HOUSTON (May 7, 2002) - Tevfik Turel, founding partner at Turel & Turel Real Estate Services Ltd., has joined Stewart Information International, Inc., a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC). Turel has been appointed country manager for Turkey.
"Our presence in Turkey will give more comfort to foreign investors in the Turkish market. We are currently prepared to handle all real estate transactions for both commercial and residential property owners," said Turel. "Stewart can aid the development of the mortgage infrastructure in Turkey for successful securitization and sales of loan portfolios, through its dynamic solutions for lenders; and from services and technology that accelerate loan origination to solutions that improve the post-production process. Additionally, we are looking very closely at the Turkish market with consideration for the introduction of appraisal and escrow services."
"The Turkish economy is vibrant and Stewart Information International is pleased to work with Mr. Turel in order to introduce our title search and other land records products to the country. We can also assist local municipalities by providing efficient methods for the collection of real estate taxes and perform the necessary market value appraisals more scientifically," said Jeannie Osborne, president and chief operating officer. "We view Turkey as vital to the crucial Eastern European and Central Asian markets."
Turkey, with more than 65 million in population, is a very close ally of the United States and the Western World. Turkey is working to become a full member of the European Union and is taking necessary steps to restructure its economy with the help of the World Bank and IMF.
Turel founded his real estate consulting company in 1995, providing marketing and development consulting services to major residential development projects in Turkey. He has worked with multinational partners and associates concerning the development of the mortgage infrastructure in Turkey since 1998. He has an MBA degree in International Management from the University of Dallas, Texas, and a bachelor's degree in Civil Engineering from Bosphorus University in Istanbul. Turel is one of the founding members of the Turkish Real Estate Quality Platform (GKP).
Stewart Information Services Corporation is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 5,900 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records and geographic information systems for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.