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