Digital lending software company Blend has entered into an agreement with Mr. Cooper Group Inc. to acquire Title365, a provider of title insurance and settlement services, for $422 million.
Blend says its technology platform combined with Title365’s operational expertise in title, escrow and settlement will help financial institutions more efficiently and effectively engage with home buyers.
“Title and settlement are manual, time-consuming processes for consumers and lenders, and by bringing all parties into the same automated platform, we can vastly improve the experience,” remarks Nima Ghamsari, Blend’s co-founder and CEO. “With an intense focus on its customers and operational efficiency, Title365 is the right match to help us scale our efforts and make an immediate impact in that space.”
Blend says the new capabilities will include a best-in-class closing and settlement experience and a marketplace of title agencies, including TitleVest, supplying lenders and consumers with maximum flexibility and choice. Title365’s services will be integrated with Blend’s cloud-based platform, which is designed to enable better service and a more secure workflow for consumers, along with easier collaboration among lenders, settlement teams and consumers on closing fees and other critical information.
The Title365 team, which company president Kristen Estrella will continue to lead across its U.S. and India offices, will join Blend once the acquisition closes.