Introduction

Page 1

1 2 3 4 5 6 7 8
2006 October Research Corporation

Project Scope
Page 2

Study Methodology
Page 3

Executive Summary
Pages 4-5

Process Workflows
Page 6-7

Study Findings
Page 8-13

About October Research

Page 14

Appendix
Page 15

Introduction

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Page 1

GATORSystems, a subsidiary of Fiserv Lending Solutions, provides a paperless vendor management platform for the real estate mortgage vendor management and settlement services industries. GATORS (General American Tracking, Ordering & Reporting System), enables vendor management personnel to: process title, appraisal and closing orders; perform curative work; store and track key milestones; retrieve and deliver documents; generate management reports; update customer records throughout the mortgage settlement process; and process accounts payable and receivable. Fiserv Lending Solutions has retained October Research Corporation to conduct a study to measure cost and workflow efficiencies experienced by a Vendor Management Company (VMC) using the GATORS ENTERPRISE Vendor Management System (VMS). The objective is to determine if a VMC incurs direct cost savings and/or increased production capacity using GATORS ENTERPRISE in comparison to another vendor management technology which was recently replaced within the production operation of Equity Settlement Services, Inc. (ESS), an independent VMC with headquarters in Smithtown, New York. Process workflows, both before- and after-GATORS ENTERPRISE implementation, were analyzed and documented. This study provides activity-based cost models and detailed gap analyses. Study results are arranged in the following sections: Project Scope Study Methodology Executive Summary Process Workflows Study Findings

_____________________________________________________ Simply put, it is difficult to convey all of the benefits the GATORS conversion has provided us in a few sentences. From improved vendor tracking, to automated billing and payment, to having both of those items linked to each title and settlement transaction, along with quality reporting capabilities, has laid the foundation to effectively manage vendors and move forward with our database. ~ T. Wenthen, Vendor Manager ___________________________________________________________
2006 October Research Corporation

GATORS is a registered trademark of Fiserv Lending Solutions.

Project Scope

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Page 2

This study focused on refinance mortgage transactions as ESS performs primarily refinance transactions for its clients throughout New York and the United States. The project scope includes review of only those tasks and processes within the residential refinance mortgage settlement continuum, from the time the VMC receives an order from a mortgage lender or mortgage broker through to closing, funding and warehousing of the loan. Additionally, the scope of the study includes routine telephone and fax communications with parties involved in the transaction, as well as the deliveries of overnight and courier-delivered packages. Finally, the project scope also includes requests for loan file documents such as a survey, legal description, or related materials received after the loan is funded and the file is warehoused. The study measures tasks as they are performed but does not measure time lags or down time between order and receipt of documents from various third-party services. For example, the study measures the time it takes the processor to request a payoff, Homeowners Association documents, taxes, etc., but does not include any lag time that may occur between the order and receipt of those documents. Data collection was conducted through a series of interviews with production and management personnel over a two-day period in May 2005, and again in February 2006. During the first on-site visit in May 2005, the before-GATORS ENTERPRISE portion of the data collection process was conducted. At the time, ESS was using an existing vendor management technology developed by a third-party vendor, and refined and updated over time by ESS information technology personnel. The second on-site visit in February 2006, conducted approximately six months after the new system was implemented, was used to collect data for the after-GATORS ENTERPRISE portion of the study. Task durations were not rigorously timed. Professional observation, past interviews for similar studies, prior real estate settlement services experience, and industry standards were used as guides to assess and validate these task times.

2006 October Research Corporation

Study Methodology

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Page 3

The study consisted of seventeen (17) interviews of data entry staff, processors, title examiners, closers, and operations management personnel associated with conducting a refinance mortgage transaction. Each of these individuals had significant experience and intimate knowledge of the closing process both before and after GATORS ENTERPRISE implementation. Their insights formed the basis for developing task lists and assigning the order in which tasks were/are performed within the title, appraisal and closing processes. They also provided time estimates for each task based upon their own first-hand knowledge of the process. Interview participants described tasks within the production of a standard residential refinance loan and assigned corresponding task time estimates before the GATORS ENTERPRISE implementation. They also estimated the number of pre-GATORS ENTERPRISE phone calls, faxes and courier services within each task. Participants then described the same tasks and task times, as well as the facsimile, telephone, and courier communications involved in the process after the GATORS ENTERPRISE implementation. Throughout the course of the interviews, a comprehensive task list of workflows associated with residential refinance transactions processed by this office was developed. In addition, three (3) senior management personnel provided perspectives on wider functional attributes of GATORS ENTERPRISE and performance levels associated with pre- and post-GATORS ENTERPRISE implementation. Much of the information obtained from these individuals formed the basis for the Additional Savings portion of the Section 6: Study Findings (Page 12). This study is based on a combination of actual and estimated financial and production quantities and measurements, as ESS executives did not wish to furnish certain specific financial or production performance results for this study.* However, they did agree to provide certain improvement ratios, as well as telephone, facsimile, courier, and compensation figures. Where estimates are provided, this report errs on the side of conservatism so as not to overstate the savings that ESS derives using the GATORS vendor management platform. In developing the activity-based cost models, company management and information technology professionals provided per-minute and per-unit cost estimates for telephone, facsimile and courier charges. Salary and benefit figures and overhead-per-employee figures were also provided. These estimates were applied uniformly to both pre- and post-GATORS ENTERPRISE analyses.
2006 October Research Corporation

* Actual order volumes were not disclosed by ESS. Order volume estimates were derived from similar studies, knowledge of the title insurance and vendor management industries, and estimates provided by October Research consultants familiar with vendor management operations.

Executive Summary

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The emergence of advanced Vendor Management Systems (VMS) in the U.S. mortgage financing industry offers settlement service professionals an effective method to electronically order, organize, track, and communicate the information, documents, and activities associated with real estate mortgage transactions. Fiserv Lending Solutions, formerly known as General American Corporation (GAC), developed and markets GATORS, a paperless vendor management platform for the real estate services vendor management industry. This study analyzes one such company, Equity Settlement Services, Inc., a national vendor management company with headquarters based in Smithtown, NY, that replaced its existing vendor management system with GATORS ENTERPRISE in mid-2005. While GATORSystems offers multiple versions, this study is limited to GATORS ENTERPRISE, as this is the solution adopted by Equity Settlement Services, Inc. For refinance transactions, the use of GATORS ENTERPRISE within the ESS office resulted in a cost savings per transaction of $29.71, a 13.4% savings. Without actual production figures, we estimate that a company of the relative size of ESS processes between 1,000 and 1,500 orders per month, or about 50 to 75 orders per day.* Based on the savings rate of $29.71 per transaction, the labor and communication cost savings attributable to GATORS ENTERPRISE equals approximately $30,000 to $45,000 per month, or about $357,000 to $535,000 per year. In addition, there are savings attributable to efficiencies outside the parameters of the transaction itself. A discussion of these additional savings is found in Section 6: Study Findings, Additional Cost Savings (Page 12).

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*

Actual order volumes were not disclosed by ESS. Order volume estimates were derived from similar studies, knowledge of the title insurance and vendor management industries, and estimates provided by October Research consultants familiar with vendor management operations. 2006 October Research Corporation

Executive Summary

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Page 5

Results of this study also illustrate that the system can be integrated into a vendor management company or large title agency without significant down time, delay or disruption to normal business operations. Based upon the Equity Settlement Services, Inc. study findings, it is evident that GATORS ENTERPRISE offers both quantitative and qualitative benefits to the user and improves the overall customer experience. Overall Cost Results Table 1 presents the overall study findings. The vendor management process was reviewed through a comparison of overall, estimated labor and communications (facsimile, telephone and courier) costs, per transaction before and after GATORS ENTERPRISE implementation. Overall, GATORS ENTERPRISE savings per refinance mortgage transaction was $29.71, a 13.4% savings compared to ESS previous vendor management technology. TABLE 1 Key Results
Transactional Processing Cost $ 221.50 $ 191.79 $ 29.71 13.4%

Vendor Management Process Pre-GATORS ENTERPRISE GATORS ENTERPRISE

GATORS ENTERPRISE Cost Savings ($) GATORS ENTERPRISE Cost Savings (%)

________________________________________________________ I really like the GATORS product. It is much easier to use then our old system. With GATORS, I save time and I am working more efficiently. ~ T. Sarli, Data Entry Clerk ________________________________________________________
2006 October Research Corporation

Process Workflows

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Page 6

Study participants identified fifty-two (52) key tasks in a standard residential refinance transaction. Table 2 (Page 7) depicts these key tasks and the production personnel responsible for conducting each task. Individual sub-tasks were not uniquely measured and instead, they were rolled up into the key tasks depicted in the table. In addition to normal workflow tasks, closers routinely field status update calls from various parties to the transaction, including borrowers, mortgage brokers, lenders and others. They also field calls from these same parties after the loan is closed. These calls typically involve requests for documents such as surveys, deeds, mortgages, etc. While not associated with a particular task in the production continuum, they do occur on a regular basis, and therefore, are included near the bottom of the task list depicted on page 7. Managerial roles were not measured and are not included in this analysis. As mentioned, for the purposes of this study, only tasks directly related to the production process itself from the time a title order is placed until the loan is closed, funded, and warehoused have been measured and reported.

____________________________________________________ The task system within GATORS has helped me to equalize the workflow among employees. It allows me to see which employees are overburdened. I can allocate tasks to those less burdened and, therefore, ensure all orders are processed in a consistent and timely fashion. ~ D. OBrien, Operations Manager ____________________________________________________
2006 October Research Corporation

Process Workflows

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Facilitator Application/Order Entry Application/Order Entry Data Entry Data Entry Examinations/Municipals Examinations/Municipals Examinations/Municipals Reading Reading Reading Reading Examinations/Municipals Examinations/Municipals Examinations/Municipals Closing Desk Closing Desk Closing Desk Closing Desk Escrow Officers Escrow Officers Escrow Officers Escrow Officers Escrow Officers Escrow Officers Escrow Officers Escrow Officers Closing Desk Closing Desk Closing Desk Closing Desk Post Packaging Post Packaging Post Packaging Post Packaging Post Packaging Funding Funding Funding Funding Funding Recording Recording Recording Recording Recording Recording Recording Recording Recording Recording Random Random

TABLE 2
Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task Task # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

Task List - Refinance Transaction

Description Order received, checked for prior work, assigned order # Enter property/tracking data in production system Review Title Commitment Schedule A Review Title Commitment Schedule B Send vendor request - abstract/municipals - Fax or Email Confirm vendor receipt of abstract and municipal order Send order confirmation to client Receive abstract/municipals via fax or email; drop into doc manager Read and extract information needed to produce commitment Type (from reader sheet) paragraphs for commitment, legal desc. Proofread title commitment Scan commitment into doc manager Email or fax commitment to client Fax or email commitment to team member Attorney or borrower contacts closing desk to schedule closing Order Continuation (bringdown) Open Continuation task in Aptitude Type faxed or phoned continuation data into system Review title commitment for accuracy/typos Verify property address, borrower information, fields, broker information Insert bank/broker fees listed on closing instructions onto settlement statement Verify Payoff and Disbursements as per banks instructions Send settlement statement to bank and broker for approval by fax Lender/broker sends HUD back with changes or approval Fax amended HUD to lender/broker for final approval Print out HUDS and affidavits and deliver to closing department Schedule the Closer to conduct the closing Closing package scanned and emailed to (out-of-state) closer or picked up Closer closes the loan Closer returns signed closing documents Closing docs put in order based on bank requirement or standard packaging Mark Continuation Task as complete; pull closing task over Package UPS to the bank Prefunding - File is reviewed to be sure all prior work done correctly Contact lender to confirm receipt of package and all docs in file Post incoming wire to Aptitude Cut disbursement checks Copy checks, separate and disburse checks, UPS to recipients Send preliminary HUD to client (if applicable) Review Payoff Statement Hand-delivered closing package is logged in Courier-delivered closing package is logged in Tasked in computer/task for taxes opened Documents put into holding drawer Documents pulled; recordation request created, reviewed, tasked in Aptitude Marked up title reviewed for satisfactions/scan whats left in package Satisfactions received and tasked Recording documents reviewed and sent for recording Satisfactions reviewed and sent for recording Recording receipt tasked as completed; scanned & returned to lender Status calls handled by CSR desk Status calls referred to production staff

2006 October Research Corporation

Study Findings

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Page 8

ESS production personnel identified a number of key tasks and functions within the refinance mortgage settlement process where using GATORS ENTERPRISE offers labor and communication cost savings compared to the companys previous transaction management system. Table 3 presents a side-by-side comparison of the estimated labor and communication costs (facsimile, courier and telephone) associated with a residential refinance transaction, before- and after-GATORS ENTERPRISE implementation. The accompanying chart presents the same information in a graphical format. Overall, GATORS ENTERPRISE savings per transaction was $29.71, a 13.4% savings. This translates to $29.24 in labor savings; $0.47 in communication cost savings (Table 4). ______________________________________________________________________ TABLE 3 Cost Comparison Refinance Transaction
Order/ Data Entry Pre-GATORS GATORS GATORS Savings ($) GATORS Savings (%) $7.93 $8.57 -$0.64 -8%

Exam/ Municipal $2.72 $1.80 $0.92 34%

Reading $22.35 $12.06 $10.29 46%

Closing Desk $56.68 $48.07 $8.61 15%

Escrow Officers $22.53 $17.78 $4.75 21%

Post Packaging $15.27 $12.06 $3.21 21%

Funding $7.81 $5.71 $2.10 27%

Recording $19.83 $19.83 $0.00 0%

Faxes $0.68 $0.65 $0.04 6%

Couriers $64.00 $64.00 $0.00 0%

Phone $1.70 $1.26 $0.44 26%

Overall $221.50 $191.79 $29.71 13.4%

Graphical Depiction of Table 3 Data Refinance Transaction

$250.00 $221.50 $191.79

$200.00

Cost per Refinance

$150.00

$100.00 $56.68 $48.07 $50.00 $8.57 $7.93 $0.00 Order/ $22.35 $12.06 $1.80 $2.72 Exam/ Reading $22.35 $12.06 Closing Desk $56.68 $48.07 Escrow Officers $22.53 $17.78 Post Packaging $15.27 $12.06 Funding $7.81 $5.71 Recording $19.83 $19.83 $22.53 $17.78 $64.00 $64.00

$19.83 $15.27 $7.81 $19.83 $12.06 $5.71

$0.68 $0.65 Faxes $0.68 $0.65 Couriers $64.00 $64.00

$1.70 $1.26 Phone $1.70 $1.26 Overall $221.50 $191.79

Data Entry Municipal Pre-GATORS GATORS $7.93 $8.57 $2.72 $1.80

2006 October Research Corporation

Study Findings

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The study findings indicate that GATORS ENTERPRISE reduced the estimated labor expense associated with a refinance transaction from $155.12 to $125.88 per transaction, a 19% savings. Estimated communication costs declined from $74.07 to $59.94 per refinance transaction, a 1% savings. ______________________________________________________________________ TABLE 4 Cost Comparison Refinance Transaction by Labor and Communications
Process Pre-GATORS ENTERPRISE GATORS ENTERPRISE Labor $155.12 $125.88 $29.24 19% Communications $66.38 $65.91 $0.47 1%

GATORS ENTERPRISE Savings ($) GATORS ENTERPRISE Savings (%)

Graphical Depiction of Table 4 Data Refinance Transaction by Labor and Communications

$180.00

$160.00

$155.12

$140.00 $125.88 $120.00 Cost per Refinance

$100.00

$80.00 $66.38 $60.00 $65.91

$40.00

$20.00

$0.00 Labor Expense Communication Cost

Pre-GATORS $155.12 $66.38

GATORS $125.88 $65.91

2006 October Research Corporation

Study Findings

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Table 5 presents the number of minutes invested, before and after GATORS ENTERPRISE implementation, and the total time savings (in minutes and hours) associated with GATORS ENTERPRISE utilization. Overall, GATORS ENTERPRISE savings per transaction was 0.63 hours, a 9% savings. TABLE 5 Task Time Comparison Refinance Transaction
Order/ Data Entry Pre-GATORS GATORS GATORS Savings ($) GATORS Savings (%) 25.0 Min. 27.0 Min. -2.0 Min. -8% Exam/ Municipal 9.2 Min. 5.7 Min. 3.5 Min. 38% Reading 47.8 Min. 38.0 Min. 9.8 Min. 21% Closing Desk 159.7 Min. 151.5 Min. 8.2 Min. 5% Escrow Officers 65.4 Min. 56.0 Min. 9.4 Min. 14% Post Packaging 43.0 Min. 38.0 Min. 5.0 Min. 12% Funding 22.0 Min. 18.0 Min. 4.0 Min. 18% Recording 62.5 Min. 62.5 Min. 0.0 Min. 0% Total Time (Minutes) 434.6 Min. 396.7 Min. 37.9 Min. 9% Total Time (Hours) 7.24 Hrs. 6.61 Hrs. 0.63 Hrs. 9%

_______________________________________________________________ The real power of GATORS is the combination of all its tools, including Vendor Management, Work Flow (tasks and processing points), Customer and Vendor Internet Access, MultiCompany Codes, Integration of Overnight Delivery, Title Modules, the Closing Module, the Info Products Module and Document Management. The integration of all of these capabilities in one software package provides the ability to tightly manage the end-to-end process of a Title and Closing Order, insuring we consistently deliver highly competitive turn times and the best quality to our customers while also ensuring that standard and consistent processes are followed by all our staff. ~ M. Jiran, Chief Operating Officer ________________________________________________________________
2006 October Research Corporation

Study Findings

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Additional Cost Savings

Four (4) key elements characterize the efficiency gains and resulting cost savings that GATORS ENTERPRISE brings to the ESS operation outside the workflow measured in this study: Overall Vendor Management EquityNET Web-based Order Entry Recording and Premium Calculations Exception Management Overall Vendor Management There are two distinct, but interrelated, components to vendor management. The first involves managing vendor responsiveness, which leads to improved quality, better order turnaround times, improved customer service, and increased customer satisfaction. The second involves managing vendor fees to be sure that fees for individual orders are consistent with the agreed-upon fees for services negotiated when the vendor was placed on the fee panel. Based on discussions with ESS production and management personnel, GATORS ENTERPRISE significantly improves both of these vendor management components. On the vendor responsiveness side, ESS uses GATORS ENTERPRISE to track, update and report the status of each outstanding title, appraisal and closing order. If an order becomes late, the order automatically transfers to a follow-up queue that is monitored by the vendor manager. A click of a button sends a message to the vendor as a reminder that the task is outstanding and the vendor is prompted to provide a status update. Since the inception of GATORS ENTERPRISE, ESS reports the turnaround time in delivering title commitments to its customers has improved by almost 20%. On the vendor fee management side, GATORS ENTERPRISE improves vendor payment management by making sure that fees paid for individual services are consistent with the fees negotiated with the vendor at engagement. Before implementing GATORS ENTERPRISE, ESS had to pay an accounts payable clerk to verify the accuracy of each line item on a vendor invoice. The company was spending more money to verify invoice amounts then it would by simply paying the bottom line charges. The implementation of GATORS ENTERPRISE has eliminated this challenge.

2006 October Research Corporation

Study Findings

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Additional Cost Savings

Overall Vendor Management (continued) Today, each outgoing order includes a note to remind the vendor of the agreed upon price. Once returned, GATORS ENTERPRISE automatically approves the agreed upon fee for payment. Thereafter, the vendor receives a list of completed orders, a check for the dollar amount owed, and a letter from COO, Monte Jiran, thanking him or her for being an Equity Settlement Services vendor. ESS reports that, during the first three months of operation, the new billing system has resulted in a 7% reduction in abstract unit cost. EquityNET Web-Based Order Entry Another savings outside the order workflow involves a GATORS feature that gives ESS an Internet presence for clients and vendors to communicate online with ESS. The system, which ESS branded as EquityNET, gives clients Internet access to place and track outstanding orders. Currently, about 30% of all orders are entered by the client rather than an ESS employee. Each order that is entered by a client is an order that ESS personnel dont have to re-key themselves, thus saving time and allowing these individuals to be more efficient in their work. Within the transaction, we found that it takes an operator approximately 2 minutes to enter an order into GATORS ENTERPRISE. The corresponding order entry labor cost task is approximately $1.00 based on the study results for this task. Therefore, using the estimate of ESS processing about 1,000 to 1,500 orders per month, the company saves about $1,000 to $1,500 per month by enabling clients to enter orders into GATORS ENTERPRISE online.* Using ESS figure of 30% as the percentage of title and closing orders entered by the client, a vendor manager of similar size and order volume would realize a savings of about $300 to $450 per month in order entry costs using GATORS ENTERPRISE. This translates into approximately $3,600 to $5,400 per year for just order entry.

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* As previously noted, actual order volumes were not disclosed by ESS. Order volume estimates were derived from similar studies, knowledge of the title insurance and vendor management industries, and estimates provided by October Research consultants familiar with vendor management operations. 2006 October Research Corporation

Study Findings

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Additional Cost Savings

Recording and Premium Calculations Another additional savings outside the transactional workflow came from a more efficient way of calculating recording fees and title premiums. Prior to implementing GATORS ENTERPRISE, ESS manually calculated recording fees, a labor intensive and costly job that often resulted in duplicative work when a fee was incorrectly calculated. Typically, overages were reimbursed to the customer and shortages were paid for out of the firms operating account. Either way, the manual calculation process cost ESS time and money. GATORS ENTERPRISE features a fee calculator that automatically calculates and enters premium and recording fees on the HUD-1 form. GATORS ENTERPRISE monitors changes in fees and updates the system nightly to reflect these changes. This frees ESS of the requirement and the resulting cost of monitoring every county and jurisdiction in which it conducts business. In turn, it enables ESS personnel more time to devote to customer service functions. Note: ESS has not begun to quantify or track the cost saving implications of GATORS ENTERPRISEs calculator feature. Exception Management Advanced vendor management technologies have automated much of the order, tracking, quality control, accounting and delivery continuum. Among the positive outcomes of automation is the ability to focus resources on fixing problem orders while allowing the rest to progress though the system free of manual intervention. This is essentially what the concept of exception management is all about. Earlier, we described the process whereby delays in the normal order workflow are flagged by GATORS ENTERPRISE for follow up with the vendor. Such a routine falls within the realm of exception management. Likewise, when a problem is identified concerning the property, chain of title, appraisal, ownership rights, taxes, or other appraisal, title, or closing task, the order is assigned to a problem-task queue. Customer service representatives monitor the queue and work with the vendor and/or client to resolve any issues that may arise within the production continuum. As a result, ESS can manage exceptions to the normal order flow and let the system manage the rest. As mentioned previously in overall vendor management cost savings, ESS has experienced an approximate 20% improvement in title commitment turnaround times since the inception of GATORS ENTERPRISE.

2006 October Research Corporation

About October Research

October Research Corporation

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Located in Richfield, Ohio, October Research Corporation is the nations leading provider of market intelligence, business news and regulatory information for the real estate, settlement services and mortgage origination industry. Reflecting its extraordinary growth, the company was named a top ten Weatherhead Company by Case Western Reserve University in 2005. The company publishes several premium newsletters including Real Estate Technology News, The Legal Description, The Title Report and Valuation Review. In addition to these publications, the company produces industry-leading news portals which include BrokerNewswire.com and RESPAnews.com. October Researchs informational publications and newsletters are read by over 75,000 real estate service professionals each week. The company also has two divisions supporting market research and learning: October Studies Produces groundbreaking research reports, customized research studies and industry surveys for real estate, settlement services and mortgage origination firms including The Mortgage Lender Survey, The National Real Estate Survey, and the National Appraisal Survey which was widely cited by the national media including The Wall Street Journal, CNBC and NBC Nightly News. October Seminars Delivers interactive audio conferences, local seminars and national conferences that assist real estate, settlement services and mortgage origination companies in educating key managers and executives. Industry executives are provided a competitive edge with ongoing updates on emerging trends, their competitors and customers. October Seminars has produced several pioneering audio workshops including the 2004 e-Radio Technology Series and RESPA Radio Adapting to the Rule. In 2005, the company produced the nations first National Settlement Services Summit.

2006 October Research Corporation

Appendix

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Why Choose October Studies

October Studies has a deep and broad working knowledge of the real estate, settlement services and mortgage origination industries, as well as the respective customer markets. We are continually researching various segments to understand the underlying rhythms of these industries, and to help define the trends that manifest in these changing times. Our daily experience of collecting and reporting on the real estate, settlement services and mortgage origination segments provides us an imbedded knowledge that differentiates October Studies from most other companies in the research industry. We are in a distinctive position to monitor and evaluate how regulation, technology and various business initiatives interact and affect competitive strategies. This knowledge allows us a unique insight into research assignments that directly benefit companies requiring a high level of competency in market research. Our team is made up of individuals with over a combined 50 years of experience in primary research and market intelligence. We apply our research and reporting efforts for the benefit of our clients. We work closely with our clients to learn their business objectives, define the hurdles they face and appreciate the pressures, both internal and external, that mold their businesses. We bring this knowledge, thirst for better understanding, and attention to detail to all of our studies and educational seminars.

2006 October Research Corporation