New VMC Emerges With Union of Title, Valuation Companies
August 10, 2009
In the economic downturn the past two years, several national vendor management companies, including Express Financial Services and Lender’s First Choice, have gone out of business, with others such as Pittsburgh-based ATM being absorbed by competitors.
The result has been a smaller pool of national service providers and vendor management companies for lenders to choose from nationally. Equity National Title joins a small field of national settlement service providers with the capability to service lenders of all sizes and geographic footprints.
The 20-year-old, East Providence, R.I.-based privately-held title and settlement services company has expanded its service offerings to compete at a national level with its acquisition of Secure Collateral.
Jacksonville-based Secure Collateral is a provider of valuation, field, and loss mitigation services to the real estate industry.
“Equity National is already well regarded for its concierge-level of professional title, escrow and closing services,” said James K. O’Donnell, Esq., President of Equity National. “Adding the capabilities of Secure Collateral now allows us to offer a top-flight appraisal operation. Working together, we’re poised to reach a wider range of customers and continue our growth within the financial and real estate sectors.” Secure Collateral will retain its name and operate out of its current base in Jacksonville. The company plans to grow its workforce significantly in the near future. James Dammerich is president of Secure Collateral.
Equity National Title operates under two companies: Equity National Title Insurance Company, a title insurance underwriter licensed in Massachusetts, and Equity National Title & Closing Services Inc., a title insurance agency. The title agency underwrites with Chicago Title, First American Title, Fidelity National Title Insurance Company and Lawyers Title.