HomeBay, a Serra Capital III portfolio company, announced on May 29 that it had purchased a 50 percent interest in OTC National, LLC ("OnTitle"), a national settlement services company with escrow and title insurance licenses in 31 states. HomeBay helps sellers to navigate the real estate process via automated & live help.
After this announcement was made, HomeBay announced that it had expanded to now include title and settlement services. The company currently has escrow services in California, Colorado, Florida, Illinois and Texas.
CEO Ken Postashner enthused "Our investment in OnTitle gives our consumers a streamlined process and optimum experience. 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."