Doma’s Technology-First Title Solution Enables Financial Freedom for Point Home Equity CustomersJul 27th, 2022 9:10 EST
SAN FRANCISCO–(BUSINESS WIRE)–Doma Holdings, Inc. (NYSE: DOMA), a leading force for disruptive change in the real estate industry, today announced that Point, a home equity financial platform, is leveraging the Doma Intelligence platform to quickly scale its operations and provide more financial freedom to its customers. Through Doma’s machine learning-driven Intelligence Platform, Point is experiencing some of the fastest title commitments and customer service responses in the industry, further matching Point’s goal for growth and customer satisfaction.
Prior to working with Doma, title clear-to-close was a source of delays for Point and its customers. As a company focused on scaling its Home Equity Investment (HEI) offering, Point needed a like-minded, tech-forward partner to enable its growth without sacrificing the quality of customer service. Since onboarding with Doma, Point has increased its order volume by approximately 200 percent across 17 states in only four months. Further, Point has received title clearance in under a minute in over 70 percent of its orders.
“Previously, getting title clear-to-close was a common source of delays for us, which ultimately jeopardized the closing dates, causing angst for our affected customers,” said Eddie Lim, CEO and co-founder at Point. “Since partnering with Doma, we have seen both a reduction in delays related to title and an increase in positive feedback from homeowners about the smooth process—a win-win for everyone involved.”
Using Doma’s proprietary, machine learning technology backed by a first-class operations team, Point was able to improve many of its key operational metrics, including processing times for title commitments, time to receive clear to close for investments and customer service responses. As a result, Point is able to provide its customers with a different way to access to their home equity, putting thousands of homeowners on a path towards financial independence.
“It’s inspiring to see how Point has implemented Doma’s technology to enable homeowners to access their home equity,” said Max Simkoff, Doma CEO. “We look forward to continuing to support Point’s rapid growth and our shared commitment to providing homeowners with an instant and frictionless closing experience.”
Doma is a real estate technology company that is disrupting a century-old industry by building an instant and frictionless home closing experience for buyers and sellers. Doma uses proprietary machine intelligence technology and deep human expertise to create a vastly more simple and affordable experience for everyone involved in a residential real estate transaction, including current and prospective homeowners, mortgage lenders, title agents, and real estate professionals. With Doma, what used to take days can now be done in minutes, replacing an arcane and cumbersome process with a digital experience designed for today’s world. To learn more visit doma.com.
Point is a home equity platform that makes home wealth more valuable for everyone. With a Home Equity Investment (HEI) from Point, homeowners can unlock their home equity, enabling them to eliminate debt, get through periods of financial hardship, and diversify their wealth. For investors, Point provides access to a previously untapped asset class in the residential real estate space. Founded in 2015 by Eddie Lim, Eoin Matthews and Alex Rampell, Point is backed by top investors including Westcap, Andreessen Horowitz, Ribbit Capital, Greylock Partners, Bloomberg Beta, Redwood Trust, Atalaya Capital Management, Kingsbridge Wealth Management, Deer Park Road Management, The Palisades Group, Alpaca VC, and Prudential. To date, Point has raised over $170 million in equity capital. The company is headquartered in Palo Alto, CA. For more information, please visit www.point.com.