Stewart to Acquire DataQuick Title and Valuation Business
|April 8, 2014|
Stewart has entered into a definitive agreement with DataQuick Lending Solutions to acquire its collateral valuation, settlement services and the title and closing business operations. The transaction represents a significant expansion of Stewart’s mortgage services offerings and centralized title operations, in addition to expanding Stewart Title’s retail office footprint.
The transaction will give Stewart’s title operations two additional processing centers in the United States, a suite of complementary branch operations and a platform to grow its centralized title services.
The deal also broadens Stewart’s bundle of mortgage services offerings to include a robust suite of collateral valuation products including appraisal, broker price opinion, and hybrid valuation products. In a release, the company said the valuation products will complement Stewart’s existing product lines in support of home equity and first mortgage lending as well as, default and capital markets activities. In addition to adding significant business lines and capabilities to Stewart, the DataQuick Lending Solutions’ team of industry experts is joining the Stewart family.
“This transaction further emphasizes our focus on growth, and expansion of our ability to meet the needs of mortgage lenders,” said Jason Nadeau, group president of Stewart. “With the collateral valuation business line we recognized a significant opportunity to add a leading company with long-standing client relationships and expertise to our organization. And, with the title operations we are adding a centralized platform that has been providing services to the nation’s top lenders for more than 20 years. We believe the combination of our Stewart Lender Services operations with these new business lines will create a leader in scale and scope of services for the mortgage services market.”