https://www.businesswire.com/news/home/20180808005171/en/

TORONTO--(BUSINESS WIRE)--Aug 8, 2018--Real Matters Inc. (TSX: REAL) (“Real Matters” or “the Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the third quarter ended June 30, 2018.

“Our appraisal business delivered steady performance in the third quarter despite a soft spring market for mortgage originations. While our overall appraisal market share continued its upward trend, this spring did not deliver the seasonal uptick in volumes that the market has experienced in previous years and that impacted our volumes. In particular, the Tier 1 lenders we service reported higher year-over-year declines in mortgage origination volumes compared to the MBA’s current estimates for the market, which affected our results. Our third quarter consolidated revenues were down year-over-year as a result of lower U.S. title and closing revenues which were impacted by a significant decline in the U.S. refinance market, as well as lower diversified (non-core) revenues where we also experienced margin compression,” said Real Matters Chief Executive Officer Jason Smith. “We continue to focus on outperforming our competitors to drive market share gains with all clients, driving toward the achievement of our long-term market share objectives.”