January 31, 2020
YEAR IN REVIEW
Passport Title Services, LLC is pleased to report continued growth across key performance indicators and the achievement of strategic milestones in 2019.
Growth in Transactions and Partnerships
Passport Title achieved 25% growth in year-over-year settlement volume and continued to attract new attorneys, title agents and title agency owners who partner with us as their title company platform. Passport Title represented hundreds of millions of dollars in insured commercial and residential transactions in 2019, growing transaction value 23% over the prior year.
In response to demand from our title agent partners, Passport Title entered two new markets in 2019. The introduction of Florida and Tennessee to our service footprint allows our partners to serve their consumer, lender and real estate agent clients in additional states. The expansions are also opportunity for Passport Title to provide title agency partnership solutions in additional markets.
“We will continue to invest in targeted expansions to support the growth and success of our title agent partners,” said John R. H. Cotter, president and chief executive officer. “We now operate across seven states and the District of Columbia, having laid the groundwork in 2019 to add Kentucky to our operations in early 2020.”
Passport Title now offers the option for title agents to do business under the Passport Title brand or a proprietary brand. In 2019, we built the capabilities to white label and deliver our Best Practices compliant title company infrastructure and support services to established and new brands.
“We have received many requests over the years from title agents who want to combine the power of our platform with the strength of their brand name,” said Cotter. “We can now meet these requests and have already inaugurated several additional brands to our platform.”
Also in 2019, Passport Title advanced our digital strategy, adding new tools to our technology ecosystem and extending our digital capabilities to additional jurisdictions and brands. We continue to invest in our proprietary title company software, releasing advanced capabilities for recording productivity and enhancements to the customer experience.
A company is only as good as the people in it, and we are pleased to have grown our staff and added new talent to complement the existing Passport Title team. We nurture a culture of growth and innovation and have been successful in attracting new employees who embrace that culture and who share our values. A progressive work environment, including the flexibility to work from home, helps us recruit and retain the right people.
“Our work from home options work,” said Cotter. “With over a decade of experience in providing remote working arrangements, we have developed a competency in creating high performing teams without the requirement of physical proximity.”
“Passport Title is privately held and independent, which allows us to focus on investments that serve a growing community of attorneys, title agents and title agency owners,” said Cotter. “There is no better testament to the value we deliver than the continued trust our partners place in us. We succeed together.”
Passport Title Services, LLC is a Best Practices compliant title insurance agency and real estate settlement company exclusively focused on title agency partnerships since 2008. Passport Title operates across a growing footprint which includes Florida, Kentucky, Maryland, Pennsylvania, Tennessee, Virginia and West Virginia in addition to the District of Columbia. Established in 2005, Passport Title is privately held and independent. To learn more, connect with us on LinkedIn.