First American, a provider of title insurance, has acquired Docutech, a provider of mortgage document services and technology, for around $350 million.
The acquisition complements First American’s existing capabilities and industry-leading property and homeownership data, advancing its ability to provide lenders with end-to-end digital mortgage and settlement services.
Docutech’s technology platform is fully integrated with leading third-party and proprietary loan origination systems and reaches more than 175 lenders.
In a statement, Dennis J. Gilmore, CEO at First American Financial Corp., says the deal “reflects our steadfast commitment to invest in and grow our core business.”
“Moreover, it demonstrates our dedication to improving the home-buying experience for consumers and driving the digital transformation of the real estate settlement process,” Gilmore says.
Founded in 1991, Docutech helps financial institutions quickly and accurately provide regulatory-compliant loan documents for mortgage and home equity lending. The company’s solutions have contributed to the industry’s evolution toward a digital real estate closing experience.
Docutech’s management team, including president and CEO Amy Brandt, will continue to lead the company’s operations.
“Joining the First American family strengthens our ability to provide products and services that help lenders offer a more digital mortgage experience and adapt to today’s changing business landscape,” Brandt says. “The Docutech team will now have enhanced access to First American’s industry-leading property data and its other industry-leading products and services, further enhancing the quality, accuracy and speed of our services.”
The acquisition is expected to close by the end of March.