WARWICK – A national title insurance, search, settlement and escrow provider opened an operations center Tuesday at Summit Office Park here.
Marc Trachtenberg, CEO of Plymouth Meeting, Pa.-based The Silk Companies, wrote in an email that the company already has hired 10 employees and plans to expand to 100 by the end of next year.
The operations center, described by the company as high-tech and state-of-the-art, is part of Silk’s plan to leverage its network in the New England region.
“Rhode Island is a very strong market for title and settlement personnel, making the Warwick location a logical choice,” Lance Silver, chairman of Silk, said in a statement.
Trachtenberg elaborated, saying that Rhode Island was appealing because “there is a great labor force,” noting there is a lot of young talent coming from colleges both in the state and Boston, and the space available in Rhode Island is “very competitive.” He said Warwick was specifically chosen for its central location in the state.
Silk Title & Escrow LLC has seen its business grow by more than 500 percent over the last year.
“This success is a result of our proprietary business process and forward-thinking technology, which has allowed us to acquire new clients and increase market share,” Trachtenberg said.
The company focuses primarily on collaborating with lenders to streamline their mortgage loan settlement processes to enable more loans to be closed in a more cost-effective manner.
“People, process and technology will certainly have a continued impact on the company as well as the industry. The opening of this center will spur the future growth of not only Silk Title & Escrow, but the Silk Companies in general,” Trachtenberg said.
