Doma Brings Machine Learning to Approximately 83% of Residential Market
December 21, 2021
Doma Holdings Inc. announced the expansion of its intelligence platform in Washington, Utah, Maine, Tennessee, Mississippi and Kentucky. This brings the company’s total coverage of the residential real estate market in the United States to approximately 83 percent based on gross written premium.
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 portions of the title and escrow workflow. Doma reports its process results in up to 50% fewer touches during the closing process. According to Doma, this allows for lenders, title agents and real estate professionals to deliver up to 15 percent faster closings and garner up to 20 percent cost savings for current and prospective homeowners versus traditional processes.
During the third quarter of 2021, Doma increased closed orders in its Enterprise segment by 386% versus the same period in 2020.
“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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