Cendant Settlement Services Group today said it will begin operating under a new name, Title Resource Group, as a result of Cendant‘s decision to spin off its four business lines as standalone companies.
The newly renamed Title Resource Group is a subsidiary of the Real Estate Services Division of Cendant Corp. That division is expected to spin off from Cendant in June 2006 to form Realogy Corp., which will be Title Resource Group’s new parent company.
Cendant, a real estate franchise giant that also has businesses in travel and hotel services, in October 2005 said it would split the corporation into four independent, publicly traded companies. The new companies will consist of one each for Cendant’s real estate, travel distribution, hospitality and vehicle rental businesses.
At the time, Cendant said the breakup was aimed at boosting its stock value.
“We are proud of our new identity and excited about our future,” said Donald J. Casey, president and CEO of Title Resource Group, in a statement. “The name ‘Title Resource Group’ embodies who we are as a national network of title and settlement services companies.”
Originally formed in April 2002, Title Resource Group is a full-service title, settlement and vendor management services company. TRG serves real estate companies, corporations and financial institutions in support of residential and commercial real estate transactions.
TRG has 2,800 employees and 500 offices, and it is licensed in 37 states and Washington, D.C. Each of TRG’s 55 subsidiary companies will continue to operate under their existing names in their respective local markets.
TRG will remain headquartered in Mount Laurel, N.J., the company said.