https://www.businesswire.com/news/home/20181128005226/en/

TORONTO--(BUSINESS WIRE)--Nov 28, 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 fourth quarter and fiscal year ended September 30, 2018. The Company also announced that it is changing the reporting of its financial results to three reportable segments: U.S. Appraisal, U.S. Title and Closing (“U.S. Title”) and Canada.

“While revenues in our U.S. Appraisal segment were flat year-over-year, we increased our U.S. appraisal market share to 9.0% and recorded 16.4% market adjusted growth on appraisal volumes despite a mortgage originations market that we estimate declined by nearly 13% in fiscal 2018. Our principal focus remains to increase market share, regardless of market conditions, through operational outperformance. In addition to achieving market share growth, our network management model delivered meaningful financial improvements in fiscal 2018: in our U.S. Appraisal segment, we reported a 260 basis point increase in Net Revenue (A) margins and Adjusted EBITDA (A) more than doubled. Our U.S. Title segment saw revenues decline 23%, and reported a 15% market adjusted decline in volume, in line with the steep drop in the U.S. mortgage refinance market, combined with lower diversified revenues. We are still in the early innings of growing our title and closing business, and we made headway in 2018 by porting the business to our platform,” said Real Matters Chief Executive Officer Jason Smith. “Based on what we’ve accomplished to date, our existing client base and our pipeline of new opportunities, we are confident that we can achieve 15-20% appraisal market share and 1-3% title and closing market share by 2021.”