SAN FRANCISCO--(BUSINESS WIRE)--Doma Holdings, Inc. (NYSE: DOMA), a leading force for disruptive change in the real estate industry, announced the expansion of the Doma Intelligence platform in the States of Washington, Utah, Maine, Tennessee, and Mississippi and the Commonwealth of Kentucky bringing its total coverage of the residential real estate market in the United States to approximately 83 percent based on gross written premium. Doma customers, which include leading bank and non-bank mortgage lenders, can now offer a faster, more efficient, and more affordable closing experience for consumers.
Chase, Wells Fargo, Homepoint, and PennyMac are among those currently utilizing Doma’s proprietary, machine learning-driven instant underwriting and fee balancing features to automate the most time consuming portions of the title and escrow workflow. With up to 50 percent fewer touches during the closing process, lenders, title agents, and real estate professionals can deliver up to 15 percent faster closings and up to 20 percent cost savings for current and prospective homeowners versus traditional processes.
In Q3 2021, Doma increased closed orders in its Enterprise segment by 386 percent versus Q3 2020 demonstrating a strong desire from mortgage lending customers to leverage the Doma Intelligence platform and expand across additional markets. “As we continue to outpace the industry and expand into new markets, our focus on combining machine learning-driven technology with bespoke operations will make simple, instant, and digital closings the new normal,” said Max Simkoff, CEO of Doma. “These additional markets take us closer to our goal of providing nationwide coverage with the Doma Intelligence platform.”
*Except for Iowa, which does not participate in the private title insurance industry.
About Doma Holdings, Inc.
Doma (NYSE: DOMA) is architecting the future of real estate transactions. The company uses machine intelligence and its proprietary technology solutions to transform residential real estate, making closings instant and affordable. Doma and its family of brands – States Title, North American Title Company (NATC) and North American Title Insurance Company (NATIC) – offer solutions for current and prospective homeowners, lenders, title agents, and real estate professionals that make closings vastly more simple and efficient, reducing cost and increasing customer satisfaction. Doma’s clients include some of the largest bank and non-bank lenders in the United States. To learn more visit doma.com.
Forward-Looking Statements Legend
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The absence of these words does not mean that a statement is not forward-looking. Such statements are based on the beliefs of, as well as assumptions made by information currently available to Doma management. These forward-looking statements may include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, total addressable market (“TAM”), market share, competition and the potential benefits of our software platforms and technology. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectation of Doma’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, will differ from assumptions and are beyond the control of Doma.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial information with respect to Doma; future global, regional or local economic, political, market and social conditions, including due to the COVID-19 pandemic; the development, effects and enforcement of laws and regulations, including with respect to the title insurance industry; Doma’s ability to manage its future growth or to develop or acquire enhancements to its platform; the effects of competition on Doma’s future business; and the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time.
If any of these risks materialize or Doma’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Doma does not presently know or that Doma currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Doma’s expectations, plans or forecasts of future events and views as of the date of this press release. Doma anticipates that subsequent events and developments will cause Doma’s assessments to change. However, while Doma may elect to update these forward-looking statements at some point in the future, Doma specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Doma’s assessment as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
