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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.
Posted In: FTHM
