Closing USA, Nation's Leading Minority-Certified Title & Escrow Company, Partners with 24 Asset Management Corporation to Help Revitalize the American Dream, One Family at a Time

ROCHESTER, N.Y.--(BUSINESS WIRE)--

Minority-certified Closing USA has been chosen by 24 Asset Management Corporation to provide title and closing services as part of the ambitious effort to make the dream of homeownership more accessible than ever before by rehabilitating and putting new families into over $1.2 billion in HUD and bank-owned properties (REOs) through the recently announced national Homeowner's Assurance Program (HAP).

“Closing USA's REO Title and Closing Services will make the disposition of these REO assets simple, seamless, and certain,” said Elliot Foo, Closing USA President & CEO. “Through our national closing network, our associates will manage every step of the process, from contract to close.”

Closing USA is the nation's leading minority-certified title and escrow company, licensed in 35 states. The Homeowner's Assurance Program is a public-private partnership between 24 Asset Management Corporation and the National Association of Real Estate Brokers. (NAREB®), the nation's oldest African-American real estate trade association. Through the innovative HAP program, NAREB's partners are acquiring REO homes from HUD and other lenders, then renovating and marketing them at competitive prices.

Foo said that NAREB real estate agents are the spark plugs for the program, driving first time buyers and others who have been sitting on the sidelines to the sales process, and once a contract is in place, Closing USA is prepared for the challenge of managing these transactions in 25 markets across the country.

“We couldn't be more excited to be part of this initiative, which will absolutely breath new life into communities across the country,” said Foo. “Having historic numbers of bank-owned properties isn't good for anyone, and the innovative HAP model of buying, renovating properties and providing access to mortgages for people with less than ideal credit will bring homeownership within reach of many for whom it has been just a dream. All of which should spark a real estate renaissance in these communities, and in the process, turn these REO houses back into homes.”

About Closing USA

Closing USA provides real estate transaction services for mortgage lenders, including escrow closings, title insurance, title searches, and tax searches for new and refinanced loans and default services for foreclosed properties. Closing USA is currently licensed in 35 states.

About the Homeowner's Assurance Program (HAP)

The Homeowner's Assurance Program is an industry-led, private solution to the national mortgage crisis. It is designed to serve the demand side of the homeownership solution across the country that has been negatively affected by the national mortgage crisis and the limited access to credit for new homebuyers.

About the National Association of Real Estate Brokers (NAREB)

The National Association of Real Estate Brokers (NAREB) has a vast network of industry professionals including: Realtists®, brokers, sales agents, appraisers, mortgage brokers, and loan officers as well as practical experts in pre and post counseling, loss mitigation, foreclosure, property management, housing construction, and development. NAREB will serve as the “boots on the ground” for HAP to provide the agent infrastructure to manage, market and dispose of non-performing loans and REO assets acquired under the HAP initiative to first time home buyers and other home buyers who are stuck in the process of purchasing a home.