Title Resources Group Announces Opendoor Ownership Stake
On March 29, 2023, Title Resources Group (TRG), a leading title insurance underwriter, announced that Opendoor Technologies Inc. has acquired a minority stake in its business. The financial terms of the deal remain undisclosed. Opendoor joins existing partners such as Centerbridge Partners, Anywhere Real Estate Inc., and HomeServices of America. CEO Scott McCall expressed excitement over the collaboration with Opendoor and its subsidiary OS National, aiming to enhance customer experience in the title and escrow sector. TRG has reported profitability since its inception in 1984 and serves title insurance agents across 38 states and the District of Columbia.
- Opendoor's investment may provide strategic advantages and enhance customer experience in TRG's services.
- TRG has a history of consistent profitability without a net operating loss since 1984.
- None.
DALLAS, March 29, 2023 /PRNewswire/ -- Title Resources Group (TRG), one of the nation's leading title insurance underwriters, announced today that Opendoor Technologies Inc., a leading e-commerce platform for residential real estate transactions, has acquired a minority stake in its business. Financial terms were not disclosed.
Opendoor joins Centerbridge Partners, L.P., Anywhere Real Estate Inc. and HomeServices of America, a Berkshire Hathaway affiliate company, as an ownership partner.
"We are thrilled to have Opendoor and their innovation in the purchase market become part of TRG. We are also very excited to work together with the team at OS National [OSN], a national title and escrow company wholly owned by Opendoor, which is leading the title and escrow space in creating a truly differentiated customer experience," said Scott McCall, President and CEO, Title Resources Group.
"Like us, TRG places their customers first and strives to lead their sector with innovative products," said OSN co-CEO Charles Chacko. "Our investment strengthens our partnership with them and will further enhance the value we can bring to our customers and the industry. We look forward to what we can accomplish with TRG, along with our co-owner partners: Centerbridge, Anywhere Real Estate and HomeServices of America."
"Opendoor is a great addition to the team," said Kevin Mahony, Managing Director at Centerbridge. "Opendoor's investment in TRG is another example of the outstanding value TRG creates for its customers. We are excited about the strategic benefits of expanding the relationship."
About Title Resources Group
Title Resources Group – the underwriter built for the real estate industry – is one of the nation's largest title insurance underwriters, according to the American Land Title Association's 2022 market share data. A partnership with Centerbridge Partners, L.P., Anywhere Real Estate Inc. (NYSE: HOUS), HomeServices of America (a Berkshire Hathaway affiliate), and Opendoor Technologies Inc., TRG serves title insurance agents in 38 states and the District of Columbia. Since its inception, in 1984 the company has consistently operated profitably without a net operating loss in any fiscal year. With a mission to provide knowledgeable and responsive underwriting solutions, TRG is dedicated to growing lifelong relationships and maintaining quality through integrity and financial stability. For more information, please visit www.titleresources.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/title-resources-group-announces-opendoor-ownership-stake-301783689.html
SOURCE Title Resources Group
FAQ
What is the significance of Opendoor's investment in Title Resources Group?
When did Title Resources Group announce the acquisition by Opendoor?
What other companies are partners with Title Resources Group?
What is the stock symbol for Anywhere Real Estate?
