It may be hard to believe, but success stories do exist these days. For example, LRES, a national provider of commercial and residential valuations and asset management for the mortgage, banking, credit union and real estate industries, has experienced 58 percent revenue growth throughout 2015 and is projected to achieve a 19 percent growth rate in 2016 due to its diverse end-to-end service offerings and expanded client base.
The increased performance was partially attributed to its additional service offerings with the launch of its homeowners’ association (HOA) services to aid originators, servicers and investors in dealing with potential risks associated with HOA defaults and liens. And through its strategic partnership with OSC, a lender-placed insurance, tracking and compliance services provider, LRES now helps manage the collateral insurance requirements of its customers’ portfolios.
Another factor that greatly contributed to LRES’ strong year was its recent acquisition and smooth integration with formerly Tulsa, Okla.-based Lenders Choice, a residential real estate appraisal management company that specializes in residential appraisals. LRES continues seeking additional strategic acquisition targets to strengthen and diversify its offerings.
In addition to expanding through acquisition, LRES expanded its management team by adding several key associates to its executive team, including a new CTO, three vice presidents of sales, a vice president of finance/controller and a client relations manager.
On the technology front, LRES is now fully integrated with Platinum Data Solutions RealView and Mercury Network using LRES DirectConnect™, an integration framework that enables third-party systems to integrate seamlessly into the LRES LINK™ order management platform to optimize and accelerate the appraisal order processing. It also upgraded its client-vendor portals for correspondent lenders and associated financial institutions to improve user experience and serve a broader base of loan officers.
“Through LRES’ additional diverse service offerings, experienced executive team, increased technology enhancements, improved internal processes and a successful acquisition, we experienced a year of dramatic growth in 2015 and project continued growth through 2016,” said Roger Beane, CEO of LRES.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.