Doma Brings Machine Learning Technology To Approximately 83% Of US Residential Real Estate Market
Expansion represents a key milestone in the company’s plans to make the Doma Intelligence platform available nationwide*
Doma Holdings, Inc, 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.”
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