Market Trends in Title Agency & Settlement Services
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1 Market Trends in Title Agency & Settlement Services Pennsylvania Land Title Association The Homestead June 5, 2006 Joe Casa, Founder and Publisher October Research Corporation
2 Future Trends 1. Mortgage fraud 2. Predatory lending 3. RESPA Reform (consumer shopping, packaging) 4. MLS Ownership/access 5. AfBA CBA s Title insurance rates 6. Realtor commissions/fisboi 7. Immigrant markets 8. E mortgage 9. GSE Reform 10. Public record access 3
3 Future Trends Market & customer needs Packaging continues as centerpiece of lenders & builders Unique bundles AfBA Offerings High technology integration Data scraping Fuzzy logic Transaction Management Platforms Title & settlement technology ASP vs Desktop. VMC OMF vs title production Costs to get connected 4
4 Future Trends Products and Services Full title products to lose share as a % of total market Market bifurcation & segmentation Substitute and low-cost products in demand Balloon, refis new note only requires endorsement Underwriter substitutes Unique bundles requirements emerging VMC services needed in purchase markets Pest & home inspection, surveys 5
5 Future Trends Consolidation in all sectors Settlement services, mortgage, real estate 25 important companies in each segment Small and large firms best positioned Local agency strategy should differentiate on consumer closing experience Commodity-like markets emerging How do you differentiate? Rates increase Refi continues to normalize Equity stable but cost pressures continue Purchase markets strong 6
6 Future Trends Good closing experience at a premium Critical path to success Market pressure on closing costs will ease Chicago Tribune By one estimate, three out of every 10 mortgage settlements have at least one error. The mistakes cost the lending industry millions of dollars that some say are passed on to homebuyers and sellers as excessive fees. Errors range from poor spelling to mistakes in calculating escrow payments for property taxes. Escrow errors often involve use of an outdated assessment rate by the closing agent, attorney, or escrow company to determine how much money the borrower will pay each month, together with the mortgage payment. 7
7 AfBA Markets Competitive positioning Title companies, law firms, settlement services New earning streams Realtors, originators and builders Revenue per transaction >$250 Expanded product model >$500 Enhance consumer experience Wachovia, Citi, BA, Process improvements Risk mitigation Lending Tree, Quicken, E Loan 8
8 In the Cross Hairs Regulatory Environment RESPA Reform GFE Lite State CBA statutes NY Settlement DOI Initiatives GLB passes banks on DOI rules Outside business vulnerability* Plaintiff bar* Class action (Ohio) Disclosure and steering claims 9
9 Research Results Origination Data Transaction Management Efficiency Report Title Agency System National Mortgage Origination Survey National Closing Survey Independent Title Agent Survey Title Agent Technology Study 10
10 Origination Volume $4,500 $4,000 $3, In M illions $3,000 $2,500 $2,000 $1, $1,000 $ $ E 11
11 Re-fi Share of Mortgage Originators 58.6% 63.1% 72.0% 51.7% 47.8% 42.1% YTD 12
12 Mortgage Share of Top Originator 74% 77% 80% 83% 87% 44% 47% 45% 47% 48% Top 5 Top 25 13
13 Impact of Transaction Management Systems on Title Agency Costs (Purchase transaction) Process Order Entry Title Plant Closer Processor Escrow Warehouse Total Time (minutes) Total Time (hours) Traditional 47 min. 45 min. 303 min. 20 min. 51 min. 465 min. 7.7 hrs. TMS 35 min. 30 min. 205 min. 11 min. 47 min. 328 min. 5.5 hrs. TMS Savings Per Transaction TMS Savings 11 min. 15 min. 99 min. 9 min. 4 min. 137 min. 2.3 hrs. 24% 33% 33% 44% 8% 30% 30% 14
14 Impact of Transaction Management Systems on Title Agency Costs (Refinance transaction) Process Order Entry Title Plant Closer Processor Escrow Warehouse Total Time (minutes) Total Time (hours) Traditional 23 min. 45 min. 203 min. 19 min. 49 min. 338 min. 5.6 hrs. TMS 20 min. 30 min. 145 min. 8 min. 44 min. 247 min. 4.1 hrs. TMS Savings Per Transaction TMS Savings 3 min. 15 min. 58 min. 11 min. 5 min. 91 min. 1.5 hrs. 11% 33% 29% 56% 11% 27% 27% 15
15 Home Equity Market Value Title Product # Transactions Avg. Price Total Value Deed Report 2,677,922 $40 107,116,869 Short title/property reports 2,677,922 $70 187,454,520 LTA Title Insurance/closing 3,351,433 $750 2,513,574,972 8,707,277 2,808,146,362 Usage Assumptions Deed Report Short title/property reports Used on best customers with scores above 630 Used on best customers with scores above 630 LTA Title Insurance/closing All sub prime and prime on loans greater than $200k Based on 5.9m prime home equity loans originated and 2.8m sub prime loans. 16
16 Title Agency Technology Adoption (Refinance Before/After) Order/ Data Entry Exam/ Municipal Reading Closing Desk Escrow Officers Post Packaging $15.27 Pre-Tech $7.93 $2.72 $22.35 $56.68 $22.53 $12.06 Tech Install $8.57 $1.80 $12.06 $48.07 $17.78 Tech Savings ($) ($0.63) $0.92 $10.29 $8.62 $4.75 $3.21-8% 34% 46% 15% 21% 21% 17
17 Title Agency Technology Adoption (Refinance Before/After) Funding Recording Faxes Couriers Phone Overall Pre-Tech $7.81 $19.83 $0.68 $64.00 $1.70 $ Tech Install $5.71 $19.83 $0.65 $64.00 $1.26 $ Tech Savings ($) $2.10 $0.00 $0.04 $0.00 $0.44 $ % 0% 6% 0% 26% 13.40% 18
18 AfBA Markets AfBA Financial Model Title Insurance Sales 100.0% Cost of Sales Information Labor 33.0 Labor (NE) 10.0 Total Labor 43.0 Cost of Premium 5.0 Other Direct Exp. 4.0 Total Cost of Sale 52.0 ABA Financial Model Vendor Services (Valuation, pest, home) Sales 100.0% Cost of Sales Contractor fee 70.0 Labor (NE) 5.0 Total Labor 75.0 Other Direct Exp Total Cost of Sales 77.0 Gross Profit 23.0% Gross Profit 48.0% 19
19 Independent Title Agent Survey
20 Survey objectives Profile the independent title agent See the market through their perspective Learn about their business practices Understand their technology usage and needs Learn what influences them to do business with others 21
21 Survey methodology 30 minute phone interviews with agency owners/gms Agencies qualified by size and number of years in business No direct operations included from top five underwriters Survey data collected & analyzed by professional statisticians 450 surveys conducted in four U.S census regions National yellow pages Conducted proportionately to agent population 22
22 Three Volumes VOLUME I: Measures and analyzes independent title agents technology and software preferences, including usage, satisfaction and selection techniques, and future needs. VOLUME II: Reports independent title agents perceptions and preferences about underwriters, and key business practices. VOLUME III: Surveys the largest agency operations in the country; reports their perspectives on the same key technology preferences and business practices as above. 23
23 Business Perspectives Total Office Revenue $6-10 mil. 2% $3-5 mil. 7% $11-20 mil. 1% >$20 mil. 2% $1-2 mil. 35% <$1 mil. 53% General Agent Survey 24
24 Business Perspectives Number of Years in Business 2-5 yrs. 26% 16+ yrs. 44% yrs. 12% 6-10 yrs. 18% General Agent Survey 25
25 Business Perspectives Greatest Opportunity in the Next 12 Months Grow business/increase share & customers 25% Expand geographically/open new offices Growing home sales/new construction 14% 16% Affiliated business arrangements Good economy Lower/stable interest rates New/upgraded technology Referrals/good contacts 5% 4% 4% 4% 4% Other opportunities 7% None/can't think of any 18% 0% 5% 10% 15% 20% 25% 30% 26
26 Business Perspectives Controlled/Affiliated Business Arrangements With Other Companies Do not have CBAs 73% Do have CBAs 27% 27
27 Business Perspectives Most Popular Sources for Industry News Underwriters bulletins/newsletters 67% The Title Report 49% Title News (ALTA) 21% National Mortgage News RESPAnews.com Settlement Services Today State/regional Land Title assns. The Legal Description Wall Street Journal 10% 8% 6% 6% 6% 6% 0% 10% 20% 30% 40% 50% 60% 70% 28
28 Business Perspectives Agency Business Perspectives 29
29 Business Perspectives Most large agents are open to trying new underwriters. To get their business, the underwriter would have to provide attractive premium splits and fees and bring in new clients. Large agency managers were much more open to switching underwriters than smaller title agents. 30
30 Business Perspectives Primary Underwriters First American Title Stewart Title Chicago Title Fidelity National Title Commonwealth Land Title Lawyers Title Old Republic National Title Ticor Title Transnation Title United General Title All Others 3% 3% 3% 6% 9% 9% 10% 12% 13% 15% 18% 0% 5% 10% 15% 20% General Survey 31
31 Business Perspectives Primary Underwriters Stewart Title 25% Chicago Title First American Title 13% 13% Fidelity National Title Old Republic National Title 9% 9% Lawyers Title Land Title Title Resources Guaranty 4% 4% 5% All Others 20% 0% 5% 10% 15% 20% 25% 30% Large Agent Survey 32
32 Business Perspectives Number of Other Underwriters Used Regularly (Besides Primary & Secondary Underwriters) Five 1% Four 2% None 73% Three 3% Two 7% 25% Use more than 2 One 14% General Agent Survey 33
33 Business Perspectives Favorite Underwriter (among 39% who use two or more underwriters and have a favorite) Lawyers Title Old Republic Stewart Title 14% 14% 14% Fidelity National First American Title Resources Guaranty 9% 9% 9% Others 32% 0% 10% 20% 30% 40% Large Agent Survey 34
34 Business Perspectives 50% 40% Underwriter Staff Member Who Most Influences Favorite Lender Status (among 39% who have a favorite underwriter) 42% 30% 20% 20% 16% 10% 8% 8% 4% 0% No particular person Account representative Att./underwriting counsel Regional manager Title manager CEO Large Agent Survey 35
35 Business Perspectives How Often Are Agencies Asked or Pressured to Insure Over Certain Items? Never asked 27% Asked very often 20% Asked rarely 20% Asked sometimes 33% 36
36 Technology Perspectives Technology Perspectives 37
37 Technology Perspectives Brand of Software by Product TSS Title Express 9% LandTech for Windows 10% Developed in-house 10% SoftPro (FNIS/SoftPro) 51% AIM for Windows (Landata) 20% General Agent Survey 38
38 Technology Perspectives Primary Uses of Software Commitment & policy production 98% Order entry 95% Order management 93% Escrow & closing documents HUD applications or forms 89% 89% 0% 20% 40% 60% 80% 100% General Agent Survey 39
39 Doing business online What percentage of your incoming orders and outgoing products are transmitted online via PDF/Data packets (not including messages)? >50% say less than 10% of their products are delivered electronically 12% say up to 20% 10% say up to 40% 18% say up to 60% 40
40 Technology Perspectives Agencies & their Realtor Customers' Use of Transaction M anagement System Platforms Use platform 11% Don't know/don't know what it is 21% D o n' t use platform 68% 41
41 THANK YOU! Download joecasa@mindspring.com
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