Opteon, an international real estate appraisal firm, completed its fourth transaction in the past year with the acquisition of Northeastern Appraisal Associates Residential, based in Buffalo, New York, an appraisal management company and a personnel assessment company.
The terms of the contract are not disclosed. “With the rapid evolution of the market in recent years, we must stay at the forefront of change to continue providing such excellent service,” Salvatore Vacanti, NEA’s vice president of operations, said in a press release. “Partnering with Opteon ensures that we are able to provide our customers with a cutting-edge experience.”
NEA adopted the Opteon name. Vacanti will continue to lead the assessment team as Director of New York Operations, but will also work with the AMC division to seamlessly integrate customers from both companies.
Robert Vacanti, president of NEA, will join Opteon USA’s growth and expansion team to help increase the number of domestic customers.
Founded in Australia in 2005, Opteon has developed technology that reduces turnaround times and review rates for appraisal reports. It offered appraisal and property services in Australia and New Zealand before entering the US market in 2019 with the acquisition of Apex Appraisal Service.
Opteon’s other recent acquisitions include last September’s purchase of Valucentric, a personnel assessment company; and The William Fall Group and its associated brands, Assessment Partners and Summit Valuation Solutions in July 2021.
A rebranding in August 2021 brought Apex and Valuation Partners under the Opteon AMC banner, while the William Fall Group became Opteon Appraisal. Valucentric adopted the name Opteon Appraisal in February.
“Northeastern Appraisal Associates Residential has an incredible team that will be able to implement our technology in the Northeastern United States,” said Chris Knight, CEO of Opteon Group.
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 may be performed by independent companies licensed and regulated by the Department of Financial Innovation and Regulation. But others, including real estate brokers, title companies and lawyers, can provide these services, albeit under different regulators.
Pickford’s competitors include LoanDepot’s Mello Unit and blockchain fintech Propy.
The escrow business is highly regulated and loan proceeds timing issues caused by the way the closures are in California ensnared mortgage managers accused of charging interest to borrowers before state law permitted it. what is now United Wholesale Mortgage settled a regulatory complaint over excess interest for $1.4 million in April 2017. PrimeLending was fined $1.6 million for a similar offense the previous November.
Pickford is headquartered in San Diego, while Legendary Escrow Services has branches in Rancho Cucamonga, Rancho Cucamonga South, Anaheim Hills, Indian Wells, Murrieta, and Palm Springs.
“We are delighted to be able to continue to provide our customers with the high levels of service that both companies are known for in their market,” Gordon Miles, president and chief operating officer of Legendary Escrow Services, said in a statement. hurry. “This is a great opportunity to better serve our network of offices and agents with an expanded reach.”
Pickford has 20 offices in Southern California and approximately 90 employees.