GITC Yearly Business Review

Greater Illinois Title Company Annual Business Report 2008

A continued downturn in the real estate market impacted by the downtrend in U.S. economic activity and the credit crisis, presented Greater Illinois Title Company (GIT) with numerous challenges in 2008. The company’s revenue was down when compared to last year while closing 74.3 per cent of all transactions ordered by customers. The company fell short of its financial objectives but was successful in reducing production and operating expenses. The company maintains a solid financial position with strong operating results and positive earnings. Moving forward in 2009, the company is very well positioned to take advantage of new business prospects as well as the expected improvement in market conditions.

In 2008, Greater Illinois Title Company saw total order volume decrease by 15.1 per cent and total closing volume decrease by 14.3 per cent. As a result of its targeted market approach, the company was successful in achieving a proportionate revenue increase in the commercial market segment when compared to last year. Even in a very challenging market, GIT executed clearly defined customer service strategies to enhance its market position. As a result, the company continues to take advantage of growth prospects to advance its core title business where special opportunities exist.

The company continues its commitment to enhance its reputation of integrity, professionalism and customer service. Exceptional customer service remains the key fundamental upon which the company operates. During the year, GIT worked hard to improve the level of service provided to customers thus instilling confidence with them to continue to do business with the company.

GIT continues to dedicate resources to specific market segments in a continued effort to diversify its product lines and revenue. GIT offers an expanded menu of products and services for customers by providing ‘one-stop’ shopping capabilities for commercial, industrial, condominium and new construction projects. Its growing portfolio of projects includes many developments in the City and suburbs as well as out-of-state transactions.

GIT acts as a Qualified Intermediary to facilitate the use of 1031 tax deferred exchanges through its wholly owned subsidiary, Greater Illinois Tax Deferred Exchange Corporation. As part of its menu of services, land surveys ordered through Greater Illinois Survey Company, allow parties to review the survey along with the title insurance commitment prior to closing to ensure that closing problems are minimized and closing deadlines are met. The Rapid Title Services Department (RTS), a separate division that provides short-form title commitments and title searches, continued to grow its customer base by expanding its product offerings through the customization of real estate information products to suit specific customer requests. In 2008, orders for RTS were up over seven per cent and closings increased by over fourteen per cent.

Another targeted segment resulted in the continued growth of the Gateway Services Program. Through this program, GIT offers title and closing services to policy-issuing agents of Chicago Title Insurance Company. The company has successfully grown this market segment with over 1,000 title agents utilizing GIT as a title and escrow services provider.

One strategic move by GIT to strengthen this market segment resulted in the approval of the company by the MCLE Board of the Illinois Supreme Court to become an accredited CLE provider. The MCLE Board administers the Minimum Continuing Legal Education Program for Illinois attorneys. In addition, GIT developed a monthly “Gateway Agent E-Newsletter’ providing useful and timely information to attorneys concentrating their practice in the real estate area.

Since 1985, Greater Illinois Title Company has been providing the Chicago area with an innovative range of title insurance, escrow closing and real estate information services. This year, the company will be gearing up to celebrate its 25th Anniversary in 2010 and will be planning some special events during the year. Since its inception, GIT has grown to become the largest title agent in Illinois and one of the largest title agents in the country. The company can handle any transaction within the state of Illinois and anywhere in the United States. This provides a more efficient way for customers to meet the needs of clients regardless of where the property is located.