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Home»Real Estate»Real Matters Hires New Chief Financial Officer As Revenue Dwindles
Real Estate

Real Matters Hires New Chief Financial Officer As Revenue Dwindles

17/03/2023No Comments5 Mins Read
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In times like these, double down on your skills, knowledge and yourself. On August 8-10 he’ll be at Inman Connect Las Vegas to lean into your shift and learn from the best. Get your tickets now at the lowest price.

Canadian real estate tech company Real Matters has hired a new Chief Financial Officer with over 20 years of experience. The company continues to pursue its long-term goal of expanding its U.S. residential real estate appraisal and ownership network in the face of declining revenues.

Rodrigo Pinto

Rodrigo Pinto joins Real Matters from Royal Lepage Real Estate Services. At Royal Lepage Real Estate Services, as Vice President of Finance, he led the team responsible for financial reporting, budgeting, forecasting and taxation, and also played a key role in Royal Lepage’s long-term strategy and acquisitions.

Brian Lang

Pinto, who will succeed Bill Herman as CFO on April 10, said, “He is a well-balanced and experienced leader with extensive experience in the financial and real estate industries, and his expertise will be an asset to the team. We are confident that it will.” said Brian Lang, CEO of Real Matters. statement Thursday.

Lang said he was stepping down as CFO Bill for providing “significant leadership and guidance” throughout the company’s 2017 initial public offering and “helping the business navigate through many mortgage market cycles.” Kudos to Mr Herman for his work.

Bill Herman

“As part of Real Matters, I am proud to work with such a talented team and witness the company’s performance since its IPO,” said Herman. “With our solid strategy and strong balance sheet, we are confident that we are well positioned to meet our long-term goals and look forward to continued success in the years ahead,” Harman said. rice field.

In 2016, Markham, Ontario-based Real Matters raised $100 million (Canadian) in general equity financing, followed by an ambitious expansion to provide appraisal and title services to U.S. mortgage lenders. I started planning.

Plans at the time envisioned Real Matters becoming one of the top five independent providers of mortgage titles and closing services in the U.S., with 95% of the company’s revenues ultimately coming from U.S. operations. rice field.

To grow its title business, Solidifi, a subsidiary of Real Matters, acquired US-based Linear Title and Closing Ltd. in 2016, giving Real Matters a presence in Buffalo, NY. Middletown, Rhode Island, Cincinnati. Real Matters went public on the Toronto Stock Exchange (TSX) in May 2017, allowing it to issue new shares to raise additional capital.

Real Matters revenue down 64% from last year

Source: Real Matters earnings report.

Today, the Cincinnati office is gone, and Real Matters’ revenue fell 64% last year. Rising mortgage rates cut down on mortgage refinancing, which the company has focused on servicing, so earnings fell from $107.8 million in the final quarter of 2021 to $107.8 million in the final month of 2022. decreased to $38.2 million.

Revenues from Real Matters’ US title business fell 85% to $2.4 million over that time, while revenues from its US appraisal business fell 64% to $28.3 million. By the end of the year, Real Matters relied on the residential property valuation and insurance inspection services it provides in Canada for nearly 20% of its revenues, up from 11% the year before.

Real Matters posted a net loss of $4.6 million in the last three months of the year, compared to a profit of $2.6 in the same quarter in 2021. Three lines of business (US Appraisal, US Property, and Canadian Appraisal and Inspection).

“Real Matters has a strong balance sheet that gives us the flexibility we need to weather the current downturn in the mortgage market,” said Lang. Financial results announced on January 27“We are confident in our ability to scale both underwriting and ownership in anticipation of a recovery in the mortgage market. We remain positive about our ability to meet our 2025 targets.”

In 2020, Real Matters has set a goal of processing 7% to 9% of valuations conducted in the United States to facilitate purchase loans by September 30, 2025 (end of the company’s fiscal year). bottom. It is expected to process 17% to 19% of valuations made in connection with refinancing.

In the title business, Real Matters has set a more modest target of promoting title insurance in 6-8% of U.S. mortgage refinancings and no market share target of providing title insurance for purchased loans. I did.

According to the company, its network management service platform can be scaled up and down according to market demand, and can manage tens of thousands of independent professionals with its unique technology.

Headquartered in Buffalo, a subsidiary of Real Matters Solidify operates a technology-based marketplace where independent professionals, including appraisers, property inspectors, notaries, abstractors and other closing agents compete for business.

“Our proprietary technology, which we believe is unique in our industry, is combined with our network management capabilities to ensure manual By reducing processes, we improve efficiency for our clients,” said the company’s management. January 26 analysis.

In Canada, Real Matters provides mortgage appraisal services to most of Canada’s five largest banks and provides residential and commercial property insurance inspection services to insurance companies. iv3 brand.

Get Inman’s Extra Credit newsletter delivered directly to your inbox. A weekly roundup of the world’s biggest mortgage and closing news delivered every Wednesday. Click here to subscribe.

Email Matt Carter




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