Home Bay Acquires 50% Interest in OTC National L.L.C.
SAN DIEGO, May 29, 2018
Home Bay, a technology-driven real estate company, announced today that it has purchased a 50 percent interest in OTC National, LLC, a national settlement services company with escrow and title insurance licenses in 31 states.
Home Bay’s investment in OnTitle further enhances its mission to save home sellers and buyers time, money and hassle by improving the entire real estate transaction. For real estate listings, Home Bay generally charges $2,000 to $3,500 to facilitate a sale rather than a 3% commission. On the buy-side, Home Bay rebates back half of the commission to the buyer.
With the new acquisition, OnTitle brings game-changing resources to the Home Bay family of companies. From within its platform, Home Bay will integrate escrow services and issue title insurance policies. By keeping the real estate transaction process in-house, consumers will save money and time. Consumers will no longer need to complete redundant paperwork.
“Our investment in OnTitle gives our consumers a streamlined process and optimum experience,” said Ken Potashner, Chairman and CEO of Home Bay. “We’re now the one-stop-technology-shop for brokerage, title and escrow. Home Bay is quickly working its way into the full value chain to capture all affiliated services associated with a real estate transaction.”
When it comes to escrow and title insurance, most consumers do not know the associated costs and fees. The partnership between Home Bay and OnTitle reduces many unnecessary fees, saving consumers even more money when they transact with Home Bay.
“For anyone who has ever looked at a settlement statement and wondered about all the junk fees tacked onto buying or selling a house, Home Bay is here to help,” said Chris Crocker, Vice President at Home Bay. “Not only can Home Bay lower the cost of your transaction with its flat-fee brokerage model, we can also help consumers save money on the ancillary services needed to facilitate that sale.”
OnTitle has licenses to conduct settlement services in 31 states, with plans to expand to additional states in the near future to support Home Bay’s national expansion goals.
Home Bay recently launched in Houston and other Texas metro areas, and now covers California, Florida, Georgia, Colorado, and Illinois. Home Bay is in the process of expanding its footprint beyond Houston homes for sale and other metro areas to cover all of Texas.
About Home Bay
Home Bay Technologies Inc. provides consumers a smarter way to buy and sell homes with data-driven intelligence, complete transparency and an on-demand customer experience. Home Bay’s sophisticated platform expedites the transaction with efficient, seamless systems that save consumers and real estate agents time and money.
About OnTitle Settlement Services
ONTITLE Settlement Services, with its corporate offices in Pennsylvania and its centralized processing center in Orange County, California is a next generation settlement services provider utilizing the latest cloud technology to deliver cost savings, transparency and a better consumer process to real estate consumers.