First American to acquire the ServiceMac sub-service
First American Financial Corp. announced on Monday an agreement to acquire a sub-service ServiceMac, which it plans to close at the end of 2021.
First American Financial, which provides title insurance, settlement services and risk solutions for real estate transactions, has acquired a minority stake in the parent company of ServiceMac and this stake will be converted into equity of ServiceMac at the close of acquisition, pending regulatory approvals.
ServiceMac was founded in 2017 as an independent subcontractor, providing lenders, investors and other mortgage managers with customized solutions that span the mortgage life cycle, improving security, customer satisfaction, capabilities. retention and profitability, the company said.
“The acquisition of ServiceMac reflects our unwavering commitment to supporting the mortgage industry and further expanding our product innovation efforts,” said Dennis Gilmore, CEO of First American Financial Corp. “We are delighted to soon welcome to First American the staff of ServiceMac, a growing company known for its technology and business leadership. “
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ServiceMac’s mortgage subservice business will complement First American’s existing capabilities and enhance First American’s ability to provide end-to-end mortgage, settlement, post-closing services to lenders and managers. and service-related products and solutions, the companies said. Meanwhile, ServiceMac will have enhanced access to First American ownership and home ownership data as well as mortgage solutions products.
“Joining the First American family accelerates our ability to develop new products and services that benefit our lending clients and their clients, while strengthening our counterpart position in the mortgage financing ecosystem,” said Bob Caruso, president and CEO of ServiceMac. “Our employees will also benefit from being part of a company named in the Fortune List of the top 100 companies to work for five years in a row. “
The ServiceMac management team, including Caruso, will continue to lead the operations of the company.