loanDepot has announced that it has completed the acquisition of Closing USA (CUSA), a national title, escrow and settlement company and it has entered into a definitive agreement to acquire its affiliate, American Coast Title (ACT). Upon closing of both companies, loanDepot’s national licensing footprint for title, escrow and settlement services will expand to more than 30 states and Washington, D.C., while driving increased revenues through both loanDepot and business partner channels. The ACT transaction is expected to close in the second quarter of 2017, pending regulatory approval. The terms of the transactions were not disclosed.
“This move is part of loanDepot’s long-term growth strategy, which includes strategic acquisitions intended to expand our portfolio with like-minded companies that share our culture and allow us to leverage existing operations, our proprietary technology, and our capabilities to their fullest,” said loanDepot Chairman and CEO Anthony Hsieh. “This team of 120-plus professionals is a natural fit for loanDepot, positioning us to drive increased business and strengthen our existing capabilities through state-of- the-art technology, bundled services and increase capacity.”
Together, the CUSA and ACT team provide real estate transaction services for lenders across the nation, including escrow closings, title insurance, and searches for title, tax, liens and encumbrances for new and refinanced loans along with default services for foreclosed properties and commercial title insurance. With offices in Rochester, New York and Orange County, California, they will continue to operate as stand-alone entities. Closing USA President Elliot Foo and Chief Operating Officer Tom Vento will continue leading their teams.
“We’ve worked closely with loanDepot’s management for years, which has created highly complementary cultures and tech-enabled processes,” said Foo. “We’re very excited to join the loanDepot team, and look forward to being at the forefront of modern lending as a member of a category-leading team committed to helping responsible borrowers achieve their dreams.”
