Game Change

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Page 47 of 83

Special Advertorial Section reQuire Release Tracking corportate profile Keys to Success Now celebrating more than 10 years of release tracking, reQuire Release Tracking is currently servicing over 1,200 agents and has tracked and obtained more than one million lien releases. reQuire was ranked on Inc. Magazine's List of Fastest-Growing Private Companies in 2011 and again in 2012. reQuire benefits all parties associated with the real estate transaction: Company History Corporate Headquarters Key personnel Daniel R. Morris, Esq Founder and CEO Louie Ochave Director of Finance Robert Pleasants EVP Number of Employ ees 87 contact infor m ation 5029 Corporate Woods Drive, Suite 225 Virginia Beach, Virginia 23462 Phone: 757.552.0306 Virginia-based reQuire Release Tracking was founded in 2002 to solve the mortgage lien release issue plaguing the settlement services and title industry. Since then, it has transformed the post-closing process introducing its Release Tracking Service, a Web-based system that allows attorneys, settlement agents, and title companies to track, report, and obtain real estate mortgage lien releases quickly, easily and inexpensively. Business Scope reQuire sells its service directly to consumers through settlement companies performing real estate settlements and disbursing payoff funds to satisfy mortgage lien requirements. reQuire's core value proposition is to provide property owners an inexpensive, proactive approach to track the payoff and ultimately the release or cancellation of mortgages associated with a refinance or sale of their real property. The service is distinguished from the postclosing settlement services provided by attorneys and lay settlement agents by providing proactive services of lien records search, contact with prior lender, and in some cases litigation against prior lenders if they fail to release the lien. This service is provided to the consumer at a cost of $35 per lien release tracked. The fee is charged to the seller in a sale and to the borrower in a refinance. reQuire's primary product is its online Release Tracking and Reporting System Companies performing real estate settlements and disbursing payoff funds to satisfy lien requirements use this system to automatically validate, encrypt and store a property's lien information in reQuire's release tracking database. After a property's file is entered into the Release Tracking Database, reQuire tracks the release or reconveyance by periodic searches on the property at the courthouse of record. If a release is not found within the required statutory period, reQuire contacts the lender to obtain a timely release. The company uses all statutory remedies necessary to obtain a final release. • Sellers have the assurance that the General Warranty conveyance is truly lien free and that the underlying note is properly closed and satisfied. • Borrowers benefit by knowing that the former lien will be properly released, or, in the case of open lines of credit, that the line remains open and must be closed before the lien can be released. • Both the Lender and Borrower are assured that the new lender is in a first lien position. • Settlement Agents and Attorneys are able to close files faster, and eliminate the direct cost of follow-up work on closed files. • Title Underwriters see a reduction in claims arising from unreleased deeds of trust and mortgages, and some measurable reduction in mortgage fraud. industry awards, accolades, and milestones • Innovator of the Year – Hampton Roads Technology Council, 2008 • Selected one of the Top 10 Businesses to Watch – Hampton Roads Chamber of Commerce, 2011 • Inc. 5000 List of Fastest-Growing Private Companies – Inc. magazine, 2011 and 2012 • Entrepreneurial Excellence Honoree, Louie Ochave – Inside Business, 2013 reQuire Geography reQuire Release Tracking tracks releases in all 50 states, the Virgin Islands, and the District of Columbia. Outside of the corporate office, reQuire sales team members operate in the various regions. Client Testimonial "I have been impressed with the reQuire document package that our staff is able to generate and provide to mortgage companies and banks, particularly the inclusion of a release document and recitation to the Alabama state laws requiring timely releases. The technological support staff of reQuire quickly equipped our office to access reQuire and its documents and have been available to answer questions that we have with the system. The reports that we receive monthly are very informative and give us that status on receiving releases, saving my office staff from spending valuable time trying to obtain releases from mortgage companies and banks." —Douglas R. Bachuss Jr. Nowlin, Bachuss & Gray Law Firm 46 | The M Report

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