Doma Launches Home Equity Financing Solutions to Support Lenders’ Shifting Business
October 06 2022 - 9:10AM
Business Wire
Doma’s machine intelligence-powered solutions now extend to the
growing home equity financing market, delivering most title
decisions in minutes
Doma Holdings, Inc. (NYSE: DOMA), a leading force for disruptive
change in the real estate industry, today announced a home equity
financing offering built for lenders, leveraging its Doma
Intelligence platform to accelerate the title search for home
equity loans and home equity lines of credit (HELOC). Doma’s
proprietary machine intelligence-powered solutions expedite the
title and escrow process to lenders offering home equity financing
products to help borrowers receive their funds faster, with up to
80% of title decisions delivered in minutes.
In today’s rapidly evolving market, homeowners are looking to
tap into their home equity, resulting in a rapidly growing home
equity financing market. Home repairs, renovations, and debt
consolidation are popular uses among home equity financing
customers due to lower interest rates compared to personal loans or
credit cards. Doma’s new, digital-first home equity financing
offering enables lenders to originate and convert customers quickly
while macroeconomic conditions are favorable.
“In an environment of fluctuating interest rates and housing
inventory, Doma addressed the need from lenders to close loans
faster and minimize costs to better serve their customers in the
current market,” said Max Simkoff, CEO of Doma. “Doma’s mission has
always been to deliver a better, faster, and more affordable home
closing experience, and we’re excited to expand our solutions for
lenders’ shifting business and extend the digital-first benefits to
the home equity financing market.”
Doma’s home equity financing customers can now experience the
same benefits that Doma’s innovative technology has enabled for the
past six years for refinance and purchase transactions. These
benefits include decreased time to close, with commitment packages
delivered in hours compared to the industry average of days, and a
dedicated service team with fewer missed opportunities resulting in
increased customer satisfaction. Doma’s home equity financing
solutions are comprised of both insured and uninsured service
offerings including the ALTA® Short Form Loan Policy, the ALTA®
Residential Limited Coverage Junior Loan Policy, Ownership and
Encumbrance (O&E) Reports, and Legal and Vesting (L&V)
Reports.
About Doma
Doma is a real estate technology company that is disrupting a
century-old industry by building an instant and frictionless home
closing experience for buyers and sellers. Doma uses proprietary
machine intelligence technology and deep human expertise to create
a vastly more simple and affordable experience for everyone
involved in a residential real estate transaction, including
current and prospective homeowners, mortgage lenders, title agents,
and real estate professionals. With Doma, what used to take days
can now be done in minutes, replacing an arcane and cumbersome
process with a digital experience designed for today’s world. To
learn more visit doma.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221006005248/en/
Media Contact: Camilla Whitmore | Lead, Public Relations
for Doma | press@doma.com
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