Doma Brings Machine Learning Technology to Approximately 83% of US Residential Real Estate Market
December 20 2021 - 8:00AM
Business Wire
Expansion represents a key milestone in the
company’s plans to make the Doma Intelligence platform available
nationwide*
Doma Holdings, Inc. (NYSE: DOMA), a leading force for disruptive
change in the real estate industry, announced the expansion of the
Doma Intelligence platform in the States of Washington, Utah,
Maine, Tennessee, and Mississippi and the Commonwealth of Kentucky
bringing its total coverage of the residential real estate market
in the United States to approximately 83 percent based on gross
written premium. Doma customers, which include leading bank and
non-bank mortgage lenders, can now offer a faster, more efficient,
and more affordable closing experience for consumers.
Chase, Wells Fargo, Homepoint, and PennyMac are among those
currently utilizing Doma’s proprietary, machine learning-driven
instant underwriting and fee balancing features to automate the
most time consuming portions of the title and escrow workflow. With
up to 50 percent fewer touches during the closing process, lenders,
title agents, and real estate professionals can deliver up to 15
percent faster closings and up to 20 percent cost savings for
current and prospective homeowners versus traditional
processes.
In Q3 2021, Doma increased closed orders in its Enterprise
segment by 386 percent versus Q3 2020 demonstrating a strong desire
from mortgage lending customers to leverage the Doma Intelligence
platform and expand across additional markets. “As we continue to
outpace the industry and expand into new markets, our focus on
combining machine learning-driven technology with bespoke
operations will make simple, instant, and digital closings the new
normal,” said Max Simkoff, CEO of Doma. “These additional markets
take us closer to our goal of providing nationwide coverage with
the Doma Intelligence platform.”
*Except for Iowa, which does not participate in the private
title insurance industry.
About Doma Holdings, Inc. Doma (NYSE: DOMA) is
architecting the future of real estate transactions. The company
uses machine intelligence and its proprietary technology solutions
to transform residential real estate, making closings instant and
affordable. Doma and its family of brands – States Title, North
American Title Company (NATC) and North American Title Insurance
Company (NATIC) – offer solutions for current and prospective
homeowners, lenders, title agents, and real estate professionals
that make closings vastly more simple and efficient, reducing cost
and increasing customer satisfaction. Doma’s clients include some
of the largest bank and non-bank lenders in the United States. To
learn more visit doma.com.
Forward-Looking Statements Legend This press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as "estimate," "plan,"
"project," "forecast," "intend," "will," "expect," "anticipate,"
"believe," "seek," "target" or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. The absence of these words does
not mean that a statement is not forward-looking. Such statements
are based on the beliefs of, as well as assumptions made by
information currently available to Doma management. These
forward-looking statements may include, but are not limited to,
statements regarding estimates and forecasts of financial and
performance metrics, projections of market opportunity, total
addressable market (“TAM”), market share, competition and the
potential benefits of our software platforms and technology. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectation of
Doma’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict,
will differ from assumptions and are beyond the control of
Doma.
These forward-looking statements are subject to a number of
risks and uncertainties, including changes in business, market,
financial, political and legal conditions; risks relating to the
uncertainty of the projected financial information with respect to
Doma; future global, regional or local economic, political, market
and social conditions, including due to the COVID-19 pandemic; the
development, effects and enforcement of laws and regulations,
including with respect to the title insurance industry; Doma’s
ability to manage its future growth or to develop or acquire
enhancements to its platform; the effects of competition on Doma’s
future business; and the outcome of any potential litigation,
government and regulatory proceedings, investigations and
inquiries. Additional information regarding these and other risks
and uncertainties is included in the filings we make with the
Securities and Exchange Commission from time to time.
If any of these risks materialize or Doma’s assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Doma does not presently know or that Doma
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Doma’s
expectations, plans or forecasts of future events and views as of
the date of this press release. Doma anticipates that subsequent
events and developments will cause Doma’s assessments to change.
However, while Doma may elect to update these forward-looking
statements at some point in the future, Doma specifically disclaims
any obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing Doma’s assessment as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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Media Contact: Martha Shaughnessy | The Key PR for Doma |
press@doma.com
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