Fathom Holdings Subsidiary, Encompass Lending Group, Expands Texas Operations

Rhea-AI Summary

Encompass Lending Group, a subsidiary of Fathom Holdings Inc., has expanded its operations in Texas by acquiring Elite Financing Group, an Austin-based residential mortgage lender. Elite Financing Group will operate under the Encompass Lending Group umbrella. This acquisition is expected to nearly double Encompass' mortgage closings nationwide over the next year.

Elite Financing Group Joins Encompass Lending Group to Strengthen Consumer Lending Footprint Across Texas

CARY, N.C., Aug. 31, 2023 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM) ("Fathom" or the "Company"), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced that its subsidiary, Encompass Lending Group ("Encompass"), has expanded its operations in Texas through the addition of Austin-based Elite Financing Group, a residential mortgage lender. Elite Financing Group will operate under the Encompass Lending Group umbrella. Terms were not disclosed.

Elite Financing Group provides a full range of residential lending solutions to individuals and families, offering mortgages for home purchase, refinancing, as well as home loans for veterans and first-time home buyers. An equal housing lender, Elite Financing Group has offices in the Austin and Dallas-Fort Worth markets and has been one of the top rated mortgage companies rated by the Austin Business Journal for five of the last six years.

"I'm thrilled to welcome Elite Financing Group to our Fathom family," said Fathom CEO Joshua Harley. "Joshua Bibler, Jorge Aldrete and their team share our mission and bring a local market expertise to Encompass Lending which should help strengthen our mortgage business in Texas and ultimately enhance our offerings and support our growth. With Elite Financing Group's current book of business and their local relationships, we have the potential of nearly doubling our mortgage closings Nationwide over the next year. We look forward to working together in advancing our growth strategy."

"We are excited to add Elite Financing Group to the Encompass Lending family," said Sean Varin, President of Encompass Lending Group. "Their team brings a wealth of experience and well-earned respect in the mortgage industry that will help strengthen our existing presence in the Dallas-Fort Worth market and expand our operations into Austin to ultimately serve more clients throughout Texas. They bring a wealth of experience, knowledge, and a high level of customer service that reflects our culture and complements our existing skillsets."

"We believe Encompass is a perfect fit for our team during this dynamic moment in the real estate industry," said Joshua Bibler, Founding Principal of Elite Financing Group. "We are focused on helping home buyers make informed, confident decisions about their mortgage selection and help improve the lives of others through home ownership. For 18 years we have successfully navigated the ever-changing mortgage industry, never wavering on our commitment to customer service and we look forward to continuing to provide quality, personalized service that best meets homeowner's needs."

About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title. For more information, visit www.FathomInc.com.

Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements," including, but not limited to, the company's ability to significantly bring more mortgage business to its loan officers. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks related to acquisitions; risks related to general economic conditions, including interest rates; risks in effectively managing rapid growth in our business; reliance on key personnel; competitive risks; and the other risk factors set forth from time to time in our SEC filings, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:
Alex Kovtun and Matt Glover 
Gateway Group, Inc.
949-574-3860 
FTHM@gateway-grp.com

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SOURCE Fathom Realty

FAQ

What is the news about Fathom Holdings Inc. and Encompass Lending Group?

Fathom Holdings Inc. announced that its subsidiary, Encompass Lending Group, has expanded its operations in Texas through the acquisition of Elite Financing Group, a residential mortgage lender.

What services does Elite Financing Group offer?

Elite Financing Group provides a full range of residential lending solutions, including mortgages for home purchase, refinancing, and home loans for veterans and first-time home buyers.

Where are the offices of Elite Financing Group located?

Elite Financing Group has offices in the Austin and Dallas-Fort Worth markets.

What is the potential impact of the acquisition on Encompass Lending Group's mortgage business?

With Elite Financing Group's current book of business and local relationships, Encompass Lending Group has the potential to nearly double its mortgage closings nationwide over the next year.

Who are the key individuals involved in the acquisition?

Joshua Bibler and Jorge Aldrete are key individuals from Elite Financing Group, while Joshua Harley is the CEO of Fathom Holdings Inc.