For the first time in more than 50 years, someone other than Dale Dykema is about to lead TD Service Financial Corporation, as First American Financial Corporation announced plans to acquire California-based TD Service and several of its subsidiaries.
As part of the deal, Dykema will retire from TD Service, which provides technology and services to the mortgage banking industry that specializes in post-closing services and document management, once the transaction is finalized, ending his tenure at the company he founded in 1964.
Dykema currently serves as co-chairman of TD Service.
In 2014, Dykema spoke in depth about his life and career with HousingWire Magazine. Click here to read more about Dykema’s half-century in the mortgage business.
According to an announcement from First American, the deal will see TD Service and several of its subsidiaries, TD Service Company, Security Connections, and TD Quality Control Services, become part of First American’s Mortgage Solutions division.
First American Mortgage Solutions provides solutions for residential lenders and servicers covering the entire loan spectrum,
According to First American, the acquisition of the TD Service family of companies “expands and enhances” First American Mortgage Solutions’ post-closing and document management capabilities, and broadens First American’s ability to serve the lender, servicer and investor communities.
“We’re excited to welcome TD Service Financial Corporation to the First American family. Both companies have a long history of dedicated service to our clients and commitment to our industry,” Dennis Gilmore, chief executive officer of First American Financial Corporation, said.
“We share the same passion for delivering superior customer service and similar core values rooted in putting people first, which ensures this move will benefit the customers and employees of both companies,” Gilmore added.
Kevin Wall, the president of First American Mortgage Solutions, said that the deal will establish a “ best-in-class, post-closing suite of services that further broadens our end-to-end offerings and ability to support our customers across the full life cycle of a mortgage loan.”
Under the terms of the deal, TD Service’s current president and chief operating officer, Robert Phelps, will join the First American Mortgage Solutions’ leadership team and serve under Wall.
“We’ll be able to offer more choices and deliver more complete solutions to our clients leveraging First American’s industry-leading property and image data, and customized lender support to help meet today’s stricter vendor management requirements,” Phelps said.
Additionally, Dykema and Co-Chairman Sandi Dykema will retire following the acquisition.
“Joining First American feels like a natural extension of this relationship and will mean our customers will continue to receive high levels of service, as well as significant enhancements made possible by First American’s capabilities,” Dykema said.