Fidelity National Financial Inc. said today it has closed a deal to acquire title and closing services provider ATM Holdings Inc.
According to FNF’s most recent quarterly report, it will pay $100 million for ATM under an Aug. 1 agreement.
ATM’s primary subsidiary is a title insurance agency that provides title and closing services as well as valuation and appraisal services to mortgage originators and banks. ATM has contracts with eight of the top 50 mortgage originators in the country, and is licensed in 42 states and Washington, D.C., FNF said in a statement.
ATM also owns and operates Vision Global Solutions, a third-party settlement services software application used by more than 11 major lenders, FFN said.
In announcing the deal, FNF Chairman William P. Foley said ATM is a good fit with Fidelity’s existing national lender platform, ServiceLink.
“The valuation and appraisal expertise of ATM and the existing centralized title and closing platform of ServiceLink will make FNF an even more formidable service provider in the growing national lender residential mortgage origination market,” Foley said.
In its last quarterly report, FNF said it is also in the process of acquiring Property Insight LLC, a subsidiary of Fidelity Information Services, for $95 million. Property Insight manages and maintains FNF’s title insurance plants and potential title plant construction activities.
