States Title’s revolutionary title and escrow solutions are now available and the company is ready to take refinance orders in New Jersey and Pennsylvania. In adding these two states to our growing service offering, we are now able to service 60 percent of the booming U.S. refinance market, a 50-percent year-over-year increase in market reach.
It has been a particularly strange and unpredictable year, especially when it comes to mortgage transactions. The high refinance volume we saw in Q1 was propelled to breakneck levels by consumers taking advantage of historically low interest rates – putting lenders under enormous pressure to provide their customers with top service levels at triple their normal volume. Through these challenges, States Title has not swayed from our vision of providing a differentiated closing experience, leveraging patented technology and industry-leading knowledge and expertise.
After validating our solution in high-volume states – including Arizona, California, and Nevada – our national lender customers requested our help reducing their growing loan backlogs in more locations. Responding to their call, we prioritized the areas they needed us most, starting our East Coast expansion with Maryland in July 2019.
Despite the challenges posed by the COVID-19 pandemic, we continued our expansion, launching in Florida – the nation’s second-largest refinance market – in May, quickly followed by Georgia, and now New Jersey and Pennsylvania.
“New Jersey and Pennsylvania present an opportunity to serve a larger footprint for our regional and national lenders, and there was high demand from both current and prospective customers to provide our industry-leading solutions in these key states,” said Kirk Wells, States Title’s Senior Vice President of Strategic & Enterprise Accounts.
Along with our state-by-state expansion, we’ve scaled our centralized service operations team by over 400 percent. Without skipping a beat, we were able to quickly pivot as the pandemic progressed to a secure remote model, maintaining consistent customer service levels throughout.
The refi boom shows no sign of slowing, with many industry analysts predicting high volumes will continue throughout 2021. We’re not done yet either – look out for more states and transformative solutions from us in 2021.