The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

Mortgage servicers take steps to support borrowers amid COVID-19

Call volumes have spiked to a level not seen since last April, lenders and servicers need to prepare for a significant increase in their workload as they help borrowers through difficult times.

ClosingFintech

Spruce offers fully underwritten title commitment

Model seeks to cut time from days to minutes

Real estate tech company Spruce announced a joint project Tuesday with insurtech platform Digital Partners and American Digital Title Insurance Company to offer a fully underwritten title commitment that it says can be completed in minutes.

The new model has initially launched in Colorado and Arizona, with additional states to follow throughout 2021.

Spruce said the new automated underwriting offering is part of its larger vision is to enable one-click real estate transactions. The company said the new offering is enabled via a unique combination of proprietary data science, machine learning, and private and public data sources.

“This new automated underwriting model is yet another piece in the puzzle bringing us closer to fulfilling our mission of building the one-click checkout for real estate transactions,” said Patrick Burns, cofounder and CEO of Spruce. “Working closely with our clients, we’ve successfully cut down on transaction times and cost, all while increasing much needed predictability and transparency.”

The joint project illustrates the tight partnership of Spruce with Munich Re, which owns both Digital Partners and American Digital Title Insurance Company and is an investor in Spruce as well. In September, the companies announced a joint project to offer cost-effective title insurance.

“The demand for an automated, sophisticated, and predictable clear-to-close process is greater than ever as more companies are trying to give homeowners and investors a genuinely fairer deal,” he said. “The new model allows for lower operational costs, enabling Spruce to pass savings onto its customers.”

The typical title underwriting process can take days when factoring in turn times. Spruce is promising a quicker turnaround, without sacrificing quality or security.

Last May, Spruce raised $29 million in Series B funding with an eye on expansion, as well as accelerating the development of its proprietary technology. Investors in that round were Scale Venture Partners, with participation from Zigg Capital and Bessemer Venture Partners. Spruce raised $19 million in its series A round in 2018.

In 2019, American Digital Title Insurance Company partnered with ATTOM Data Solutions in 2019 to create a custom approach to title search and help identify problematic homes that might require more attention prior to purchasing.

Leave a comment

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

Credit Plus integrates with LendingWise

Business credit report provider Credit Plus announced last week it has integrated with LendingWise, an LOS-software platform serving commercial lending.

Apr 12, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please