![]() (“Blueprint”), a full-stack title insurance company with a focus on digitalization and integration of technology.* (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), has announced an investment in Blueprint Holding Co., Inc. 11, 2021 (GLOBE NEWSWIRE) - Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd. To read the full issue, go here.GRAND CAYMAN, Cayman Islands, Nov. This article was first featured in the Dec/Jan HousingWire Magazine issue. “Everyone is looking at that value chain in the home buying process that once looked very distinct as much as 10 years ago, but now the lines are just blurring on all sides and I think we will continue to see that,” Campbell said. Compass, the nation’s second-largest real estate brokerage, and Rocket Mortgage, easily the biggest lender, are among the massive real estate companies with growing title segments. ![]() While this does seem like a far-off dream, Campbell believes DOMA is not alone in wanting to become a one-stop shop. In order to achieve this goal, Simkoff is working to grow DOMA’s current technological offerings and is looking to expand into the lending and appraisal space. “We would like within the next five-to-10 years for somebody to be able to sign a purchase contract for a home on a Friday evening and move in on a Monday morning,” Max Simkoff, the CEO of DOMA, said in an interview. In its ongoing effort to consolidate and speed up the closing pro-cess, DOMA has its sights on becoming a one-stop-shop for closing a purchase. “We have an annual intern program in which we focus on bringing people into the organization and helping them learn the industry from the ground up.”ĭespite what seems like an impenetrable industry faced with numerous challenges, DOMA, formerly known as States Title, has found some success in leveraging its technology to increase market share. “We are all competing for the same talent, so we have decided to focus on the opportunity to bring new talent into the industry,” Smith said. Smith feels that this talent shortage is one of Stewart’s biggest challenges. ![]() That hasn’t changed over the past seven years. Back in 2014 the average age of a title agent or broker, according to industry statistics, was 60. Although automation is helping keep up with a huge increase in title insurance premium volume, the industry is still reckoning with a talent crunch. Looking ahead, Leavell says that First American hopes to introduce some level of automation to purchase transactions. “Based on our own risk profile, we’ve achieved a fully automated underwriting decision on 50% of those orders, and we are semi-automated on an additional 40%.” “Today, 96% of our refinance transactions run through our automated title decision engine,” Chris Leavell, the COO of First American, said. “I don’t think there is any way you can deliver orders with the type of growth they have all seen relative to their head count, so due to this you are seeing a lot more automation.”įirst American is among the “Big Four” that has really embraced the use of automation, especially to tackle refinance transactions, which have boomed over the past year due to low interest rates. “All of the firms have become a lot more automated,” Campbell said. Many of the larger firms are also increasing their level of automation in order to take on more volume and maintain their lead over the plucky startups. Stewart has worked to expand its online signing and closing capabilities, which it plans on beefing up in the new year, said company president Tara Smith.Īnd First American has launched its own suite of digital interfaces and platforms: IgniteRE allows real estate professionals to manage all components of the transaction in one place and Docutech, which was acquired in 2020, enables lenders to deliver a more seamless eClosing experience. Two of the biggest developments have been the phenomenal growth of remote online notarization (RON) and document management platforms. Whether big or small, title companies are deploying technology to improve the flow and ease of the entire closing process. “A lot of the major firms are increasingly becoming more tech savvy and they are using that tech to become a bit more integrated within the broader real estate transaction ecosystem,” Campbell said.
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