Homebuilder Sells Title Agency to REO Firm

Pulte Homes Inc., Bloomfield Hills, Mich., is selling its Commerce Title retail title insurance agency platform to Real Estate Disposition LLC, a real estate services company headquartered in Irvine, Calif. The Commerce Title brand, retail branch network and certain additional support assets are included in the sale. No purchase price was disclosed. Subject to regulatory and licensing approvals, the sale is expected to close in the first quarter of 2010. Commerce Title will remain headquartered in Dallas and approximately 130 retail employees will transition with the sale. Pulte is keeping a portion of the Commerce Title operations to support its homebuilder business. This will also operate out of Dallas. "This is a good transaction for both companies as it allows Pulte to focus on its builder title operations while providing new growth opportunities for the Commerce Title retail team," said Debra Still, who oversees Pulte's Financial Services Operations. Pulte acquired Commerce when the homebuilder purchased rival Centex Corp.