First American to acquire document technology solutions provider Docutech

First American acquisition of Docutech : First American Financial has signed a deal to acquire Docutech, a document technology solutions provider for the mortgage industry, for an undisclosed price.

Established in 1991, Docutech uses technology to help financial institutions in offering quick and accurate regulatory-compliant loan documents for mortgage and home equity lending.

Solutions of the document technology solutions provider are used by lenders in the US for various purposes ranging from document generation to eDelivery, eSign, eClose, and print fulfillment

First American Financial, on the other hand, provides title insurance, settlement services, and risk solutions for real estate transactions.

Commenting on First American acquisition of Docutech, Dennis J. Gilmore – CEO of First American Financial 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.

“We’re excited to soon welcome to First American the people of Docutech, a highly respected leader in the document technology solutions industry. Together, we will accelerate the evolution of real estate closings.”

First American acquisition of Docutech. Photo courtesy of Coolcaesar at the English Wikipedia.

Furthermore, the acquisition of Docutech and its technology are said to complement the existing capabilities and property and homeownership data of First American Financial. The deal is expected to advance the latter’s ability to offer lender customers with end-to-end digital mortgage and settlement services.

Docutech’s technology platform, which is integrated fully with third-party and proprietary loan origination systems, is said to be used by over 175 lenders.

Amy Brandt – President and CEO of Docutech, commenting on First American acquisition of Docutech, said: “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. Our employees will also benefit by being part of a company named to the Fortune 100 Best Companies to Work For list four years in a row.”

The financial advisor of First American Financial for the deal is BofA Securities, while Raymond James is playing the same role for Docutech.

The closing of First American acquisition of Docutech, which is subject to customary closing conditions, is likely to be wrapped up by the end of next month.