Verus Title Expands to Dallas-Fort Worth Market
-- Industry Veteran Chris Mitchell to Lead Texas Title Operations --
CARY, N.C., June 7, 2021 /PRNewswire/ -- Verus Title Inc., a wholly owned subsidiary of Fathom Holdings Inc. (Nasdaq: FTHM), 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 its expansion into the Texas market. Chris Mitchell, a 20-year title industry veteran, has been tapped to lead Verus' title operations there in the newly created position of Managing Director – Texas Operations.
Fathom Holdings acquired its title agency subsidiary, Verus Title Inc., in November 2020 to complement its suite of services in the residential and commercial real estate market. Since that time, Verus has added operations in Texas and Illinois, and expanded its footprint in Indiana, Maryland and Virginia. Texas is Fathom's largest residential real estate market, and Verus intends to initially build its presence across the Dallas-Fort Worth area, with plans to grow opportunistically throughout the state.
As of the end of the 2021 first quarter, Fathom had approximately 2,400 agents in Texas, including approximately 1,700 in Dallas-Fort Worth, a market characterized by growth in unit sales and increasing median and average home prices, with projections for ongoing strength in buyer activity. Dallas-Fort Worth is currently ranked as one of the top 25 major metropolitan areas in the United States, based on 2021 predicted sales growth.
Prior to joining Verus, Mitchell was Senior Vice President of Capital Title of Texas, LLC, a position he held since 2013. He previously held positions at several title companies and began his title industry career in 2000.
"Opening in Texas has been a priority for us, and I'm excited that we are now licensed to operate there," said Paul Yurashevich, Verus' Founder and President. "We believe that the demand for an innovative title agency such as Verus, with industry-leading technology and a national footprint, is significant, and our goal is to leverage that demand through additional planned growth. Verus has been steadily rolling out into new markets, and plans to operate in all 50 states over the long-term."
"Verus has been exceeding all of its goals since its acquisition, and we look forward to its continued growth," said Fathom's Founder and CEO, Josh Harley. "We are also excited to welcome Chris to the team. He brings a wealth of experience and well-earned respect to Verus, as we continue to serve agents and clients across Texas. He has been a true friend to our Dallas-Fort Worth agents for many years, constantly going above and beyond. I know he will bring that same energy to Verus and Fathom."
About Verus Title Inc.
Verus Title Inc. is a technology-based provider of title insurance services for the residential and commercial real estate markets. The company currently operates along the Eastern Seaboard, and parts of the South and Midwest, with plans for a full U.S. rollout over the long-term. 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.
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, Real Results, and Verus Title. For more information, visit www.fathomrealty.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements," including, but not limited to, additional planned growth. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks associated with making and integrating acquisitions; technology risks; risks in effectively managing rapid growth in our business; reliance on key personnel; competitive risks; and the others set forth in the Risk Factors section of the Company's registration statement for its initial public offering filed with the SEC. Copies 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 Relations and Media Contacts:
Roger Pondel/Laurie Berman
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SOURCE Fathom Realty
Released June 7, 2021