HomeServices of America has acquired a minority ownership stake in Title Resources Group, the title insurance underwriting joint venture between Realogy Holding’s Corp. and Centerbridge Partners, L.P., according to a Tuesday announcement.
The financial terms of the deal are not being disclosed.
Realogy closed the sale of Title Resources Guaranty Company to an affiliate of Centerbridge Partners, L.P. in late March. For the sale, Realogy received $210 million as well as a 30% equity interest in Closing Patent Holdco, L.P., the newly formed limited partnership joint venture that indirectly owns Title Resources Guaranty Company.
Through this latest deal, TRG’s major shareholders now include HomeServices of America, in addition to Centerbridge and Realogy.
“HomeServices of America is a long-time, valued customer of TRG, and we’re thrilled to welcome them as a significant shareholder to our joint venture. We look forward to working with their team to expand our collaboration in the months and years ahead, further accelerating our growth,” Scott McCall, the president and CEO of TRG, said in a statement.
In 2022, HomeServices of America topped the RealTrends 500 rankings for transaction sides, recording 388,098 sides in 2021. The brokerage also recorded nearly $199 billion in sales volume for the year.
“Our strengthened partnership with Title Resources Group further enhances the ability of HomeServices’ sales associates to provide clients with a one-stop shopping approach to delivering the American dream of homeownership,” Gino Blefari, the CEO of HomeServices, said in a statement.
After several years at the top of the RealTrends core services rankings, in the 2022 rankings HomeServices of America slipped to second place, beaten out by Realogy. In 2021, HomeServices recorded a total of 287,965 core services transactions, 150,885 of which were title insurance transactions.
“We have the most experienced leadership across our core services and through our system of accountability and teamwork have mastered the ability to deliver these services in a way that resonates with today’s consumers,” Blefari told RealTrends last month.
“Owning and operating the full suite of services — brokerage, mortgage, title/escrow and insurance, moving services, home warranty, inspection and others — translates into increased flexibility and represents the ability for HomeServices to diversify and take advantage of the fluid real estate market,” he said.