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Doma CEO Max Simkoff
A platform that claims to decrease loan turnaround on purchase financing and refinance transactions has been made available for second mortgage home-equity loans and home-equity lines of credit.
Doma Holdings Inc. says that its proprietary machine intelligence technology and deep human expertise enable its customers on first mortgage transactions to decrease the time needed to close a loan.
But given today’s macroeconomic conditions, where homeowners are looking to access their house’s equity versus getting a traditional refinance, Doma has launched its new home equity financing solutions.
In an announcement Thursday, the San Francisco-based company said the new machine intelligence-powered solutions will accelerate the title search for HELs and HELOCs. With the offering, up to 80 percent of borrowers will receive their title decisions in minutes.
“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,” Doma CEO Max Simkoff, pictured above, stated. “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 said the new solutions consist 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 Reports, and Legal and Vesting Reports.
