Mortgage rates, loan limits and forbearance

We cover the increase in conforming loan limits for Fannie and Freddie and what forbearance numbers and record-low rates could mean for the housing market.

Untying business growth from the housing market cycle

Lenders need business growth that is not linear and is not tied to the market cycles – leveraging automation technology can help.

The practical use of AI for LOs

The combination of tightly-packed schedules and intensive oversight means augmenting loan officer’s efforts with intelligent systems is more relevant than ever.

HousingWire's 2020 Tech Trendsetters

This year’s list of Tech Trendsetters certainly earned their status as the industry was met with incredible challenges and new opportunities.

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States Title transforms closings with machine intelligence

States Title allows lenders to issue a clear-to-close in minutes, not weeks

When States Title CEO Max Simkoff purchased his first home in 2011, he noted the inefficiencies and outdated structure of the current title and escrow process and set out to improve it. Simkoff’s frustration with the process as a homebuyer led to the founding of States Title, which aims to transform those processes and improve the experience for both borrowers and lenders.

As one of the nation’s largest title and settlement providers, the States Title Solution enables lenders to provide their customers with a differentiated, efficient and more cost-effective solution.

Instead of following the traditional title and escrow process or automating it, the company revolutionized the process by leveraging machine intelligence and predictive analytics to understand the risk on any given property.

States Title allows lenders to issue a clear-to-close in minutes instead of weeks by replacing the time- and labor-intensive title search process with a predictive analytics algorithm that utilizes a forward-thinking, risk-based insurance model to clear title commitments instantaneously.

This model means transactions are processed faster with less back-and-forth between the parties, their agents and financial institutions — improving the certainty and pull-through rate of closings without introducing risk.

In addition, States Title ensures that focused customer support is kept at a high bar. The Customer Success team partners with clients from before the first order, ensuring all required technology and procedures are captured and implemented. The Customer Success team also trains the client’s operations teams on the States Title system. This team is designed to ensure States Titles’ high standards for service are met and each team member on the client’s side has visibility.

States Title’s clients benefit in four key ways:

  • Affordability: It enables the reduction in cost per loan. On average, users experience a 35% increase in profit margin on loan origination.
  • Efficiency: Loans that use the States Title process close up to 20% faster, which means the clients’ team is able to handle more volume, increasing their total revenue.
  • Certainty: States Title provides an increase in speed for both the discoverability of an issue with a loan and the loan-closing process itself. This increases the overall certainty that a loan will close, growing overall revenues.
  • Transformative: The States Title process is a future-proof solution that will scale with a client’s operations, empowering them with a robust modern platform to support their customers’ needs.

By applying machine intelligence, the States Title Predictive Underwriting solution analyzes millions of data points about a property to see if it can be underwritten instantly.

For 80% of properties, States Title can instantly underwrite and is able to issue a clear-to-close ALTA policy within a few minutes. States Title is currently serving refinance transactions for national lenders in Arizona, California, Colorado, Illinois, Maryland, Michigan, Minnesota, Ohio and Virginia, and their territory is rapidly expanding.

SERVICE: States Title

SNAPSHOT: States Title is intelligently transforming closings by applying machine intelligence to make residential real estate simple and efficient, allowing you to close more loans, faster. 

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