Nationwide Title Clearing, one of the country’s largest mortgage document prep companies, is to be acquired by settlement services firm Covius Holdings.
Terms of the deal, which is expected to close in the fourth quarter of 2021, were not disclosed.
In acquiring NTC, Covius is beefing up its offerings in lien release and various document production services. Founded in 1991, Florida-based NTC also does collateral research and property reports; capital markets transactions and file services; and default servicing and title curing.
Covius, formerly known as LenderLive, said 670 employees of NTC will be joining the firm once the deal closes, including senior management.
“Over the past three years, Covius has continued to build out our platform of tech-enabled offerings through acquisitions and organic growth,” said John Surface, the president and COO of Covius Holdings. “Our robust solutions span origination, servicing and capital markets segments, offering loss mitigation and loan modification services, document and critical borrower communications, title and settlement services, auction and REO asset disposition, verifications and due diligence. NTC’s market-leading solutions strategically complement Covius’ existing broad offerings.”
The acquisition follows a slew of deals by Covius, including the 2020 pickup of Clayton Services LLC from Radian, which improved Covius’ capabilities in due diligence and credit risk management surveillance services.
In 2019 Covius also acquired part of Chronos Solutions, which gave it services in credit, flood, income, and tax verification services; government services; REO management and disposition; as well as online foreclosure auctions; and homeowners association tracking units. In 2018, the company acquired reQuire Holdings, which focused on compliance, quality assurance and valuation solutions. The company sold off its mortgage fulfillment and secondary marketing division, known as LenderLive, to Computershare Loan Services.
Both Covius and NTC have made HousingWire Tech100 lists in recent years, and NTC was named to Inc. Magazine’s 5000 list this year, sporting a 63% growth rate.
