Stewart® Completes Acquisition of DataQuick® Title and Collateral Valuation Business Lines
HOUSTON (April 2, 2014) –Stewart announced today that it 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.
This transaction expands Stewart’s title operations by adding two additional processing centers in the U.S., a suite of complementary branch operations, a team of talented title and closing operations staff, and a platform upon which Stewart can continue to grow centralized title services. This transaction 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. These 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, 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.”
“The addition of these platforms fully round out our service offerings – allowing us to support lenders from origination and home equity through all facets of performing or default servicing, including support for due diligence and other secondary and capital markets services,” continues Nadeau.
Harborview Advisors advised Stewart on the transaction.
About Stewart Lender Services
Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, is a nationwide provider of centralized origination title, loss mitigation/default resolution, default title, REO asset solutions, quality control and due diligence for mortgage lenders, servicers and capital markets. With more than a century of experience matched with the industry’s leading technologies, SLS helps lenders, servicers and law firms meet the rapidly changing demands of today’s market. SLS has the financial strength, industry knowledge and proven flexibility to perform throughout the lifecycle of a loan. More information can be found at http://www.stewartlenderservices.com.
Stewart Title Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; due diligence for capital markets; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Stewart offers personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, and is the preferred real estate services provider. More information can be found at http://www.stewart.com/news, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.