HomeServices of America expands into mortgage servicing

HomeServices of America, a division of Berkshire Hathaway, has announced that its subsidiary, Prosperity Home Mortgage LLC, is expanding its operations to include mortgage servicing. This move allows the company to manage loans beyond the initial closing process, rather than selling servicing rights to third parties as it has done previously.

Prosperity Home Mortgage currently originates approximately $9 billion in loans annually through roughly 21,000 transactions. By adding servicing, the company aims to provide a vertically integrated platform that includes home search, residential brokerage, mortgage origination, title and escrow, and property and casualty insurance.

Chris Kelly, president and CEO of HomeServices of America, stated that the goal is to reduce the number of handoffs consumers experience during the homeownership journey. Justin Messer, president and CEO of Prosperity Home Mortgage, noted that servicing will allow the firm to maintain continuity with clients for payment processing, escrow administration, and future financing needs.