Covius Holdings—provider of technology-enabled solutions to the financial services industry—has reached an agreement to acquire Palm Harbor, Florida-based Nationwide Title Clearing, a national lien release provider, according to a press release from Covius.
The transaction is expected to close early in the fourth quarter, subject to customary closing conditions, Covius reported.
The terms of the agreement were not disclosed.
Founded in 1991, NTC provides lien release and other document production services as well as research and file services for originators, servicers, and the capital markets sector. Its primary products and services include lien release services and post-closing document production; collateral research and property reports, capital markets transaction and file services, and default servicing and title curative solutions.
Upon closing of the transaction, approximately 670 NTC associates will join Covius, including the company's senior management.
Rob Clements, Chairman and CEO of Covius Holdings, said, "This acquisition significantly expands Covius' post-closing capabilities, in the same way last year's Clayton acquisition scaled our due diligence offerings. Similarly, Covius' technology suite can be applied to NTC operations to further increase efficiency. We welcome our new associates from NTC and the experience and capabilities they will bring to our combined clients."
John Surface, Covius President and COO, added, "Over the past three years, Covius has continued to build out our platform of tech-enabled offerings through acquisitions and organic growth. 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."
John Hillman, NTC's CEO and a 25-year veteran says NTC is confident in the benefits that this strategic transaction will offer to clients and employees.
"NTC strengthens Covius' offerings while improving the experience of our current clients through technology enhancements and complementary solutions under a single agreement and broader resources. We are excited for this strategic opportunity and look forward to future growth."