Covius Holdings Inc., a provider of technology-enabled solutions to the financial services industry, has reached an agreement to acquire Nationwide Title Clearing Inc. (NTC). The transaction is expected to close early in the fourth quarter, subject to customary closing conditions.
Founded in 1991, NTC is a provider of lien release and other document production services, as well as research and file services for originators, servicers and the capital markets sector. Its primary products and services include lien release services and post-closing document production, collateral research and property reports, capital markets transaction and file services, and default servicing and title curative solutions.
Upon closing of the transaction, approximately 670 NTC associates will join Covius, including the company’s senior management.
“For 30 years, NTC has been a trusted provider of high-quality post-closing services to originators, servicers and the capital markets sector,” says Rob Clements, chairman and CEO of Covius Holdings. “This acquisition significantly expands Covius’ post-closing capabilities, in the same way last year’s Clayton acquisition scaled our due diligence offerings. Similarly, Covius’ technology suite can be applied to NTC operations to further increase efficiency.”
“Over the past three years, Covius has continued to build out our platform of tech-enabled offerings through acquisitions and organic growth,” adds John Surface, Covius Holdings’ president and COO. “Our robust solutions span origination, servicing and capital markets segments, offering loss mitigation and loan modification services, document and critical borrower communications, title and settlement services, auction and REO asset disposition, verifications and due diligence. NTC’s market-leading solutions strategically complement Covius’ existing broad offerings.”
“With a longstanding reputation for quality, NTC is confident in the benefits that this strategic transaction will offer to our clients and employees, as well as the cultural fit between our organizations,” states John Hillman, NTC’s CEO. “NTC strengthens Covius’ offerings while improving the experience of our current clients through technology enhancements and complementary solutions under a single agreement and broader resources. We are excited for this strategic opportunity and look forward to future growth.”