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Houston-based Stewart Information Services Corp. on Tuesday announced it has acquired FNC Title Services LLC, and signed an agreement to acquire FNC Title of California, pending approval by the California Department of Insurance.
Financial terms of the transaction were not disclosed.
Rockville, Md.-based FNC Title is a full-service title and settlement company specializing in reverse mortgage closings. The company has built a multi-domain national platform, servicing the top 25 reverse mortgage lenders nationwide.
FNC will continue operating as a standalone company, Stewart said.
“As more and more homeowners are looking at home equity as a viable retirement savings, the demand for reverse mortgages is increasing, and FNC has built one of the largest and best settlement service providers for reverse mortgages,” said Stewart CEO Fred Eppinger. “As in any real estate market, technology and innovation are key to success, and by leveraging Stewart’s products and platforms, FNC will be able to deliver security and ease-of-use to a growing market segment.”
Eppinger added that FNC’s strength in reverse mortgage “complements our existing lender services business lines and continues our momentum as we build a leading Lender Services organization.”
“Stewart has the same commitment to customer service that FNC has,” said FNC CEO Ali Farahpour. “This commitment, coupled with Stewart’s immense resources and technology, will help position us to provide the prioritized service our lender partners expect and require.”
Farahpour added that FNC takes “great pride in servicing borrowers looking for ways to tap into their home’s equity, including our nations’ senior citizens. By joining the Stewart family of companies, we enhance our capabilities to provide them value-added products and services. We look forward to a bright future as part of the Stewart family and continuing to build relationships with our valuable clients and the borrowers they so diligently serve.”
Stewart is a global real estate services company, offering products and services through its direct operations, network of Stewart Trusted Providers, and family of companies. It employs more than 6,300 people, and offers residential and commercial title insurance, and closing and settlement services, as well as specialized offerings for the mortgage industry.