Opendoor acquires escrow and title company OS National
It’s been an interesting few weeks for Opendoor, an online marketplace that buys homes directly from homeowners. Last week, the company announced the launch of Opendoor Home Loans, and officially entered the mortgage lending industry.
Now, the iBuyer’s growth continues, as Opendoor announced Thursday it has acquired OS National, LLC, a national title and escrow company. OSN has been a partner to Opendoor since 2016 and now will be a fully-owned subsidiary, Opendoor reported.
“Moving into a new home should be one of the most delightful and memorable moments in life, yet the closing process gets in the way,” said Eric Wu, co-founder and CEO of Opendoor. “Our goal with this acquisition is to make title and escrow feel less like a barrier in the home purchase process and more of a welcome mat at the front door of your dream home. I couldn’t be more excited to have OSN join us on our mission to empower everyone with the freedom to move.”
Through this new addition, Opendoor aims to integrate title, escrow and closings into its online buying and selling experience. The company says this will create a streamlined and easier buying experience. In addition to gaining OSN’s national footprint, Opendoor will also be bringing on about 500 OSN employees.
“We are very excited to join the Opendoor family,” said OSN CEO Charles Chacko. “We share many core values like placing the customer first, appreciation for their employees, and like us they want to be the very best at what they do. The real estate industry is being transformed before our eyes and we have a unique opportunity to be in the front seat of the change and be able to drive that change forward. We are confident that both our organizations will be stronger together.”
Published at Thu, 05 Sep 2019 16:16:00 +0000