Stewart Acquires Reverse Mortgage Leader FNC Title Services, LLC

Rhea-AI Summary

Stewart Information Services Corporation (NYSE:STC) has announced the acquisition of FNC Title Services, LLC, including an agreement to acquire FNC Title of California, pending regulatory approval. FNC specializes in reverse mortgage closings and operates a national platform serving top reverse mortgage lenders. Stewart's CEO highlighted the growing demand for reverse mortgages, emphasizing the synergy between Stewart's resources and FNC's customer service. FNC will continue to operate independently under the Stewart umbrella, enhancing capabilities for lender partners and borrowers.

Positive

• Acquisition enhances Stewart's Lender Services business line.
• FNC's strength in reverse mortgages complements Stewart's offerings.
• Access to Stewart's technology and resources improves customer service.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Stewart Information Services Corporation (NYSE-STC) today announced the acquisition of FNC Title Services, LLC (FNC), along with the signing of an agreement to acquire FNC Title of California pending approval of the California Department of Insurance. FNC is a full-service title and settlement company specializing in reverse mortgage closings, headquartered in Rockville, MD. The company has built a multi-domain national platform, servicing the top 25 reverse mortgage lenders across the country.

“As more and more homeowners are looking at home equity as a viable retirement savings, the demand for reverse mortgages is increasing, and FNC has built one of the largest and best settlement service providers for reverse mortgages,” said Stewart CEO Fred Eppinger. “As in any real estate market, technology and innovation are key to success, and by leveraging Stewart’s products and platforms, FNC will be able to deliver security and ease-of-use to a growing market segment. Their strength in reverse mortgage complements our existing Lender Services business lines and continues our momentum as we build a leading Lender Services organization.”

“Stewart has the same commitment to customer service that FNC has,” said Ali Farahpour, Chief Executive Officer of FNC. “This commitment, coupled with Stewart’s immense resources and technology, will help position us to provide the prioritized service our lender partners expect and require. We take great pride in servicing borrowers looking for ways to tap into their home’s equity, including our nations’ senior citizens. By joining the Stewart family of companies, we enhance our capabilities to provide them value-added products and services. We look forward to a bright future as part of the Stewart family and continuing to build relationships with our valuable clients and the borrowers they so diligently serve.”

FNC will continue operating as a standalone company. For more information, visit fnctitle.com.

About Stewart

Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.

ST-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20221004005025/en/

John Chattaway, Stewart Media Relations

(713) 625-8180; mediarelations@stewart.com

Source: Stewart Information Services Corporation

FAQ

What is the significance of Stewart's acquisition of FNC Title Services, LLC?

The acquisition strengthens Stewart's position in the reverse mortgage market and enhances its Lender Services business.

How will the acquisition of FNC Title Services impact Stewart's stock (STC)?

The acquisition could drive growth in Stewart's Lender Services segment, potentially positively impacting its stock performance.

When is the expected completion date for the acquisition of FNC Title of California?

The acquisition is pending approval from the California Department of Insurance.

What services does FNC Title Services, LLC provide?

FNC specializes in title and settlement services for reverse mortgage closings.

Will FNC Title Services continue to operate independently after the acquisition?

Yes, FNC will continue to operate as a standalone company under Stewart.