By surfacing title decisions early, lenders can identify potential issues sooner by speeding up approvals, reducing fallouts and minimizing manual work. The Upfront Title configuration also allows lenders to apply title insurance rates that save borrowers 40% to 70% compared to traditional rates, according to a press release from the companies.
“Blend is the gold standard when it comes to digital lending experiences, and we could not be more excited to deepen our partnership,” said Max Simkoff, founder and CEO of Doma. “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.
“We remain incredibly excited to rapidly scale the delivery of Upfront Title through Blend’s powerful platform, bringing our patented, instant title decisioning to more lenders across the country, while delivering meaningful cost savings to borrowers.”
Following Blend’s recently signed definitive agreement to sell its title insurance business, the expanded partnership with Doma highlights the company’s “strategic shift” toward software-driven title solutions through partners, rather than operating these services directly.
“This partnership with Doma reinforces our core focus: delivering innovative, software-driven solutions that create real value for our customers,” said Nima Ghamsari, co-founder and head of Blend.
“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.”
In an initial launch of the Upfront Title solution for Mr. Cooper, a Blend customer, Doma was able to drive an overall loan cycle time reduction of three days, while also saving borrower customers several hundred dollars per closed loan on title fees.
“The Upfront Title solution from Doma and Blend proved through reduced cycle time and increased affordability to our customers that it is by far the superior solution in the market for recognizing our strategic goals,” said Jeff Puckett, senior vice president and head of mortgage origination at Mr. Cooper.