WFG acquires West Coast retail title operations from Doma

Williston Financial Group (WFG) and Doma Holdings, Inc. announced on Tuesday the completion of an agreement for WFG to acquire certain branches of Doma’s West Coast local retail title operations. The deal includes multiple retail title locations and operations centers in the Northern and Central California regions.

The acquisition aligns with Doma’s mission-driven strategy and its focus on core underwriting and technology business, according to the company.

“Our West Coast operations are premier locations within their respective real estate communities with a track record of providing excellent customer service,” Max Simkoff, founder and CEO of Doma, said in a statement about the acquisition. “We believe we have found an optimal home for our Local team members in the branches we have sold to WFG, and they will continue to thrive under their leadership.”

WFG, a full-service provider of title insurance, underwriting, and escrow services for real estate transactions nationwide, has been actively expanding its services and market reach since its establishment in 2010. This acquisition significantly enhances WFG’s market coverage and client base in the Northern and Central California regions.

“We are thrilled to extend our California market reach through this acquisition, as it will significantly enhance our ability to serve the needs of our customers in these key growth regions,” Patrick F. Stone, chairman and founder of WFG, said. “These new members of the WFG team share our vision of eliminating friction, increasing transparency, and delivering a superior experience for our customers in some of the nation’s strongest housing markets.”

The transaction follows Doma’s announcement during its first quarter 2023 earnings call that it had been conducting a comprehensive review of the business. The aim was to evaluate the optimal organizational structure to make home buying more affordable and maximize shareholder value.

Doma’s go-forward strategy focuses on leveraging its instant underwriting technology through partnerships with major players in the national mortgage origination market. Houlihan Lokey is serving as the financial advisor to Doma, while Mayer Brown LLP is acting as legal counsel.

Doma is a real estate technology company that aims to disrupt the traditional home closing process. By utilizing machine intelligence technology and human expertise, Doma creates a simplified and affordable experience for everyone involved in a residential real estate transaction. The company’s platform enables tasks that used to take days to be completed in minutes.

Williston Financial Group, based in Portland, Oregon, is the parent company of WFG National Title Insurance Company (WFG), a leading provider of title insurance and real estate settlement services nationwide. WFG has achieved a national footprint faster than any other title underwriter in history. The company focuses on improving the real estate process by delivering comprehensive services and technology solutions that enhance transaction transparency.

This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.

Source link