Charles Sanders, the founder of Urban Lending Solutions (ULS), has teamed up with settlement services industry veteran Michael Forgas, former chief executive officer of National Real Estate Information Services (NREIS), to acquire RealtyData, a provider of unique title search productivity solutions. Sanders will serve as president and will hold a majority interest in the company and Forgas will serve as CEO.
“The technology that RealtyData has developed is very exciting and will change the way the title industry operates,” Sanders said. “That made the company a good investment at this time. I’ve known Mike for many years and look forward to working with him.”
RealtyData technology allows title companies to automate title searches in 900 counties across the nation. In addition, a quality control (QC) engine can perform automated QC on the resulting title commitments, reducing title agent expenses significantly.
“The title industry has been slow to adapt to technological change, but economic pressure is forcing title agents to seek out tools that will allow them to provide their services more efficiently,” Forgas said. “Our technology allows title agents to not only be more efficient but also improve quality and at favorable prices. We must not forget about quality, especially in this time of significantly increased regulatory oversight.”
Sanders said he and Forgas will first focus on penetrating deeper into RealtyData’s existing client base, moving good customers beyond simple searches and into the company’s quality control solution.