Colorado Title Agency Capitalizes on RESPA Rule to Gain Market Share
February 18, 2010
While the new RESPA Rule is stonewalling real estate closings for many, Colorado Escrow & Title is experiencing just the opposite, growing relationships and building their day to day business as a result of their RESPA Readiness.
Colorado Escrow & Title, which was founded in 1985 and recently expanded with two new offices, joined business partner RamQuest Inc. on a path to RESPA education and readiness in the spring of 2009 and is now reaping the rewards of this initiative.
“RESPA was not even on our radar, but because of RamQuest’s early insight and customer education, we began to understand the impact of this regulation and decided to take action,” said Don Booher, president of Colorado Escrow & Title.
Colorado Escrow & Title took advantage of opportunities offered by RamQuest for early and ongoing RESPA education from RamQuest’s RESPA experts and actively participated in alpha testing of RamQuest’s 2010 HUD-1 to ensure that they were prepared.
“RamQuest’s 2010 solution in tandem with their existing technology and their business acumen makes them an ideal partner for any title company,” Booher said. “RamQuest approached the 2010 changes from a partnership perspective. So, rather than just giving us software that we had to fit into our business to in order to clear this hurdle, RamQuest brought customers understanding, education and a flexible solution that adapts to our business model. This partnership approach has proven to be a tremendous asset in our 2010 endeavors.”
Colorado Title & Escrow began an active RESPA marketing program in the fall of 2009 that included offering RESPA education to realtors and lenders.
“We have literally been in front of hundreds of potential customers in the markets we serve with RamQuest’s RESPA experts or one of several key members of our team delivering our RESPA message,” Booher said. “As a result, we have become the go-to for RESPA questions in our markets. This has resulted in us having a presence with many potential customers we did not previously have a presence with. All of this is adding up to new orders today and, we are confident, a shift in market share in the coming weeks”
“RamQuest recognized early on that no single topic would resonate throughout our industry more than this issue of RESPA reform,” said Mark McElroy, President and CEO of RamQuest. “Our commitment through this change has been to our customers. As their business partner, we had a responsibility to ensure that they not only had the very best technology to meet the 2010 changes, but also the needed education and assistance every step of the way.”
Contact ALTA at 202-296-3671 or communications@alta.org.