Mortgage tech provider Blend Labs Inc.’s pending sale of its Title365 business has paved the way for an expanded partnership with Doma Technology to bring “instant title decisioning” to more lenders on the Blend platform.
Blend last month announced a deal to sell its national title insurance and settlement services provider Title365 to Glendale, Colorado-based Covius Holdings Inc.
Covius will continue to provide integrated title and closing services to Blend’s mortgage customers, the companies said at the time.
But Blend has been testing Doma’s Upfront Title solution with one of those customers, loan servicing giant Mr. Cooper.
Upfront Title lets lenders obtain automated, instant title decisions in their application flow — creating a “fully digital, end-to-end title and closing process that accelerates time to close and enhances the borrower experience” while saving them 40 percent to 70 percent compared to traditional processes, Blend and Doma said in a July 16 announcement.
In the test with Mr. Cooper — which is set to be acquired by mortgage giant Rocket Companies — Doma cut loan cycles by three days and saved borrowers hundreds of dollars on title fees.
Nima Ghamsari
“By leaning into our platform’s scale and partnering with best-in-class technology providers like Doma, we’re able to streamline complex workflows like title and empower our lender partners to move faster, lower costs, and deliver a more transparent and modern experience to their borrowers,” Blend CEO Nima Ghamsari said of the decision to expand the partnership with Doma.
Max Simkoff
“Blend is the gold standard when it comes to digital lending experiences, and we could not be more excited to deepen our partnership,” Doma founder and CEO Max Simkoff said, in a statement. “This strategic investment enables us to think even bigger about how we can use technology to remove the friction and frustration from closing a mortgage.”
Doma, which uses a machine learning platform to automate the title and escrow processes, was acquired by Dallas, Texas-based title insurance underwriter Title Resources Group (TRG) last year.
Doma continues to power a Fannie Mae automated title review pilot program that lets some homeowners refinance their mortgage without having to pay for title insurance.
Although the title insurance industry has opposed the title waiver program, the Trump administration this month expanded it by announcing certification of a second provider of title insurance waivers, Westcor Land Title Insurance Company.
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