Fathom Holdings Establishes Verus Title Elite - A Strategic Joint Venture with Fathom Realty Top Producers in Texas
CARY, N.C., March 12, 2024 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM) ("Fathom" or the "Company"), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced that its subsidiary, Verus Title Inc ("Verus") has established a strategic joint venture with individual teams and top producing agents of Fathom Realty throughout Texas that is expected to increase Verus's and thereby Fathom's revenue and profitability. This new entity, Verus Title Elite Texas LLC ("Verus Title Elite"), strengthens Verus's existing presence in Texas and the enhanced strategic alignment should provide an elevated closing experience to Fathom agents and their clients. Verus Title Elite will commence operations on April 1, 2024 and the Company plans to expand this new joint venture model across more states in 2024 with the goal of reaching most states where Verus Title operates by the end of 2025.
"We are thrilled to form Verus Title Elite in response to feedback from our agents in Texas on ways to enhance the closing experience for clients while providing our top agents an opportunity to increase their income. This joint venture could prove to be a significant win-win for Verus Title and those top agents who participate. We believe it will deliver a higher level of support to our agents, and further increase our already growing attach rates in Texas," states Marco Fregenal, Fathom Holdings CEO. "This joint venture is exclusive to top producing Fathom Realty agents in Texas and is expected to provide an elevated closing experience to all who utilize the newly formed Verus Title Elite. We look forward to expanding this structure to other key markets throughout the year."
"We are excited to partner with top producing agents and teams in Texas to expand our title services through Verus Title Elite," said Paul Yurashevich, Verus Title's Founder and President. "This joint venture demonstrates our ongoing commitment to Fathom Realty agents and to strengthening our title operations across the country while supporting the accelerating demand we continue to see in Texas, which remains one of our top markets."
Fathom acquired Verus, its title agency subsidiary, in November 2020 to complement its suite of services in the residential and commercial real estate market. Since that time, Verus has expanded its footprint and currently operates in 30 states and the District of Columbia. Texas is Fathom's largest residential real estate market.
About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title. For more information, visit www.FathomInc.com.
About Verus Title Inc.
Verus Title Inc. ("Verus") is a technology-based provider of title insurance services for the residential and commercial real estate markets. Verus currently operates in 30 states. Verus' mission is to improve the process of completing a real estate transaction, and enable real estate agencies and lenders to serve customers better. For more information, visit www.verustitle.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, that the joint venture " is expected to increase Verus's and thereby Fathom's revenue and profitability" Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks related to acquisitions; risks related to general economic conditions, including interest rates; risks in effectively managing rapid growth in our business; reliance on key personnel; competitive risks; and the other risk factors set forth from time to time in our SEC filings, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contact:
Alex Kovtun and Matt Glover
Gateway Group, Inc.
949-574-3860
FTHM@gateway-grp.com
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SOURCE Fathom Realty
