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We’re proud to announce the roll out of an exclusive automated underwriting model that increases efficiency and lowers costs for both partners and homeowners.
This new offering provides a fully underwritten title commitment in minutes, furthering Spruce’s mission of enabling one-click real estate transactions. Powered via a unique combination of proprietary data science, machine learning, and private and public data sources, the offering operates an automated title search and underwriting model for transactions, saving time and money for Spruce’s clients and their customers.
Complementing existing underwriting standards, Spruce’s proprietary approach can reduce multiple-day searches to a few minutes, saving clients precious time on each transaction without sacrificing quality or security. Additionally, the model allows for lower operational costs, enabling Spruce to pass savings onto its customers.
The new automated underwriting model benefits include:
“The technological capabilities we’ve built at Spruce are fundamentally changing the way we process real estate transactions for the better,” said Patrick Burns, CEO and co-founder of Spruce. “The demand for an automated, sophisticated, and predictable clear to close process is greater than ever as more companies are trying to give homeowners and investors a genuinely fairer deal.”
The automated underwriting model is being launched in conjunction with Spruce's partnership with American Digital Title Insurance Company, which is owned by Digital Partners, a Munich Re company.
Spruce’s new automatic underwriting model has initially launched in Colorado and Arizona, with additional states to follow throughout 2021.
If you’re a current client and have any other questions, please reach out to your dedicated service leaders or our Client Success team via success@spruce.co. If you’re not a Spruce client and you’re interested in learning more, request a demo with our Partnerships team here!
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