Spruce Year in Review 2020

2020 has been a year marked by incredible challenges and transitions. Despite these challenges, there’s much to be thankful for and reflect upon as we close out the year. Vaccines are on the horizon, bringing hope for a much welcomed return to normalcy. And as a team, through the ups and downs, we’ve grown in ways that continue to drive forward our mission of making real estate transactions simple, affordable, and effortless for everyone involved. 

Record Demand

US Mortgage Originations, Refinances 2015-Q2 2020 Graph

Mortgage volume is set to hit an all time high with nearly $4.4 trillion in loans originated in 2020. Refinances represent a large chunk of this volume, due to record low interest rates and the need for people to either lower monthly payments or cash-out to pay for necessary expenses. 

We were proud to be able to adapt and grow with our clients to meet this record demand. In conjunction with partners, we experienced 450% year-over-year growth––helping ensure homeowners could make crucial financial moves amid the pandemic.

Our Team

Picture of Spruce team

In order to fulfill these transactions, we knew we needed to add more title and closing experts to the Spruce team. We are pleased to have attracted some of the best talent out there, doubling our headcount this year (remotely), and allowing us to ensure the best service and expertise for all of our customers. 

Our Clients

Banner with Spruce and Munich Re logos

Increased Efficiency and Cost Savings

A key part of our mission at Spruce has always been to bring transparency to a historically opaque aspect of the title industry: pricing. This year, we were delighted to partner with Munich Re, one of the world’s leading insurance companies, to lower title insurance costs up to 20% in some states via automation.  

By pairing automated underwriting with the backing and security of Munich Re, we’re able to offer lower consumer pricing and further reduce friction for our mortgage lender and real estate partners––bringing us closer to a one-click checkout for real estate transactions.

Looking Ahead to 2021

Fannie Mae is predicting that average rates for 30-year mortgages will remain at 2.8% through next year. In this low interest rate environment, we’re more than likely going to see a continued demand for mortgages throughout 2021. Here at Spruce, we look forward to helping further shift this historically offline ecosystem to a predominantly digital experience, and making real estate transactions more transparent, efficient, and cost-effective for everyone.


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