LIVONIA, Mich. & SAN FRANCISCO–(BUSINESS WIRE)–Lodasoft, a Digital Workflow Platform designed by mortgage veterans to revolutionize loan origination and task automation, and Doma (fka States Title), a leading force for disruptive change in the real estate industry, today announced a product integration between the two companies that enables mortgage lenders to seamlessly integrate Doma’s machine intelligence and proprietary technology solutions to make real estate closings simpler and more efficient. Today’s announcement comes on the heels of Doma entering into a business combination agreement in March with Capitol Investment Corp. V (NYSE: CAP, CAP WS and CAP.U) (“Capitol”), a publicly traded special purpose acquisition company.
Doma uses proprietary machine intelligence technology, that is being trained on 30 years of historical data, to remove friction and frustration from the residential real estate closing process. Doma’s vision of creating a more instant, digital real estate closing process not only benefits lenders, but also real estate professionals, title agents, and current and prospective homeowners – which has become especially important as the impacts of COVID-19 have highlighted the need for change in the industry.
By replacing the time and labor-intensive title search process with proprietary predictive analytics algorithms, Doma delivers clear-to-close decisions on over 80 percent of title insurance orders for refinance transactions driven through the Doma Intelligence platform in one minute or less. This transformative approach means transactions are processed faster, with increased certainty.
In fact, a top five national lender realized significant benefits after working with Doma. Loans processed through the Doma Intelligence platform received an instant clear-to-close for 84 percent of transactions. This helped the lender achieve a 23 percent (3-day) reduction in business days to close, resulting in additional revenue realized per month and a 93 percent Customer Satisfaction Score (CSAT).
“Mortgage lenders using our award-winning platform now have access to expedient, comprehensive and accurate title and closing services, ensuring their clients can move forward with their purchase or refinance,” said Adam Batayeh, President of Lodasoft. “Rather than merely improving an aged system, Doma has reinvented how the entire settlement process is done, and we’re pleased to make that available to our clients.”
Designed by mortgage veterans, Lodasoft sits parallel to mortgage lenders’ current processes and systems while eliminating redundancies to ensure users feel familiarity and have the right solutions to execute at the highest level. Lodasoft’s configurable engine and best-in-class integrations, which now include Doma, offer mortgage professionals the ability to simplify the entire process from prospect, to pre-qual, in process, post-close, and beyond.
About Lodasoft
Lodasoft is an award-winning and highly acclaimed mortgage task automation software designed by mortgage veterans to enhance productivity and quality. The Lodasoft Digital Workflow Platform leverages enterprise intelligent loan manufacturing (iLM) to drastically reduce the cost to originate. Lodasoft enhances workflow throughout the enterprise’s lending lifecycle by implementing task-based automation, identifying training opportunities, and freeing branches and internal staff to focus on growth. For more information, visit www.lodasoft.com.
About Doma
Doma Holdings, Inc. (formerly States Title Holding, Inc.) is architecting the future of real estate transactions. The company uses machine intelligence and its patented 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. In March 2021, Doma announced plans to become publicly traded via a merger with Capitol Investment Corp. V (NYSE:CAP, CAP WS and CAP.U). To learn more visit doma.com.
About Capitol Investment Corp. V
Capitol Investment Corp. V is a $345 million public investment vehicle with the mission to invest in and help build an industry-leading public company that will aim to deliver long-term value to shareholders. Capitol is led by Chairman and Chief Executive Officer, Mark D. Ein, and President and Chief Financial Officer, L. Dyson Dryden. The Capitol team has raised $1.5 billion in five SPACs since 2007 and closed four SPAC mergers. Capitol’s securities are listed on the New York Stock Exchange under the ticker symbols CAP, CAP WS and CAP.U.
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. These forward-looking statements 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 and competition and potential benefits of the transactions described herein, and expectations related to the terms and timing of the transactions described herein. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Doma’s and Capitol’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 and Capitol.