LoanDepot to Buy Two Settlement Services Providers
LoanDepot has agreed to purchase two title and settlement services companies, Closing USA and its affiliate, American Coast Title.
Financial terms of the transactions were not disclosed. The deals are expected to close during the second quarter of 2017, pending regulatory approval, loanDepot said in a news release Thursday.
Closing USA President Elliot Foo and Chief Operating Officer Tom Vento will remain with the merged company and continue to lead the teams.
The acquisitions reflect loanDepot's long-term growth strategy. When the deals close, loanDepot's footprint for title, escrow and settlement services will grow to include more than 30 states and Washington, D.C.
"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...allow us to leverage existing operations, our proprietary technology and our capabilities to their fullest," loanDepot Chairman and CEO Anthony Hsieh said in a news release.
In addition to growing loanDepot's revenue, the deal is also expected to increase revenue at both Closing USA and American Coast Title through the added business from loanDepot's platform.