Fidelity National Financial Inc. has acquired Hudson & Marshall, a real estate auction company. In a related move, FNF's subsidiary ServiceLink has come out with a foreclosure and real estate owned property auction product that is supported by the Hudson & Marshall platform.
Terms of the deal were not disclosed.
ServiceLink Auction will be a part of the Default Services Division, which also provides property valuation, title services, vendor invoicing and claims audit services.
"We continue to seek ways to provide more value-added services to our lender, servicer and real estate agent customers and H&M's auction capabilities can help us do that," said FNF's Chairman William Foley in a press release. "Additionally, H&M and ServiceLink can partner to provide a fully integrated auction platform for our default services client base."
In addition to traditional REO sales, ServiceLink Auction will perform claims without conveyance of title auction services for Department of Housing and Urban Development mortgagees. This process allows the servicer to place the property for auction rather than turning it over to the agency. If the property is sold, HUD reimburses the mortgagee for auction service fees up to 5% of the net sales price.
"With ServiceLink Auction, we are providing a service for our customers who have been looking for auction alternatives," said ServiceLink CEO Chris Azur in a separate press release.
"This service complements our default offerings and allows us to be the single service provider that the industry can count on to provide timely liquidity and optimal market value in the disposition of assets."