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 for 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 refinancing 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.
Source: Businesswire