Punctual Abstract, which compiles and provides abstracts, title evidence and ancillary documents, such as HOA estoppels, tax certificates and municipal, announced Monday that it has acquired Mississippi-based Slade Title Research. The merger is effective immediately.
In April 2021, Punctual Abstract began offering its title production services nationwide. This latest merger enables New Orleans metro area-based Punctual Abstract to solidify its presence in Mississippi and creates the opportunity for it to expand its services in the state.
For Slade Title, this acquisition allows the company to expand its search capacity to the entire state. Previously Slade serviced only 10 counties, but thanks to Punctual Abstract’s technology and increased staffing, Slade will be able to serve all of Mississippi.
Slade Title founder, Bobbie Jo Kemp, will become the Mississippi state manager for Punctual and will remain in Mississippi. She founded the company in 2017.
“Bobbie Jo’s local dirt knowledge, excellent reputation, and deep network of professional contacts in the state led to the decision to acquire her company,” Punctual Abstract CEO Ted Woloszyk said in a statement.
With loan production costs on the rise and the resulting margin compression, lenders should be on the lookout to reduce costs wherever possible in the origination process.
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According to Punctual Abstract, the company, which was founded in 1993, typically provides abstracts within 24 to 48 hours from the start of the title search. In an industry often maligned for slowing down the closing process and using antiquated technology, the expansion of Punctual Abstract’s capabilities and ease of use, could help the company increase its footprint the sector.
As title companies such as DOMA and “Big Four” members Stewart Title and First American look to expand their virtual offerings like remote online notarization and automated title searches for refinance transactions, Punctual Abstract’s apparent bet on technology and speed, appear par for the course for the industry as a whole. If the company hopes to wrestle any share of the 80.3% of the market controlled by the “Big Four” away it will need to continue to develop these assets.