Foothill Ranch housing lender LoanDepot LLC on undisclosed terms bought Closing USA LLC and will buy American Coast Title Co.
It got $150 million in term debt financing in August and planned to use some of the money for acquisitions. The acquisitions expand loanDepot’s reach to 30 states.
Closing USA is a title, escrow, and settlement firm in Rochester, N.Y. American Coast is a title insurer in Glendale and an affiliate of Closing USA. The two companies have an office next-door to loanDepot’s Towne Center Drive headquarters.
Closing USA’s President Elliot Foo and Chief Operating Officer Tom Vento will continue to manage the company’s New York and Orange County offices.
LoanDepot is one of the largest privately held companies in Orange County with $922 million in revenue last year. It employed about 2,000 local workers and 5,200 companywide prior to the acquisitions.
–Michael de los Reyes
