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To Be an Innovator by Name, You Have to Be an Innovator by Nature

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By Moshe Abudarham

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There is an idea in brand marketing that – no matter how hard you try, or what narrative and messaging you push – your brand is ultimately decided upon by the world at large. Nike isn’t cool just because they say so, but because millions of fans of the sportswear giant agree. Similar applies to all the great brands: Apple, Netflix, Levi’s, Coca Cola, and the list continues.

Here at States Title, we believe the same applies to labels such as “disruptors” and “innovators.” They are not labels we like to throw around, but prefer to have bestowed upon us due to actually moving the mortgage industry forward, and having customers who acknowledge our role in doing so to join us in our mission.

In just five years, Willie Newman grew Home Point Financial to become the second largest wholesale lender and one of the 20 largest mortgage originators in the U.S. The lender is forecast to grow loan volume past $60 billion this year. So when Willie credits States Title for our innovative approach to title and escrow, we humbly accept the accolade. One of the characteristics of innovation we share is that it has to be grounded in reality:

“I actually look for innovators who are thinking about things the same way we are,” says Willie. “And that, to me, means getting rid of that convention that comes with legacy and not being kind of pie in the sky. You know, moonshot type of objectives all the time. But really looking at it, why are you asking the question? Why is something like this? Why can’t we make it different?”

Why can’t we make it different?

States Title was established after our CEO, Max Simkoff, went through the frustrating, arcane set of processes necessary to buy a house and knew it could be so much better, faster, and cheaper – for homebuyers and all the professionals involved. A few short years later, the company has acquired an incumbent to become a top 10 title and escrow provider, received funding from tech investors and the real estate industry itself, and earned two patents related to an instant underwriting solution that uses out-of-the-box thinking and bleeding edge machine intelligence to change how title risk is assessed and insured.

As Willie says in our Home Point case study:

“Frankly, with the title insurance segment, I guess personally, I’ve always been looking for a better way. It really does get to the point where things are challenging enough, where innovation not only becomes desirable, but necessary.”

Home Point is one of a handful of customers who have followed Max and States Title from the start, and so it’s no surprise that once Willie decided to jump in, adoption has accelerated month-by-month, and the lender now uses our services in 13 states.

Of course, true innovators don’t rest on their laurels, and two patents aren’t going to provide the instant experience mortgagees are looking for, which is why our data science and engineering teams continue to innovate.

Do. Or do not. There is no try.

In testimony to our desire to tackle problems others won’t, as well as our determination to reach a better solution, just two weeks ago, States Title launched a game-changing Instant Closing Disclosure that was two years in development. This innovation reimagines laborious error-prone tasks, such as fee reconciliation or manual cross-checking of data, eliminates human review of closing documents, and provides a complete, error-free Closing Disclosure (CD) in a less than a minute.

As Amy Tankersley writes about just the fee collaboration aspect in a recent blog:

“Rather than make fractional improvements to an obviously flawed process, States Title is addressing this common lender pain point with the same innovative approach we have taken to develop our suite of patented instant title underwriting solutions.”

And here are six features of Instant Closing Disclosure that show just the surface of the complexity of providing the innovative solution:

  • Document parsing
  • Natural language comprehension
  • Fee reconciliation
  • Discrepancy identification
  • Closing disclosure generation
  • Agnostic integration

That’s a lot to digest, so to help you visualize the difference between how other title companies provide a final balanced CD and how States Title can now provide the same, if not a more accurate CD:

If you have questions about Instant Closing Disclosure, or wish to benefit from our ongoing innovation within residential real estate, get in touch today.