Opteon acquires its third U.S. home appraisal management firm

Abstract

Opteon, an international property valuation firm, has completed its fourth transaction in the last year with the acquisition of Buffalo, New York-based Northeastern Appraisal Associates Residential, an appraisal management company and staff appraisal firm. In a separate transaction, two California-based escrow services companies are merging. Pickford Escrow Co., a HomeServices of America company, a subsidiary of Berkshire Hathaway, has acquired Legendary Escrow Services. Escrow services in California can be performed by independent companies, licensed and regulated by the Department of Financial Innovation and Regulation. Including real estate brokers, title companies and lawyers, can provide these services, albeit under different regulators. The escrow business is highly regulated, and loan proceed disbursement timing issues caused by how closings are done in California have ensnared mortgage servicers being accused of charging interest to borrowers before state law allows. "We are pleased to be able to continue to offer the high levels of service to our clients that both companies are known for in their marketplace," Gordon Miles, president and chief operating officer of Legendary Escrow Services, said in a press release.