A little over two weeks after First American announced it planned to buy Docutech for $350 million, the title insurance giant has closed on the acquisition.
First American announced Tuesday that it has acquired Docutech, a document, eSign, eClosing and compliance technology provider. The company’s digital document technology is used by Black Knight, Ellie Mae, Fiserv, CoreLogic, Blend, Tavant, Floify, Maxwell, Roostify and more than 175 lenders.
According to details provided by the companies last month, First American paid $350 million in cash for Docutech.
For First American, the acquisition is about continuing to move towards fully digital mortgages and mortgage closings.
“We are pleased to welcome Docutech to the First American family. The Docutech acquisition demonstrates our ongoing commitment to invest in and grow our core business,” First American CEO Dennis Gilmore said.
“It also reflects our dedication to improving the home-buying experience and driving the digital transformation of the real estate settlement process,” Gilmore continued. “Together, we’re uniquely positioned to provide collateral file management from the inception of the mortgage process through post-closing, which will help accelerate the evolution of real estate closings.”
In a release, First American said that by acquiring Docutech, the company will improve its ability to provide lenders with “end-to-end digital mortgage and settlement services.”
According to the companies, Docutech’s current management team, including President and CEO Amy Brandt, will continue to lead the company’s operations.
“Docutech’s innovative technology enhances First American’s ability to provide lender customers with beginning-to-end digital mortgage and settlement services and deliver a more digital experience to their borrowers,” First American said in a release. “Docutech’s technology platform, which is fully integrated with leading third-party and proprietary loan origination systems and reaches more than 175 lenders, deepens First American’s relationships with these industry players.”
The post First American buys Docutech for $350 million appeared first on HousingWire.