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Transcript of Gators Study Final 041406
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8/3/2019 Gators Study Final 041406
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2006 October Research Corporation
1
2
Introduction
Page 1
Project Scope
Page 2
Study Methodology
Page 3
Executive Summary
Pages 4-5
Process Workflows
Page 6-7
Study Findings
Page 8-13
About October Research
Page 14
Appendix
Page 15
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Introduction
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GATORSystems, a subsidiary of Fiserv Lending Solutions, provides paperless vendor management platform for the real estate mortgavendor management and settlement services industries. GATOR(General American Tracking, Ordering & Reporting System), enablvendor management personnel to: process title, appraisal and closiorders; perform curative work; store and track key milestones; retrievand deliver documents; generate management reports; update customrecords throughout the mortgage settlement process; and proceaccounts payable and receivable.
Fiserv Lending Solutions has retained October Research Corporation
conduct a study to measure cost and workflow efficiencies experienceby a Vendor Management Company (VMC) using the GATORENTERPRISE Vendor Management System (VMS). The objective is determine if a VMC incurs direct cost savings and/or increaseproduction capacity using GATORS ENTERPRISE in comparison another vendor management technology which was recently replacewithin the production operation of Equity Settlement Services, Inc. (ESSan independent VMC with headquarters in Smithtown, New York.
Process workflows, both before- and after-GATORS ENTERPRISimplementation, were analyzed and documented. This study providactivity-based cost models and detailed gap analyses. Study results a
arranged in the following sections:
Project ScopeStudy MethodologyExecutive SummaryProcess WorkflowsStudy Findings
____________________________________________________
Simply put, it is difficult to convey all of the benefits the GATORS conversio
has provided us in a few sentences. From improved vendor tracking, automated billing and payment, to having both of those items linked to each ti
and settlement transaction, along with quality reporting capabilities, has laid th
foundation to effectively manage vendors and move forward with our database
~ T. WentheVendor Manag
__________________________________________________________ GATORS is a registered trademark ofFiserv Lending Solutions.
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Project Scope
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This study focused on refinance mortgage transactions as ESS performsprimarily refinance transactions for its clients throughout New Yorkand the United States. The project scope includes review of onlythose tasks and processes within the residential refinance mortgagesettlement continuum, from the time the VMC receives an order froma mortgage lender or mortgage broker through to closing, funding andwarehousing of the loan. Additionally, the scope of the study includesroutine telephone and fax communications with parties involved in thetransaction, as well as the deliveries of overnight and courier-deliveredpackages. Finally, the project scope also includes requests for loan file
documents such as a survey, legal description, or related materialsreceived after the loan is funded and the file is warehoused.
The study measures tasks as they are performed but does not measuretime lags or down time between order and receipt of documentsfrom various third-party services. For example, the study measures thetime it takes the processor to request a payoff, HomeownersAssociation documents, taxes, etc., but does not include any lag timethat may occur between the order and receipt of those documents.
Data collection was conducted through a series of interviews withproduction and management personnel over a two-day period in May
2005, and again in February 2006. During the first on-site visit in May2005, the before-GATORS ENTERPRISE portion of the datacollection process was conducted. At the time, ESS was using anexisting vendor management technology developed by a third-partyvendor, and refined and updated over time by ESS informationtechnology personnel. The second on-site visit in February 2006,conducted approximately six months after the new system wasimplemented, was used to collect data for the after-GATORSENTERPRISE portion of the study.
Task durations were not rigorously timed. Professional observation,past interviews for similar studies, prior real estate settlement services
experience, and industry standards were used as guides to assess andvalidate these task times.
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Study Methodology
Page 3
* Actual order volumes were not disclosed byESS. Order volume estimates were derivedfrom similar studies, knowledge of the titleinsurance and vendor management industries,and estimates provided by October Researchconsultants familiar with vendor managementoperations.
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The study consisted of seventeen (17) interviews of data entry staff,processors, title examiners, closers, and operations managementpersonnel associated with conducting a refinance mortgage transaction.Each of these individuals had significant experience and intimateknowledge of the closing process both before and after GATORSENTERPRISE implementation. Their insights formed the basis fordeveloping task lists and assigning the order in which tasks were/areperformed within the title, appraisal and closing processes. They alsoprovided time estimates for each task based upon their own first-handknowledge of the process.
Interview participants described tasks within the production of astandard residential refinance loan and assigned corresponding tasktime estimates before the GATORS ENTERPRISE implementation.They also estimated the number of pre-GATORS ENTERPRISE phonecalls, faxes and courier services within each task. Participants thendescribed the same tasks and task times, as well as the facsimile,telephone, and courier communications involved in the process afterthe GATORS ENTERPRISE implementation. Throughout the course ofthe interviews, a comprehensive task list of workflows associated withresidential refinance transactions processed by this office wasdeveloped.
In addition, three (3) senior management personnel providedperspectives on wider functional attributes of GATORS ENTERPRISEand performance levels associated with pre- and post-GATORSENTERPRISE implementation. Much of the information obtained fromthese individuals formed the basis for the Additional Savings portionof the Section 6: Study Findings (Page 12).
This study is based on a combination of actual and estimated financialand production quantities and measurements, as ESS executives didnot wish to furnish certain specific financial or production performanceresults for this study.* However, they did agree to provide certain
improvement ratios, as well as telephone, facsimile, courier, andcompensation figures. Where estimates are provided, this report errson the side of conservatism so as not to overstate the savings that ESSderives using the GATORS vendor management platform.
In developing the activity-based cost models, company managementand information technology professionals provided per-minute andper-unit cost estimates for telephone, facsimile and courier charges.Salary and benefit figures and overhead-per-employee figures were alsoprovided. These estimates were applied uniformly to both pre- andpost-GATORS ENTERPRISEanalyses.
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Executive Summary
Page 4
The emergence of advanced Vendor Management Systems (VMS) in theU.S. mortgage financing industry offers settlement service professionalsan effective method to electronically order, organize, track, andcommunicate the information, documents, and activities associated withreal estate mortgage transactions. Fiserv Lending Solutions, formerlyknown as General American Corporation (GAC), developed andmarkets GATORS, a paperless vendor management platform for the realestate services vendor management industry.
This study analyzes one such company, Equity Settlement Services, Inc., a
national vendor management company with headquarters based inSmithtown, NY, that replaced its existing vendor management systemwith GATORS ENTERPRISE in mid-2005. While GATORSystems offersmultiple versions, this study is limited to GATORS ENTERPRISE, as thisis the solution adopted by Equity Settlement Services, Inc.
For refinance transactions, the use of GATORS ENTERPRISE
within the ESS office resulted in a cost savings per transactionof $29.71, a 13.4% savings.
Without actual production figures, we estimate that a company of therelative size of ESS processes between 1,000 and 1,500 orders per
month, or about 50 to 75 orders per day.* Based on the savings rateof $29.71 per transaction, the labor and communication cost
savings attributable to GATORS ENTERPRISE equals
approximately $30,000 to $45,000 per month, or about
$357,000 to $535,000 per year.
In addition, there are savings attributable to efficiencies outside theparameters of the transaction itself. A discussion of these additionalsavings is found in Section 6: Study Findings, Additional Cost Savings(Page 12).
____________
* Actual order volumes were not disclosed by ESS. Order volume estimates were derived fromsimilar studies, knowledge of the title insurance and vendor management industries, and estimatesprovided by October Research consultants familiar with vendor management operations.
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Executive Summary
Page 5
Results of this study also illustrate that the system can be integrated into avendor management company or large title agency without significant downtime, delay or disruption to normal business operations.
Based upon the Equity Settlement Services, Inc. study findings, it is evidentthat GATORS ENTERPRISE offers both quantitative and qualitative benefitsto the user and improves the overall customer experience.
Overall Cost Results
Table 1 presents the overall study findings. The vendor management
process was reviewed through a comparison of overall, estimated labor andcommunications (facsimile, telephone and courier) costs, per transactionbefore and after GATORS ENTERPRISE implementation. Overall,GATORS ENTERPRISE savings per refinance mortgagetransaction was $29.71, a 13.4% savings compared to ESS
previous vendor management technology.
TABLE 1Key Results
Vendor Management Process
Transactional
ProcessingCost
Pre-GATORS ENTERPRISE $ 221.50
GATORS ENTERPRISE $ 191.79
GATORS ENTERPRISE Cost Savings ($) $ 29.71
GATORS ENTERPRISE Cost Savings (%) 13.4%
________________________________________________________
I really like the GATORS product. It is much easier to use then our old system.
With GATORS, I save time and I am working more efficiently.
~ T. Sarli,
Data Entry Clerk
________________________________________________________
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Process Workflows
Page 7
TABLE 2
Task List - Refinance Transaction
Task # Description FacilitatorTask 1 Order received, checked for prior work, assigned order # Application/Order EntryTask 2 Enter property/tracking data in production system Application/Order EntryTask 3 Review Title Commitment Schedule A Data EntryTask 4 Review Title Commitment Schedule B Data EntryTask 5 Send vendor request - abstract/municipals - Fax or Email Examinations/MunicipalsTask 6 Confirm vendor receipt of abstract and municipal order Examinations/MunicipalsTask 7 Send order confirmation to client Examinations/MunicipalsTask 8 Receive abstract/municipals via fax or email; drop into doc manager ReadingTask 9 Read and extract information needed to produce commitment ReadingTask 10 Type (from reader sheet) paragraphs for commitment, legal desc. ReadingTask 11 Proofread title commitment ReadingTask 12 Scan commitment into doc manager Examinations/MunicipalsTask 13 Email or fax commitment to client Examinations/MunicipalsTask 14 Fax or email commitment to team member Examinations/MunicipalsTask 15 Attorney or borrower contacts closing desk to schedule closing Closing DeskTask 16 Order Continuation (bringdown) Closing DeskTask 17 Open Continuation task in Aptitude Closing DeskTask 18 Type faxed or phoned continuation data into system Closing DeskTask 19 Review title commitment for accuracy/typos Escrow OfficersTask 20 Verify property address, borrower information, fields, broker information Escrow OfficersTask 21 Insert bank/broker fees listed on closing instructions onto settlement statement Escrow OfficersTask 22 Verify Payoff and Disbursements as per banks instructions Escrow OfficersTask 23 Send settlement statement to bank and broker for approval by fax Escrow OfficersTask 24 Lender/broker sends HUD back with changes or approval Escrow OfficersTask 25 Fax amended HUD to lender/broker for final approval Escrow OfficersTask 26 Print out HUDS and affidavits and deliver to closing department Escrow OfficersTask 27 Schedule the Closer to conduct the closing Closing DeskTask 28 Closing package scanned and emailed to (out-of-state) closer or picked up Closing DeskTask 29 Closer closes the loan Closing DeskTask 30 Closer returns signed closing documents Closing DeskTask 31 Closing docs put in order based on bank requirement or standard packaging Post PackagingTask 32 Mark Continuation Task as complete; pull closing task over Post PackagingTask 33 Package UPS to the bank Post PackagingTask 34 Prefunding - File is reviewed to be sure all prior work done correctly Post PackagingTask 35 Contact lender to confirm receipt of package and all docs in file Post PackagingTask 36 Post incoming wire to Aptitude FundingTask 37 Cut disbursement checks FundingTask 38 Copy checks, separate and disburse checks, UPS to recipients FundingTask 39 Send preliminary HUD to client (if applicable) Funding
Task 40 Review Payoff Statement FundingTask 41 Hand-delivered closing package is logged in RecordingTask 42 Courier-delivered closing package is logged in RecordingTask 43 Tasked in computer/task for taxes opened RecordingTask 44 Documents put into holding drawer RecordingTask 45 Documents pulled; recordation request created, reviewed, tasked in Aptitude RecordingTask 46 Marked up title reviewed for satisfactions/scan whats left in package RecordingTask 47 Satisfactions received and tasked RecordingTask 48 Recording documents reviewed and sent for recording RecordingTask 49 Satisfactions reviewed and sent for recording RecordingTask 50 Recording receipt tasked as completed; scanned & returned to lender RecordingTask 51 Status calls handled by CSR desk RandomTask 52 Status calls referred to production staff Random
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ESS production personnel identified a number of key tasks and functions within the refinancmortgage settlement process where using GATORS ENTERPRISE offers labor and communicatiocost savings compared to the companys previous transaction management system.
Table 3 presents a side-by-side comparison of the estimated labor and communication cost(facsimile, courier and telephone) associated with a residential refinance transaction, before- anafter-GATORS ENTERPRISE implementation. The accompanying chart presents the saminformation in a graphical format. Overall, GATORS ENTERPRISE savings per transactio
was $29.71, a 13.4% savings. This translates to $29.24 in labor savings; $0.47
communication cost savings (Table 4).______________________________________________________________________TABLE 3
Cost Comparison Refinance Transaction
Order/DataEntry Exam/Municipal Reading ClosingDesk EscrowOfficers PostPackaging Funding Recording Faxes Couriers Phone OverallPre-GATORS $7.93 $2.72 $22.35 $56.68 $22.53 $15.27 $7.81 $19.83 $0.68 $64.00 $1.70 $221.50
GATORS $8.57 $1.80 $12.06 $48.07 $17.78 $12.06 $5.71 $19.83 $0.65 $64.00 $1.26 $191.79GATORSSavings ($) -$0.64 $0.92 $10.29 $8.61 $4.75 $3.21 $2.10 $0.00 $0.04 $0.00 $0.44 $29.71
GATORSSavings (%) -8% 34% 46% 15% 21% 21% 27% 0% 6% 0% 26% 13.4%
Graphical Depiction of Table 3 Data
Refinance Transaction
$7.93$2.72
$19.83
$1.26
$221.50
$22.35
$56.68
$22.53$15.27 $7.81 $19.83
$0.68
$64.00
$1.70$8.57
$1.80$12.06
$48.07
$17.78$12.06
$5.71
$0.65
$64.00
$191.79
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
CostperRefinance
Pre-GATORS $7.93 $2.72 $22.35 $56.68 $22.53 $15.27 $7.81 $19.83 $0.68 $64.00 $1.70 $221.50
GATORS $8.57 $1.80 $12.06 $48.07 $17.78 $12.06 $5.71 $19.83 $0.65 $64.00 $1.26 $191.79
Order/
Data Entry
Exam/
MunicipalReading
Closing
Desk
Escrow
Officers
Post
PackagingFunding Recording Faxes Couriers Phone Overall
Study Findings
Page
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Study Findings
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The study findings indicate that GATORS ENTERPRISE reduced the estimated labor expenseassociated with a refinance transaction from $155.12 to $125.88 per transaction, a 19% savings.Estimated communication costs declined from $74.07 to $59.94 per refinance transaction, a 1%savings.
______________________________________________________________________TABLE 4
Cost Comparison Refinance Transaction by Labor and Communications
Process Labor Communications
Pre-GATORS ENTERPRISE $155.12 $66.38
GATORS ENTERPRISE $125.88 $65.91
GATORS ENTERPRISE Savings ($) $29.24 $0.47
GATORS ENTERPRISE Savings (%) 19% 1%
Graphical Depiction of Table 4 Data
Refinance Transaction by Labor and Communications
$155.12
$125.88
$66.38 $65.91
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
C
ostperRefinance
Labor Expense $155.12 $125.88
Communication Cost $66.38 $65.91
Pre-GATORS GATORS
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Study Findings
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Table 5 presents the number of minutes invested, before and after GATORS ENTERPRISimplementation, and the total time savings (in minutes and hours) associated with GATORENTERPRISE utilization. Overall, GATORS ENTERPRISE savings per transaction was 0.6hours, a 9% savings.
TABLE 5Task Time Comparison Refinance Transaction
Order/Data Entry Exam/Municipal Reading Closing Desk EscrowOfficers PostPackaging Funding Recording Total Time(Minutes) Total Tim(HoursPre-GATORS 25.0 Min. 9.2 Min.
47.8Min. 159.7 Min. 65.4 Min. 43.0 Min. 22.0 Min. 62.5 Min. 434.6 Min. 7.24 Hr
GATORS 27.0 Min. 5.7 Min. 38.0Min. 151.5 Min. 56.0 Min. 38.0 Min. 18.0 Min. 62.5 Min. 396.7 Min. 6.61 HrGATORS Savings($) -2.0 Min. 3.5 Min. 9.8 Min. 8.2 Min. 9.4 Min. 5.0 Min. 4.0 Min. 0.0 Min. 37.9 Min. 0.63 Hr
GATORS Savings(%) -8% 38% 21% 5% 14% 12% 18% 0% 9% 9%
_______________________________________________________________
The real power of GATORS is the combination of all its tools, including Vendor Managemen
Work Flow (tasks and processing points), Customer and Vendor Internet Access, MulCompany Codes, Integration of Overnight Delivery, Title Modules, the Closing Module, the InProducts Module and Document Management. The integration of all of these capabilities
one software package provides the ability to tightly manage the end-to-end process of a Ti
and Closing Order, insuring we consistently deliver highly competitive turn times and the be
quality to our customers while also ensuring that standard and consistent processes a
followed by all our staff.~ M. Jira
Chief Operating Offic
_______________________________________________________________
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Study Findings
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Additional Cost Savings
Four (4) key elements characterize the efficiency gains and resulting cost savings thatGATORS ENTERPRISE brings to the ESS operation outside the workflow measured in thistudy:
Overall Vendor ManagementEquityNET Web-based Order Entry
Recording and Premium CalculationsException Management
Overall Vendor Management
There are two distinct, but interrelated, components to vendor management. The firstinvolves managing vendor responsiveness, which leads to improved quality, better ordeturnaround times, improved customer service, and increased customer satisfaction. Thesecond involves managing vendor fees to be sure that fees for individual orders areconsistent with the agreed-upon fees for services negotiated when the vendor was placed onthe fee panel. Based on discussions with ESS production and management personnelGATORS ENTERPRISE significantly improves both of these vendor managemen
components.
On the vendor responsiveness side, ESS uses GATORS ENTERPRISE to track, update andreport the status of each outstanding title, appraisal and closing order. If an order becomelate, the order automatically transfers to a follow-up queue that is monitored by the vendomanager. A click of a button sends a message to the vendor as a reminder that the task ioutstanding and the vendor is prompted to provide a status update.
Since the inception of GATORS ENTERPRISE, ESS reports the turnaround time in deliveringtitle commitments to its customers has improved by almost 20%.
On the vendor fee management side, GATORS ENTERPRISE improves vendor paymen
management by making sure that fees paid for individual services are consistent with the feenegotiated with the vendor at engagement. Before implementing GATORS ENTERPRISE, ESShad to pay an accounts payable clerk to verify the accuracy of each line item on a vendorinvoice. The company was spending more money to verify invoice amounts then it would bysimply paying the bottom line charges. The implementation of GATORS ENTERPRISE haseliminated this challenge.
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Study Findings
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Additional Cost Savings
Overall Vendor Management (continued)
Today, each outgoing order includes a note to remind the vendor of the agreed upon price.Once returned, GATORS ENTERPRISE automatically approves the agreed upon fee forpayment. Thereafter, the vendor receives a list of completed orders, a check for the dollaramount owed, and a letter from COO, Monte Jiran, thanking him or her for being an EquitySettlement Services vendor.
ESS reports that, during the first three months of operation, the new billing system hasresulted in a 7% reduction in abstract unit cost.
EquityNET Web-Based Order Entry
Another savings outside the order workflow involves a GATORS feature that gives ESS anInternet presence for clients and vendors to communicate online with ESS. The system,which ESS branded as EquityNET, gives clients Internet access to place and track outstandingorders. Currently, about 30% of all orders are entered by the client rather than an ESSemployee. Each order that is entered by a client is an order that ESS personnel dont have
to re-key themselves, thus saving time and allowing these individuals to be more efficient intheir work.
Within the transaction, we found that it takes an operator approximately 2 minutes to enteran order into GATORS ENTERPRISE. The corresponding order entry labor cost task isapproximately $1.00 based on the study results for this task. Therefore, using the estimateof ESS processing about 1,000 to 1,500 orders per month, the company saves about $1,000to $1,500 per month by enabling clients to enter orders into GATORS ENTERPRISE online.*
Using ESS figure of 30% as the percentage of title and closing orders entered by the client, avendor manager of similar size and order volume would realize a savings of about $300 to$450 per month in order entry costs using GATORS ENTERPRISE. This translates into
approximately $3,600 to $5,400 per year for just order entry.
____________
* As previously noted, actual order volumes were not disclosed by ESS. Order volume estimates were derived from similarstudies, knowledge of the title insurance and vendor management industries, and estimates provided by October Researchconsultants familiar with vendor management operations.
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Study Findings
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Additional Cost Savings
Recording and Premium Calculations
Another additional savings outside the transactional workflow came from a more efficient wayof calculating recording fees and title premiums. Prior to implementing GATORS ENTERPRISE,ESS manually calculated recording fees, a labor intensive and costly job that often resulted induplicative work when a fee was incorrectly calculated. Typically, overages were reimbursed to
the customer and shortages were paid for out of the firms operating account. Either way, themanual calculation process cost ESS time and money.
GATORS ENTERPRISE features a fee calculator that automatically calculates and enterspremium and recording fees on the HUD-1 form. GATORS ENTERPRISE monitors changes infees and updates the system nightly to reflect these changes. This frees ESS of the requirementand the resulting cost of monitoring every county and jurisdiction in which it conductsbusiness. In turn, it enables ESS personnel more time to devote to customer service functions.
Note: ESS has not begun to quantify or track the cost saving implications of GATORSENTERPRISEs calculator feature.
Exception Management
Advanced vendor management technologies have automated much of the order, tracking,quality control, accounting and delivery continuum. Among the positive outcomes ofautomation is the ability to focus resources on fixing problem orders while allowing the rest toprogress though the system free of manual intervention. This is essentially what the concept ofexception management is all about.
Earlier, we described the process whereby delays in the normal order workflow are flagged byGATORS ENTERPRISE for follow up with the vendor. Such a routine falls within the realm ofexception management. Likewise, when a problem is identified concerning the property, chainof title, appraisal, ownership rights, taxes, or other appraisal, title, or closing task, the order is
assigned to a problem-task queue. Customer service representatives monitor the queue andwork with the vendor and/or client to resolve any issues that may arise within the productioncontinuum. As a result, ESS can manage exceptions to the normal order flow and let thesystem manage the rest.
As mentioned previously in overall vendor management cost savings, ESS has experienced anapproximate 20% improvement in title commitment turnaround times since the inception ofGATORS ENTERPRISE.
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7About October Research
Page 14October Research Corporation
Located in Richfield, Ohio, October Research Corporation is thenations leading provider of market intelligence, business news andregulatory information for the real estate, settlement services andmortgage origination industry. Reflecting its extraordinary growth,the company was named a top ten Weatherhead Company by CaseWestern Reserve University in 2005.
The company publishes several premium newsletters including Real
Estate Technology News, The Legal Description, The Title Report andValuation Review. In addition to these publications, the companyproduces industry-leading news portals which includeBrokerNewswire.com and RESPAnews.com. October Researchsinformational publications and newsletters are read by over 75,000real estate service professionals each week.
The company also has two divisions supporting market research andlearning:
October Studies Produces groundbreaking research reports,customized research studies and industry surveys for real estate,settlement services and mortgage origination firms including The
Mortgage Lender Survey, The National Real Estate Survey, and theNational Appraisal Survey which was widely cited by the nationalmedia including The Wall Street Journal, CNBC and NBC NightlyNews.
October Seminars Delivers interactive audio conferences, localseminars and national conferences that assist real estate, settlementservices and mortgage origination companies in educating keymanagers and executives. Industry executives are provided acompetitive edge with ongoing updates on emerging trends, theircompetitors and customers. October Seminars has produced severalpioneering audio workshops including the 2004 e-Radio Technology
Series and RESPA Radio Adapting to the Rule. In 2005, thecompany produced the nations first National Settlement ServicesSummit.
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Appendix
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Why Choose October Studies
October Studies has a deep and broad working knowledge of the realestate, settlement services and mortgage origination industries, as wellas the respective customer markets. We are continually researchingvarious segments to understand the underlying rhythms of theseindustries, and to help define the trends that manifest in these changingtimes.
Our daily experience of collecting and reporting on the real estate,settlement services and mortgage origination segments provides us an
imbedded knowledge that differentiates October Studies from mostother companies in the research industry. We are in a distinctiveposition to monitor and evaluate how regulation, technology andvarious business initiatives interact and affect competitive strategies.This knowledge allows us a unique insight into research assignmentsthat directly benefit companies requiring a high level of competency inmarket research.
Our team is made up of individuals with over a combined 50 years ofexperience in primary research and market intelligence. We apply ourresearch and reporting efforts for the benefit of our clients. We workclosely with our clients to learn their business objectives, define the
hurdles they face and appreciate the pressures, both internal andexternal, that mold their businesses. We bring this knowledge, thirstfor better understanding, and attention to detail to all of our studiesand educational seminars.