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Piloting the Amazon Effect: 75% Faster Closing

To serve and retain customers in today's economy lenders must be able to provide an efficient service. Read how we partnered with Sierra Pacific to help them reduce their mortgage refinance process from 28 to 7 days.

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In the Fall of 2017, Sierra Pacific hired Jay Promisco as SVP of Retail Lending to help future proof the company. Jay faced several challenges, including a modern consumer that has become accustomed to convenient service at the speed of Amazon.

In June 2019, Sierra Pacific launched a pilot of States Title’s instant underwriting solution for mortgage refinance. By the end of the pilot, Jay saw that – for 93 percent of title insurance orders processed with States Title – the company received a clear-to-close title commitment in under a minute. Sierra Pacific completed a process that usually takes 28 days in just seven days.

“It’s the Amazon effect – resale or repurchase, everyone wants fast,” says Jay. “Sierra Pacific already offers one of the most efficient underwriting services in the industry, but ‘one of the fastest’ now will be considered mediocre in a few short years. States Title is highly competitive on price across the country, ensures quality delivery, and closing takes us 75 percent less time from start to finish. This is the Amazon effect we were looking for and we are excited to roll out predictive underwriting for wider adoption.”