IRVINE, Calif., December 1, 2016 / PRNewswire / – LoanDepot, the US lender, today announced that it has completed the acquisition of Closing United States (CUSA), a national securities, escrow and settlement company, and has entered into a definitive agreement to acquire its subsidiary, American Coast Title (ACT). Upon closure of the two companies, LoanDepot’s national licensing footprint for title, escrow and settlement services will expand to more than 30 states and Washington DC, while generating increased revenue through the channels of LoanDepot and business partners. The ACT transaction is expected to close in the second quarter of 2017, subject to regulatory approval. Terms of the transactions were not disclosed.
With the increase in the volume of additional business channels within the LoanDepot platform, CUSA and ACT’s revenues will grow while continuing to serve their current client base including law firms, business developers and the five largest national banking brands.
“This move is part of LoanDepot’s long-term growth strategy, which includes strategic acquisitions designed to expand our portfolio with like-minded companies that share our culture and allow us to take full advantage of existing operations, our proprietary technology and capabilities, “said LoanDepot President and CEO, Anthony Hsieh. “This team of more than 120 professionals is a natural fit for LoanDepot, positioning us to grow our business and strengthen our existing capabilities through advanced technology, bundled services and increased capacity.”
Together, the CUSA and ACT team provide real estate transaction services to lenders across the country, including escrow closings, title insurance, and title, tax, lien and credit searches. charges for new and refinanced loans, as well as default services for foreclosed properties and commercial title. Assurance. With offices in Rochester, New York and Orange County, California, they will continue to operate as autonomous entities. Closing United States President Elliot Foo and chief operating officer Tom vento will continue to lead their teams.
“We have worked closely with LoanDepot management for years, which has created highly complementary technology cultures and processes,” said Elliot Foo, President of Closure United States. “We are very excited to join the LoanDepot team and look forward to being at the forefront of modern lending as part of a leading team committed to helping responsible borrowers achieve their dreams. “
Since its launch in 2010, LoanDepot has funded more than $ 90 billion in real estate, personal and home equity loans. In just seven years, LoanDepot is now the fifth largest retail mortgage issuer in the country and the second largest non-bank consumer lender. Committed to leading the lending industry into the next generation of modern lending, the company continues to significantly reinvest in its proprietary technology and marketing platform, credit and risk models, and dynamic product delivery systems to enable consumers to access credit. During the first three quarters of 2016, LoanDepot increased its funding by 23% compared to the whole of 2015.
ABOUT LOANDPOT
LoanDepot, the US lender, connects borrowers with technology and high quality customer service to the credit they need to fuel their lives. As a rapidly growing national consumer lender, the LoanDepot platform disrupts finance by dissolving the lines between mortgage and non-mortgage credit. The company has funded more than $ 90 billion in loans since its inception and is passionate about emerging financial technologies and dynamic product delivery backed by excellent customer service to empower consumers. Based in Southern California, LoanDepot employs more than 5,400 loan professionals nationwide, including more than 1,700 licensed loan officers who hold more than 10,000 licenses. The company operates more than 180 local loan locations across the country. NMLS # 174457
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