After a record-breaking 2020, midyear 2021 numbers signal another record year
Portland, OR, September 2, 2021 – Williston Financial Group (WFG), a Portland-based, full-service provider of title insurance and real estate settlement services for commercial and residential transactions nationwide, continues to exceed growth projections following a record-breaking 2020.
Companywide, after WFG National Title Insurance Company experienced an increase in 2020 revenues of 46 percent over 2019 figures, it has announced that 2021 gross revenues are on track to rise by another 50 percent over 2020’s record figures. At midyear 2021, gross revenues are already up more than 50 percent, with net revenues up 45 percent.
“Last year was a banner year for us and we are excited to report with confidence that WFG is well on the way to surpassing those historic 2020 revenue figures in 2021,” said WFG President and CEO, Steve Ozonian.
WFG’s Agency Operations have also experienced tremendous growth. During the first half of 2021, gross and net revenue figures rose 57 and 53 percent, respectively, over the same period in 2020. And, WFG’s claims reserves are also up year-over-year by 23 percent, with policy surpluses up 105 percent during the first six months of 2021.
The number of agents in WFG’s agency channel also grew by seven percent year-over-year, with nearly 1,600 active agents during the first half of 2021.
“We believe the rapid growth of our agent network is largely attributable to the popularity of our unique agency model, which leverages WFG’s national coverage and local expertise to provide cost-effective solutions and operational efficiencies through our WFG Blocks program, which enables agents to convert fixed costs to variable ones,” said WFG Executive Vice President, Agency Operations, Gene Rebadow.
WFG’s ongoing success is directly attributable to the loyalty and engagement of the company’s clients, agents and employees, stressed WFG Executive Chairman and Founder, Patrick Stone.
“We continue to keep our principle philosophy front and center across our many divisions and regions,” Stone said. “‘Because of YOU’ is a constant reminder that we exist only because of the relationships we maintain with customers and the colleagues with whom we ‘Communicate, Collaborate and Co-exist.’”
As a result, WFG’s overall market share continues to increase, too. Year-over-year between Q1 2020 to Q1 2021, it rose by 14.5 percent and is expected to continue to grow through the balance of the year.
A continuing tradition of service and innovation
WFG entered its second decade in 2021, and the hallmark of this era continues to be providing both service and innovation designed to expedite the entire real estate transaction, through enhanced communication and targeted technology.
The emphasis on technology has allowed WFG to grow both steadily and securely into a family of companies providing products and services across much of the real estate and mortgage spectrum. Its Enterprise Solutions group includes title and closing service providers WFG Lender Services, WFG Default Title Services, and Valutrust Solutions®, a national appraisal management and property valuation provider.
Among the divisions currently making news is the WESTprotectSM cybersecurity helpdesk service, run by WEST, a Williston Financial Group company’s SVP & Chief Information Security Officer, Bruce Phillips, CISSP. Introduced in September 2020, Westprotect.com is a self-service cybersecurity website that enables title and real estate agents, as well as lenders and other settlement service providers, to receive alerts about active Internet fraud threats and submit questionable emails for evaluation.
Another key advantage WFG offers its clients is MyHome®, the company’s consumer collaboration portal service, which has been in use for several years within WFG’s direct title operations. It was launched into the lender refinancing space in late 2020 and will soon be made available to WFG’s agent network. MyHome® provides transparency to every participant in the real estate transaction – consumer, REALTOR®, lender, loan officer, processor, and funder – through direct, immediate web and mobile access.
WFG, Stone and Ozonian all receive high marks from consumers and industry insiders. Both executives received Progress in Lending “Lending Luminaries” awards in 2019, as well as HousingWire’s prestigious Vanguard Award, which Stone received in 2019 and Ozonian received in 2020. In September 2020, Stone also received October Research’s coveted “Leadership Award.”
Most importantly, WFG continues to receive consistent Net Promoter Score (NPS) ratings from customers, in the high 70s or above – a “world-class” service rating across all industries.
“We adopted NPS some years ago,” Stone said, “and we are proud to maintain such positive feedback. It has helped WFG measure performance and improve service levels. This, combined with the drive of dedicated teams throughout the WFG organization, has us well-poised for success as we embark upon our second decade.”
About Williston Financial Group
Williston Financial Group is the Portland, Oregon-based parent company of several national title insurance and settlement services providers, including WFG Lender Services and WFG National Title Insurance Company. It is one of the fastest growing national title insurance and settlement services providers in the mortgage and real estate services industry.
VP Marketing, Enterprise Solutions
WEST, a Williston Financial Group company