Opendoor Acquires Title and Escrow Company OS National
Acquisition marks another step toward the most streamlined customer experience
SAN FRANCISCO, Sept. 5, 2019 /PRNewswire/ -- Opendoor, the nation's fastest-growing online real estate marketplace that's simplifying the way people buy and sell homes, announced today that it has acquired OS National, LLC (OSN), a national title and escrow company that has been one of Opendoor's trusted partners since 2016. OSN will join Opendoor as a wholly-owned subsidiary.
The acquisition allows Opendoor to deeply integrate title, escrow and closings into its online buying and selling experience, and will enable the company to build the most streamlined and easiest closing experience. Additionally, OSN's national footprint and operational excellence will help Opendoor reach more customers faster as it expands.
"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. "Consumers are confused about the status of the close and timeline, overwhelmed by hundreds of documents to understand and sign, and frustrated by the delays due to multiple parties coordinating. 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."
"We are very excited to join the Opendoor family," said OS National 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."
OSN is headquartered in Duluth, Georgia, just north of Opendoor's engineering hub in Atlanta. Opendoor will be joined by OSN's 500 dedicated team members in offices across the country. They are leaders in the title and escrow space with decades of in-house experience and have coordinated closings on hundreds of thousands of properties.
This acquisition marks another major step forward for Opendoor as it pursues its vision to provide an end-to-end experience where consumers can buy, sell or trade-in a home online in just a few clicks. The company recently announced the launch of its home loan business in Texas and Arizona. Home buyers in those states can now secure a home loan directly from Opendoor Home Loans and in the Opendoor app, providing even more convenience, ease and certainty. In addition, Opendoor recently surpassed 50,000 home transactions and announced plans to launch into three new markets--Boise, Salt Lake City and St. Louis--by early 2020.
About Opendoor
Opendoor's mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the US with a radically simple way to buy, sell or trade-in a home. Opendoor currently operates in 20 markets in the US. Headquartered in San Francisco, Opendoor has over 1,300 employees. For more information, please visit www.opendoor.com.
About OS National
OS National, LLC is redefining title solutions as a nationally recognized provider of residential and commercial title and settlement services. OSN provides services to national lenders and banking institutions, REITs, private equity firms, mortgage servicers and institutional investors to facilitate real estate transactions and title insurance-related services.
OS National provides services in certain jurisdictions in partnership with its wholly-owned subsidiaries and/or its related entities, OSN Texas LLC and OS National Alabama LLC (known together as "OSN"). OSN has received the American Land Title Association (ALTA) Title Insurance and Settlement Company Best Practices third party certification by Frazier & Deeter CPAs & Advisors, and is a licensed agent for most of the country's major national title underwriters, with work ranging from single property transactions to multi-million dollar, multi-site transactions. For more information, visit http://www.osnational.com.
SOURCE Opendoor