Pennsylvania-based Title Alliance Ltd. has added a second office in Washington, expanding its presence in the Pacific Northwest.
The new branch in Tacoma, Washington will be added to Title Alliance’s family of joint ventures with Title Alliance Northwest, which is a partnership with a Keller Williams Realty franchise.
Jim Campbell, Title Alliance chief executive officer, said the company wanted to continue growth in Washington thanks to the state’s unprecedented level of industry activity beginning in 2020. Washington is the 11th state with a Title Alliance presence.
“With its bustling real estate market, the Tacoma area is ripe for further growth and development,” Campbell said.
The company reported its highest profits in company history in 2020, increasing gross revenue 15.9% year over year. In total, company profits for 2020 increased 48.3% year-over-year, the firm said.
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Title Alliance’s Southwest region offices, which includes Arizona and New Mexico, reported an 83.7% increase in profits; the Northeast region, which includes Pennsylvania and New Jersey, had an increase of 49.6%; the Midwest region, which had an increase of 22.4%; and the Southeast region, which had an increase of 26.5%.
Lindsay Smith, Title Alliance chief strategy officer, lauded the company’s moves in Washington — a state the company has eyed for years, she said.
“Bringing our customer-centered focus on business to Washington has long been a goal of the company,” Smith said. “Our second joint venture within a short amount of time shows our dedication to the Realtors, lenders and builders who serve this great state. The company is passionate about the benefits of joint ventures and operating at the forefront of our industry thanks to our expert team members.”
Industry-wide, smaller regional title companies as well as “the big four” of Fidelity National Financial, First American Finance Corp., Old Republic National Title and Stewart Title have been acquisitive over the past year to capitalize on a booming market. Just how fruitful was 2020 for title insurers? The $19.2 billion written in 2020 was a nearly 22% increase from the $15.8 billion in 2019.