
Notes
First American Exchange Company, LLC is a direct subsidiary of First American Title Insurance Company, itself the largest subsidiary of First American Financial Corporation. The firm is an FEA member and says several staff serve on FEA’s board and committees.
Named CES® holders are not listed on the pages cited above, so they are omitted even though the firm states CES® are on staff.