9 title insurance coverage firms named to Inc. 5000 – HousingWireAugust 17, 2022
Precedence Title & Escrow ranked highest for the second 12 months in a row, whereas Celebration Title Group made its Inc. 5000 debut
A complete of 9 title insurance coverage and settlement companies suppliers had been named to the Inc. 5000 checklist of America’s quickest rising personal firms for 2022. In 2021, 12 corporations made the checklist.
The self-reported checklist is comprised of the 5,000 quickest rising personal firms within the U.S. based mostly on proportion income progress from 2018 to 2021. To qualify, firms will need to have been based and producing income by March 31, 2018. They have to be U.S.-based, privately held, for-profit, and unbiased–not subsidiaries or divisions of different firms–as of December 31, 2021. The minimal revenues required are $100,000 for 2018 and $2 million for 2021.
Virginia Seashore-based Precedence Title & Escrow got here in because the top-ranked title firm for the second 12 months in a row, rating at No. 984, with 661% progress charge over three years. That is the agency’s sixth consecutive 12 months on the checklist and its second highest placement on the rating. In 2021, it got here in at No. 793.
The eight different title service suppliers on the checklist included AccuTitle (No. 1115), Celebration Title Group (No. 1149), World Extensive Land Switch (No. 1932), PropLogix (No. 2317), Centurion Land Title (No. 3093), First Nationwide Title Insurance coverage Firm (No. 3792), TitleSmart (No. 3808), and Clear Title Company of Arizona (No. 4059).
That is Celebration Title Group’s first 12 months making the checklist, whereas Centurion Land Title and Clear Title Company of Arizona are showing again on the checklist after their most up-to-date appearances in 2020 and 2018, respectively. Celebration Title Group can be the youngest title agency on the checklist, having been based in 2016 by CEO Amanda Douglas.
Coming in because the second ranked title agency and enchancment of 1 place over 2021, its first 12 months on the checklist, AccuTitle recorded a strong three-year progress charge of 582%. Its 2022 rating can be an enchancment over its 2021 rating of 1575. The agency’s CEO Invoice Bartzak got here from a medical software program background and when he entered the title business, he started in search of methods to streamline the closing course of
“We needed to determine the place we might create some efficiencies and possibly put some firms collectively that made sense,” Bartzak mentioned.
Initially this meant AccuTitle bought 4 closing software program suppliers, together with Closers’ Alternative and Landtech, however extra lately Bartzak mentioned his agency has entered into extra strategic partnerships with distributors servicing different elements of the closing expertise, corresponding to distant on-line notarization firms.
“There are all these different ancillary companies essential to facilitate closings and that’s what we’re now — pursuing nearer relationships with these third social gathering distributors,” he mentioned.
As refinance quantity dries up and buy quantity decreases, Bartzak mentioned he feels his Ship Backside, New Jersey-based agency is able to sort out the problem.
“It’s undoubtedly slowing down,” Bartzak mentioned. “The variety of transactions is down, however our enterprise continues to develop. So, as we lose some transaction quantity, we make it up in different areas of service and it seems to be like our numbers this 12 months will probably be increased than final 12 months.”
Nonetheless, regardless of the challenges dealing with the business, together with comparatively excessive rates of interest and reducing housing affordability, Bartzak mentioned AccuTitle is doing roughly 80,000 closing a month.
Wanting forward, Bartzak feels that the closing course of will proceed to be streamlined.
“I feel that’s going to be the massive matter right here the following couple of years — simply making the method as straightforward as doable for the brokers, underwriters, all of the distributors, the search firms, and the lender, and enabling them to speak underneath one roof or on this case expertise platform, however there are solely going to be a handful of platforms that win out and we totally anticipate that we’re going to be a kind of left standing on the finish,” he mentioned.
The entire checklist of title insurance coverage firms on the Inc. 5000 checklist are under:
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