Digital lending platform Blend has agreed to acquire Mr. Cooper-owned Title365 for $422 million.
Blend will leverage Title365 for its title, escrow, and settlement services. Integrating this technology into Blend’s platform will allow the company to automate title commitment upon loan application submission, digitally reconcile settlement fees in real time, and streamline communication among parties. Ultimately, Blend anticipates that Title365’s industry expertise will help minimize costs by integrating title and settlement into the loan process.
Title365 was founded in 2009 and is headquartered in California. The company fits nicely with Blend’s approach of offering a modern experience with its mission “to be the most technologically advanced title insurance and settlement services provider.”
Title365 will be part of Blend’s title marketplace that allows lenders and consumers to choose their preferred title and escrow partner. The tool will be similar to Blend’s insurance marketplace that allows consumers to shop for competitive rates from more than 25 insurance carriers.
“We’re really excited about the agreement to add Title365 to our team as we continue our work to build the full consumer homebuying journey into our platform,” said CEO Nima Ghamsari. “With Title365, we will be able to expand our ability to put lenders at the center of a vastly improved homebuying journey that delivers new levels of efficiency, speed, convenience, and cost savings to everyone.”
Founded in 2012, Blend recently received $300 million in new funding, bringing its total funding to $665 million and boosting its valuation to $3.3 billion. The company facilitated $1.4 trillion in loans last year and counts 285+ lender partners, which together are responsible for around 30% of all mortgage volume in the U.S.
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Source: https://finovate.com/blend-to-acquire-title365-from-mr-cooper/
