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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.
Mortgagetech company Mr. Cooper, which last year rebranded from Nationstar Mortgage, announced the appointment of a new Chief Operating Officer.
Previously EVP of originations, Tony Ebers will fill the newly-created role of Mr. Cooper’s COO. Ebers, who has been with Mr. Cooper since 2015, has 25 years of experience in the mortgage industry and has held positions at ServiceLink, OneWest Bank, and IndyMac Bank.
In his new position, Ebers will be responsible for servicing, originations, and operations at Xome, the settlement services and real estate business branch of Mr. Cooper.
Jay Bray, Nationstar’s chairman and CEO, referred to Ebers as “seasoned” and “trusted,” adding, “He is uniquely qualified to drive strategic prioritization and accountability within Nationstar, with a laser-focus on operational excellence.”
Founded in 1994 and headquartered in Dallas, Mr. Cooper is slated to demo at FinovateSpring next month in Santa Clara. Check out a sneak peek of the company’s upcoming demo and, to be among the first to watch the company’s live demo, be sure to register today to save your seat.
A look at the companies demoing live at FinovateSpring on May 8 through 11, 2018 in Santa Clara, California. Register today and save your spot.
Mr. Cooper, a leading home loan company servicing more than three million customers, is reimagining the homeownership experience with a mobile app to help consumers optimize debt.
Gain insight into home value and home equity
Automatically analyze debt and discover savings opportunities
Connect live via video with a Mr. Cooper Expert
Why it’s great
The Mr. Cooper app helps homeowners optimize their debt and realize savings opportunities that would otherwise require tons of manual work and deep expertise.
Kevin Dahlstrom, Chief Innovation and Marketing Officer
During his 20-year career, Dahlstrom, Chief Marketing Officer at Mr. Cooper, has led major marketing, product development, and e-commerce initiatives for major financial organizations. LinkedIn
Ryan LaMountain, Product Manager, Mobile
LaMountain is the Mobile Product Manager at Mr. Cooper. He leads a lean team of developers to deliver best-in-class iOS and Android digital experiences. LinkedIn