First American Financial, a US-based financial services firm offering title insurance, settlement services and risk solutions to real estate and mortgage sectors, has snapped up Docutech that offers document technology solutions for mortgage, home equity and consumer lending.
Docutech’s technology enables users to offer loan documents for mortgage and home equity lending while conforming to regulatory norms.
The technology offers access to 175 lenders and is integrated with third-party and proprietary loan origination systems.
According to First American, the takeover, which is anticipated to wrap up next month, will boost its ability to offer end-to-end digital mortgage and settlement services.
Docutech leadership including president and CEO Amy Brandt will continue to be in charge of the business.
Welcoming the deal, Brandt stated: “Joining the First American family strengthens our ability to provide products and services that help lenders offer a more digital mortgage experience and adapt to today’s changing business landscape.
“The Docutech team will now have enhanced access to First American’s industry-leading property data and its other industry-leading products and services, further enhancing the quality, accuracy and speed of our services.”
First American expects the acquisition to add to its earnings this year.
First American Financial CEO Dennis Gilmore said: “The acquisition of Docutech reflects our steadfast commitment to invest in and grow our core business.
“Moreover, it demonstrates our dedication to improving the home-buying experience for consumers and driving the digital transformation of the real estate settlement process.”