United Financial Mortgage Corp. Enters Title Insurance Market
|February 18, 2004|
Company Enters into Affiliated Business Arrangement with Troon Management Corp.
United Financial Mortgage Corp. (Amex: UFM) has entered into a joint venture with Troon Management Corp. ("Troon") to establish a newly formed title insurance agency, First Family Title, LLC ("First Family Title").First Family Title will be based in Bensenville, Illinois and is expected to be open for business in approximately 60 days.
At this time, First Family Title will only be offering its services in Illinois.Both the Company and Troon are excited about the prospects of expanding this business line into other states where UFM currently has branch offices.Based in Hatboro, Pennsylvania, Troon has over 40 years of title insurance experience and presently manages multiple operations in six states. Troon's President, Anne L. Anastasi, C.L.T.P., is past president of the Pennsylvania Land Title Association and the first female ever elected to that position.
Commenting on the joint venture with UFM, Ms. Anastasi said: "I look forward to helping United Financial Mortgage grow their market share in the multi-billion dollar title insurance industry.Their resources combined with our extensive experience in managing and operating successful title insurance operations will provide not only UFM's customers, but other customers as well, with a competitive, cost-effective choice for their real estate settlement and title insurance needs.This is an exciting opportunity for UFM."
Steve Khoshabe, President and Chief Executive Officer of UFM, stated, "Having us involved with a title agency is an obvious and natural progression for our business.Troon Management provides us with an experienced and competent title insurance management team.We look forward to this new venture as it is yet another step toward diversifying our revenue stream." About United Financial Mortgage Corp.
Source: United Financial Mortgage Corp.