loanDepot announced two major acquisitions on Thursday, adding Closing USA, a national title, escrow and settlement company, and its affiliate, American Coast Title, to the company.
As a result of the acquisitions, loanDepot’s national licensing footprint for title, escrow and settlement services will expand to more than 30 states and Washington, D.C.
loanDepot noted that with offices in Rochester, New York and Orange County, California, they will continue to operate as stand-alone entities.
In addition, Closing USA President Elliot Foo and Chief Operating Officer Tom Vento will continue leading their teams.
“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 share our culture and allow us to leverage existing operations, our proprietary technology, and our capabilities to their fullest,” said loanDepot chairman and CEO, Anthony Hsieh.
“This team of more than 120 professionals is a natural fit for loanDepot, positioning us to drive increased business and strengthen our existing capabilities through state-of- the-art technology, bundled services and increase capacity,” he continued.
CUSA and ACT provide real estate transaction services for lenders across the nation, including escrow closings, title insurance, and searches for title, tax, liens and encumbrances for new and refinanced loans along with default services for foreclosed properties and commercial title insurance.
While loanDepot completed the acquisition of CUSA, the ACT transaction is expected to close in the second quarter of 2017, pending regulatory approval.
The terms of the transactions were not disclosed.