Firm receives $100 million
Finance of America's (FOA) title insurance businesses are now officially owned by housing finance firm Essent Group.
Announcing the deal's completion, FOA revealed that its indirect subsidiary, Incenter, received $100 million for offloading Agents National Title Holding Company (ANTIC) and Boston National Holding (BNT). Essent has purchased issued and outstanding shares of ANTIC and the issued and outstanding membership interest of BNT.
Missouri-based Agents National Title issues title insurance products through a network of title insurance agents. Boston National Title, an independent title agency headquartered in North Carolina, provides title and settlement services.
The acquisition, first announced in February, is part of FOA's wider growth initiatives, according to FOA chief executive officer Graham Fleming.
"The completion of this transaction marks another important step in the execution of Finance of America's long-term growth strategy designed to help Americans achieve their retirement goals through the use of home equity," Fleming said in a statement.
Want to keep up with the latest mortgage news? Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
