Plantation, Fla.-headquartered DJSP Enterprises Inc., a provider of processing services for the mortgage and real estate industries, has signed a definitive agreement to acquire Timios Inc., a national title insurance and settlement services company. Timios is a Westlake, Calif.-based licensed title insurance and escrow agent operating in 38 states.
Timios will provide DJSP the capability to provide its customers a balanced portfolio of services, including new loan origination, refinance and national real estate owned (REO) closing and title, DJSP says. Additionally, Timios handles national loss mitigation services and pre-foreclosure title products from its multiple locations strategically placed for time-zone sensitive fulfillment.
Timios presently services purchase money, refinance, reverse mortgage, REO and deed-in-lieu transactions for some of the largest lenders and servicers nationwide, the company says. In addition, Timios has the capability to complete title searches for DJSP Enterprises' growing REO liquidation business and loss mitigation business outside of Florida.
DJSP Enterprises will maintain Timios' three offices while consolidating operations and back-office functions to streamline and reduce expenses.
‘This acquisition significantly expands our capacity to effectively handle national services for our current client base," comments David J. Stern, chairman and CEO of DJSP.
DJSP Enterprises will acquire Timios for $1.5 million in cash, 200,000 ordinary shares of DJSP Enterprises and up to 100,000 ordinary shares of DJSP Enterprises, to be earned upon achievement of defined performance metrics.
SOURCE: DJSP Enterprises Inc.