Until now, direct-to-consumer title insurer OneTitle National Guaranty Company operated only in the state of New York.
But thanks to a “strategic partnership” between OneTitle and New Jersey’s Sovereign Title Agency, OneTitle is expanding into the Garden State.
OneTitle bills itself as the “only 100% direct title insurer in the country.” Through OneTitle, homebuyers (along with their lenders or attorneys), investors, and developers can buy title insurance directly, which OneTItle claims can result in up to 25% lower premiums.
Through this new agreement, the companies will now jointly serve clients throughout the New York/New Jersey region.
When asked about the nature of the partnership, Daniel Price, CEO of OneTitle, told HousingWire that OneTitle “acquired a significant interest in Sovereign plus signed significant management and operating agreements.”
Sovereign Title will now operate as an affiliate of OneTitle, and through that affiliation, OneTitle is now able to offer title insurance policies for residential and commercial properties in New Jersey.
Additionally, Sovereign Title clients will now be able to work with OneTitle for New York transactions.
According to the companies, the out-of-state expansion is a first for both.
“Sovereign Title has been growing as greater numbers of commercial and residential real estate buyers, lenders and attorneys show a more sophisticated understanding of title insurance,” said Paul Mascera, President and CEO of Sovereign Title.
“By joining forces with OneTitle, we will be able to serve our clients in both New York and New Jersey,” Mascera added. “We know that we will be able to build on our outstanding service by joining forces with a company like OneTitle that has truly distinguished itself in this space.”
Price also told HousingWire that “for the time being,” Sovereign will continue to issue policies through its existing underwriters.
“OneTitle has long planned to extend our services to the New Jersey real estate market, but first we needed to find the right partner,” Price said in a separate statement.
“Sovereign Title and its CEO Paul Mascera perfectly complement OneTitle. Both of our companies are wholly dedicated to serving as trusted and valued partners to our customers,” Price continued. “We are thrilled to welcome Paul and his team to the OneTitle family and excited that Paul will continue his leadership in the New Jersey market.”