Aggressive iBuyer Opendoor acquires title and escrow company

OS National’s 500 staff will join Opendoor

National /
Sep.September 05, 2019 11:45 AM
Eric Wu, co-founder and CEO of Opendoor

Eric Wu, co-founder and CEO of Opendoor

Following the announcement of its new home lending program, iBuyer Opendoor has acquired title and escrow company, OS National.

OS National specializes in residential and commercial title and settlement services. Its 500-member team will join Opendoor’s 1,300 employees in offices around the country.

The announcement marks the latest in a series of steps the SoftBank-backed iBuyer, most recently valued at $3.8 billion, has taken toward owning different parts of the buying and selling process. Its new lending program, Opendoor Home Loans, launched in Texas and Arizona last week.

“Consumers are confused about the status of the close and timeline, overwhelmed by hundreds of documents to understand and sign, and frustrated by the delays due to multiple parties coordinating,” said Eric Wu, co-founder and CEO of Opendoor, in a statement.

The acquisition was meant to make title and escrow “feel less like a barrier” in the home-buying process, he added.

Launched in 2014 and headquartered in San Francisco, Opendoor operates in 20 cities across the country. It recently laid off 50 staffers and asked up to 300 remaining employees to move to its Phoenix office, where it planned to double its staff headcount over the next year.

In recent months, the company has also scaled back its free-lunch policy, however it said it would continue to offer subsidized lunches in its offices with more than 100 people.

The iBuyer secured $300 million in its latest funding round from investors including SoftBank’s $100 billion Vision Fund — bringing its total equity funding to more than $1 billion.


Related Articles

arrow_forward_ios
Fidelity’s Raymond Quirk (iStock)

Title insurers launch new closing tools as homebuying rises

Title insurers launch new closing tools as homebuying rises
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Damien Dwin of Lafayette Square Holding (Photos via Lafayette; iStock)

Sustainable housing is focus of Damien Dwin’s social justice effort

Sustainable housing is focus of Damien Dwin’s social justice effort
Mortgage applications reach pandemic peak

Mortgage applications reach pandemic peak

Mortgage applications reach pandemic peak
From left: Lionheart's Ophir Sternberg, Fifth Wall's Brendan Wallace, Chamath Palihapitiya, Supernova Partners' Spencer Rascoff and Proptech Acquisition II's Tom Hennessy (Getty, LinkedIn, iStock)

These blank-check firms are courting proptech deals

These blank-check firms are courting proptech deals
Tom Ford's Cerro Pelon Ranch. (Getty, Kevin Bobolsky Group)

Tom Ford sells Tadao Ando-designed estate in New Mexico

Tom Ford sells Tadao Ando-designed estate in New Mexico
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...