The publicly traded title company Doma announced the expansion of its Doma Intelligence platform to Washington, Utah, Maine, Tennessee, Mississippi and Kentucky on Monday. This brings the platform’s coverage to approximately 83% of the U.S. residential real estate market based on gross written premiums.
“These additional markets take us closer to our goal of providing nationwide coverage with the Doma Intelligence platform,” Max Simkoff, CEO of Doma said in a statement.
The Doma Intelligence platform works by automating many of the rote tasks of the closing process including retrieving and analyzing documents that need to be searched. According to Doma, usage of its platform can speed up the closing experience by 15% and it enables title and closing agents to return more than 80% of title commitments in about one minute instead of the three to five days it can take when the process is done manually.
Doma Intelligence is used by Chase, Wells Fargo, Homepoint and PennyMac to automate portions of their closings.
CEO Simkoff has not been shy when discussing Doma’s goals for the future. In the next five-to-10 years he wants to make it possible for a homebuyer to sign a contract on their new home on a Friday evening and move in on a Monday morning.
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“That is the end goal and what prevents that today is so much of the process being analog and manual,” Simkoff said.
In addition to scaling nationally, Simkoff has also expressed the desire to venture into the appraisal and even home warranty spaces.
“Appraisal feels so much like title and escrow appeared to us five years ago,” Simkoff explained. “With some additional pressure we could use it to move the industry forward faster and in a more positive direction. You’ve got a network of licensed appraisers who are retiring and they are not being replaced by new licensed appraisers, plus there are all the reports of appraisal bias. So, it’s like you put those things together and it’s like, what is the argument for having a human being go to a house and physically do an inspection.”
Simkoff said Doma will look to enter into these spaces through its own technological developments, as well as mergers and acquisitions.