REAL Real Matters

Real Matters Issues Operations Update and Shares Latest Mortgage Market Data

Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL), today issued the following statement, providing an update on its operations and sharing the latest mortgage market data:

Today, the Mortgage Bankers Association (“MBA”) announced that mortgage applications were up 7.3% week-over-week, and up 59.1% year-over-year. Purchase applications were down 0.9% week-over-week and down 35.1% year-over-year. Refinance applications were up 10.1% week-over-week and up 192.0% year-over-year.

Over the last week, Real Matters’ appraisal and title volumes remained strong – higher than any week in 2019.

Based on external data points and conversations with our clients to date, we have received the following market indications:

  • Mortgage underwriting and processing pipelines are full despite the decline in purchase volume.
  • Given current underwriting capacity constraints, lenders are implementing a number of strategies to manage the flow of incoming volume, including: adjusting interest rates, extending rate lock periods, tightening credit standards and reducing focus on non-standard mortgage products.
  • Lenders are employing various strategies to shore up resources internally to support the mortgage origination channel, including: mandating overtime, creating incentives for employees, reprioritizing and deferring non-critical work, recruiting externally and using contractors where possible to create more capacity.
  • Larger lenders, whether bank or non-bank, appear to be better positioned to manage through the short term COVID-19 impacts and build capacity compared with small monoline lenders.
  • Lenders continue to request full interior appraisals for the majority of their mortgage orders, notwithstanding earlier guidance from regulators which temporarily allows for reduced scope appraisals due to COVID-19. Real Matters’ field professional network continues to follow physical distancing principles and we have sufficient network capacity to complete these orders. Although we offer reduced scope appraisals, these are being used by our clients on a limited basis and they are largely neutral to Real Matters from a Net Revenue(A) dollar perspective.
  • We have not seen any meaningful geographical shifts in order volumes for U.S. Appraisal and U.S. Title.

From an operations perspective, our team and field professional networks are performing well. Our clients continue to be satisfied with our turn-around times in U.S. Appraisal, we are meeting closing dates in U.S. Title and managing exceptions exceedingly well – demonstrating the resilience of our model and our ability to maintain our competitive advantage in this environment. From a sales perspective, with the exception of face-to-face client meetings, it has been business as usual. Our team continues to advance discussions with current and new potential clients, especially in our U.S. Title business.

As previously indicated, we estimate that at least 14.5 million mortgage holders are incented to refinance and that it would take approximately two to three years to cycle through this volume, taking into account a potential near-term slowdown in purchase volume, lender underwriting capacity due to COVID-19, and followed by an annual 20% increase in lender underwriting capacity.

Real Matters has a strong balance sheet with more than US$80 million in cash as of December 31, 2019, and we have no debt.

About Real Matters

Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include the majority of the top 100 mortgage lenders in the U.S. and some of the largest insurance companies in North America. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title and mortgage closing services in the U.S. Established in 2004, Real Matters has offices in Buffalo (NY), Denver (CO), Middletown (RI), and Markham (ON). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit .

(A) Non-GAAP Measures

Net Revenue does not have a standardized meaning prescribed by International Financial Reporting Standards and is therefore unlikely to be comparable to similar measures presented by other issuers. Net Revenue is more fully defined and discussed in the Company’s MD&A for the three months ended December 31, 2019, available on SEDAR at .

FORWARD-LOOKING INFORMATION

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

The forward-looking information in this press release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

The forward-looking information in this press release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2019, which is available on SEDAR at .

Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this press release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

EN
15/04/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Real Matters

Wedbush Research
  • Wedbush Research
2454 MEDIATEK INC.
MTB M&T BANK CORPORATION
UBI UBISOFT ENTERTAINMENT SA
VMW VMWARE INC. CLASS A
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
WBS WEBSTER FINANCIAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
VLY VALLEY NATIONAL BANCORP
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
SGMO SANGAMO THERAPEUTICS INC.
RHP RYMAN HOSPITALITY PROPERTIES INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
PZZA PAPA JOHN'S INTERNATIONAL INC.
PSTG PURE STORAGE INC. CLASS A
PEB PEBBLEBROOK HOTEL TRUST
PCRX PACIRA BIOSCIENCES INC.
NYCB NEW YORK COMMUNITY BANCORP INC.
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
KPTI KARYOPHARM THERAPEUTICS
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
GLPI GAMING AND LEISURE PROPERTIES INC.
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
EXPE EXPEDIA GROUP INC.
CTMX CYTOMX THERAPEUTICS INC.
CMRX CHIMERIX INC
CFG CITIZENS FINANCIAL GROUP INC.
BPMC BLUEPRINT MEDICINES CORP.
BMRN BIOMARIN PHARMACEUTICAL INC.
BKU BANKUNITED INC.
BIIB BIOGEN INC.
BBY BEST BUY CO. INC.
AXTI AXT INC.
ARDX ARDELYX INC
HST HOST HOTELS & RESORTS INC.
GRBK GREEN BRICK PARTNERS
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
HPE HEWLETT PACKARD ENTERPRISE CO.
UTHR UNITED THERAPEUTICS CORPORATION
CLSD CLEARSIDE BIOMEDICAL INC
ALBO ALBIREO PHARMA
PK PARK HOTELS & RESORTS INC.
REAL REAL MATTERS
ANAB ANAPTYSBIO INC.
KALA KALA PHARMACEUTICALS INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
GTHX G1 THERAPEUTICS
ALPN ALPINE IMMUNE SCIENCES
VRNA VERONA PHARMA ADS
VICI VICI PROPERTIES INC
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
APLS APELLIS PHARMACEUTICALS
BKNG BOOKING HOLDINGS INC.
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
AVGO BROADCOM INC.
ZS ZSCALER INC.
SURF SURFACE ONCOLOGY
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
LQDA LIQUIDIA CORPORATION
REPL REPLIMUNE GROUP
AX AXOS FINANCIAL INC.
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
LYFT LYFT
UBER UBER TECHNOLOGIES INC.
BCEL ATRECA
DELL DELL TECHNOLOGIES INC CLASS C
STOK STOKE THERAPEUTICS
IGMS IGM BIOSCIENCES
SWTX SPRINGWORKS THERAPEUTICS
AQST AQUESTIVE THERAPEUTICS
IDYA IDEAYA BIOSCIENCES
PASG PASSAGE BIO
BDTX BLACK DIAMOND THERAPEUTICS
ACET ADICET BIO INC
ITOS ITEOS THERAPEUTICS
ORIC ORIC PHARMACEUTICALS
ZNTL ZENTALIS PHARMACEUTICALS
PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
TVTX TRAVERE THERAPEUTICS INC
DASH DOORDASH
ABNB AIRBNB INC. CLASS A
LSEA LANDSEA HOMES CORP (A)
VRDN VIRIDIAN THERAPEUTICS INC
PLTK PLAYTIKA HOLDING
NUVB NUVATION BIO INC (A)
RBLX ROBLOX
DAWN DAY ONE BIOPHARMACEUTICALS INC
ELEV ELEVATION ONCOLOGY
OMGA OMEGA THERAPEUTICS
LBPH LONGBOARD PHARMACEUTICALS
THRX THESEUS PHARMACEUTICALS
MRVL INC.
STX MARVELL TECHNOLOGY INC
APP SEAGATE TECHNOLOGY HLDGS PLC
DSGN APPLOVIN CORP
ATXS DESIGN THERAPEUTICS INC
AVTE ASTRIA THERAPEUTICS INC
GFS AEROVATE THERAPEUTICS INC
RLYB GLOBALFOUNDRIES INC
KRTX RALLYBIO CORP
FUSN KARUNA THERAPEUTICS INC
YOU FUSION PHARMACEUTICALS INC
VIGL CLEAR SECURE INC
MLTX VIGIL NEUROSCIENCE INC
SOUN MOONLAKE IMMUNOTHERAPEUTICS
EWTX SOUNDHOUND AI INC
DDI EDGEWISE THERAPEUTICS INC
SKLZ DOUBLEDOWN INTERACTIVE CO LTD
EMBRAC B SKILLZ INC
EMBRACER GROUP AB
Matt Quigley ... (+2)
  • Matt Quigley
  • Tom Nikic
 PRESS RELEASE

Real Matters Announces Election of Directors

TORONTO--(BUSINESS WIRE)-- Real Matters Inc. (“Real Matters”), a leading network management services platform for the mortgage and insurance industries, today announced that all of the nominees listed in Real Matters’ management information circular dated December 14, 2023, were elected as directors of Real Matters. The detailed results of the vote for the election of directors held at Real Matters’ Annual Meeting of Shareholders are set out below: Each of the following seven nominees proposed by management was elected as a director of Real Matters: Nominee Votes For % Votes ...

Wedbush Research
  • Wedbush Research
TPX TEMPUR SEALY INTERNATIONAL INC
W WAYFAIR INC.
MTB M&T BANK CORPORATION
ADS ADIDAS AG
PMT PENNYMAC MORTGAGE INVESTMENT TRUST
USB U.S. BANCORP
ZION ZIONS BANCORPORATION N.A.
WTFC WINTRUST FINANCIAL CORPORATION
WSM WILLIAMS-SONOMA INC.
WBS WEBSTER FINANCIAL CORPORATION
WAL WESTERN ALLIANCE BANCORP
VLY VALLEY NATIONAL BANCORP
TSCO TRACTOR SUPPLY COMPANY
TCBI TEXAS CAPITAL BANCSHARES INC.
SKX SKECHERS U.S.A. INC. CLASS A
SHOO STEVEN MADDEN LTD.
RF REGIONS FINANCIAL CORPORATION
PPBI PACIFIC PREMIER BANCORP INC.
PB PROSPERITY BANCSHARES INC.(R)
NYCB NEW YORK COMMUNITY BANCORP INC.
MTH MERITAGE HOMES CORPORATION
LOW LOWE'S COMPANIES INC.
KEY KEYCORP
HMST HOMESTREET INC.
HD HOME DEPOT INC.
HBI HANESBRANDS INC.
HBAN HUNTINGTON BANCSHARES INCORPORATED
HAFC HANMI FINANCIAL CORPORATION
GPC GENUINE PARTS COMPANY
GOOGL ALPHABET INC. CLASS A
FRC FIRST REPUBLIC BANK
FITB FIFTH THIRD BANCORP
FHN FIRST HORIZON CORPORATION
FFWM FIRST FOUNDATION
FB FACEBOOK INC. CLASS A
EWBC EAST WEST BANCORP INC.
EQR EQUITY RESIDENTIAL
DKS DICK'S SPORTING GOODS INC.
DECK DECKERS OUTDOOR CORPORATION
CVBF CVB FINANCIAL CORP.
CUBI CUSTOMERS BANCORP INC.
CPT CAMDEN PROPERTY TRUST
COLB COLUMBIA BANKING SYSTEM INC.
CFG CITIZENS FINANCIAL GROUP INC.
CATY CATHAY GENERAL BANCORP
BZH BEAZER HOMES USA INC.
BKU BANKUNITED INC.
BBY BEST BUY CO. INC.
BANC BANC OF CALIFORNIA INCORPORATED
AZO AUTOZONE INC.
AVB AVALONBAY COMMUNITIES INC.
AAP ADVANCE AUTO PARTS INC.
CFR CULLEN/FROST BANKERS INC.
LULU LULULEMON ATHLETICA INC
BOKF BOK FINANCIAL CORPORATION
CMA COMERICA INCORPORATED
CRI CARTER'S INC.
PVH PVH CORP.
RL RALPH LAUREN CORPORATION CLASS A
SLM SLM CORP
TSC TRISTATE CAPITAL HOLDINGS INC
VFC V.F. CORPORATION
ORLY O'REILLY AUTOMOTIVE INC.
HOPE HOPE BANCORP INC.
CVCO CAVCO INDUSTRIES INC.
FND FLOOR & DECOR HOLDINGS INC. CLASS A
REAL REAL MATTERS
FCNCA FIRST CITIZENS BANCSHARES INC. CLASS A
SNBR SLEEP NUMBER CORPORATION
AMZN AMAZON.COM INC.
GM GENERAL MOTORS COMPANY
AAPL APPLE INC.
SFIX STITCH FIX CLASS A
PRPL PURPLE INNOVATION
AX AXOS FINANCIAL INC.
RH RESTORATION HARDWARE INC.
PINS PINTEREST INC. CLASS A
CHWY CHEWY INC. CLASS A
DT DYNATRACE INC.
LC LENDINGCLUB CORP
PFSI PENNYMAC FINANCIAL SERVICES INC.
ASO ACADEMY SPORTS AND OUTDOORS
WOOF PETCO HEALTH AND WELLNESS
TDUP THREDUP INC.
SOFI SOFI TECHNOLOGIES INC

ResearchPool Subscriptions

Get the most out of your insights

Get in touch