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Reverse mortgage company FNC Title Services has approved the acquisition of Stewart Information Services.
The deal, the financial terms of which were not disclosed, represents Stewart’s acquisition of FNC, a national reverse mortgage servicing platform.
They also agreed to hold the California FNC title with the approval of the California Department of Insurance. FNC will continue to operate as an independent company.
FNC is a title and settlement company specializing in reverse mortgage underwriting. The Maryland company is licensed or authorized to offer title insurance in 32 states.
“FNC’s reverse mortgage strengths will continue to propel us forward as we complement our existing lending services and build a leading lending organization,” Stewart CEO Fred Eppinger said of the acquisition.
“Demand for reverse mortgages is growing as more homeowners view their assets as retirement savings, and FNC has built one of the largest and best payday providers for reverse mortgages,” said Eppinger.
“As with all real estate markets, technology and innovation are the keys to success, and FNC can leverage Stewart’s products and platform to provide security and ease of use to our growing market segment.”
“Stewart shares the same customer service commitments with FNC,” said Ali Farapour, CEO of FNC.
“This commitment, combined with Stewart’s vast resources and skills, helps lenders provide the priority service they expect and need.
We are proud to serve our borrowers, including our country’s seniors, who are looking for ways to use their home assets.
By joining the Stewart Group, we will develop our ability to provide them with value-added products and services.
As part of the Stewart family, we look forward to a bright future and will continue to build relationships with our valued clients and the borrowers they serve so well.”
Reference Source: MPA
