Spruce 2021

Year in Review

A Note From our CEO

2021 was a record year for the real estate industry. The low interest rate environment fueled a refinance boom. Home prices increased by nearly 20%—creating one of the most competitive housing markets in history. And we saw the rise of the burgeoning SFR investment segment, which is set to outpace multifamily, office, retail, storage and hospitality growth in 2022.

At Spruce, we've been focused on building products to help our clients grow, strengthening our talented team, and in particular making investments in customer service. While there's a lot to reflect on looking back at 2021, we're even more excited for what's to come—and we're just getting started.
‍
I wanted to share some of the team's accomplishments I'm most proud of.

Patrick Burns, CEO and co-founder

Closing loans

40% faster

*

than industry average
Overall revenue growth

2x

Year over year
Lowering costs up to

20%

§

Percentage of integrated clients grew by

3x

Closed transactions in

48

states
Reduced emails by

30%

♥

via API integration
snapshot

We continued to transform the home closing process

We built products to make our partners more efficient and address what homeowners actually care about: affordability, transparency, and the time it take to close a transaction.

coverage

We expanded our national footprint

This year we helped our clients close in 48 states and nearly 3,000 cities nationwide.

Team Growth

We grew our team to
best serve our customers

In 2021, we’ve tripled the size of our team, with 500 employees across the country.  Additionally, we expanded our customer service team with new leadership hires, and added seasoned senior professionals to our data science, strategic partnerships and title teams.

Our First Head of Customer Experience and Head of Service Delivery will Lead Client-Focused Initiatives and Increase Capabilities

LEARN MORE

Data Science, Title Solutions, and Sales Hires will Expand Tech-Forward Offerings and Further Propel 450% Revenue Growth

LEARN MORE
developers

Built by developers,
for developers

Donec quam lectus vel vulputate mauris. Nullam quam amet adipiscing quis diam nisl maecenas. Ornare fermentum ullamcorper ut ullamcorper amet. Tincidunt sed amet.

Blog

Latest news on Core

No items found.
Highlights

Industry Advancements and Milestones

Series C Fundraise led by Zigg Capital

We’re using this funding to continue enabling our team to build upon Spruce’s existing innovations. To date, we’ve raised more than $110M.

Learn More

Spruce partners with First Funding to improve process

FlexClose enables our team to extend funding times, lower costs, and reduce risks for lenders and borrowers.
‍

Learn More

Spruce rolls out automated underwriting model

Our unique model further reduces title search and closing processes from the industry average of two weeks, to as little as 48 hours or less.

Learn More
Press

Spruce in the News

Business Insider

Investors have sunk more than $1 billion this year into startups taking home-buying online. Spruce is their latest darling
Read More

The Real Deal

Title insurance startup Spruce scores $60M in Series C
Read More

HousingWire Podcast

Spruce's Patrick Burns on innovation in title technology
Read More

The Title Report

Spruce launches SprucePowered, a white-label title and closing solution
Read More
Check out our Press Page
Press

Spruce in the News

Business Insider

Investors have sunk more than $1 billion this year into startups taking home-buying online. Spruce is their latest darling
Learn More

The Real Deal

Compass investors in line for payday, $100M for a flex-living startup
‍
Learn More

HousingWire Podcast

Spruce's Patrick Burns on innovation in title technology

‍
Learn More

Inman

Spruce raises $60M in new Series C funding round

‍
Learn More
Our Values

Odio cursus rhoncus, ultricies eleifend enim. Diam feugiat elementum nulla magnis. Mauris aliquam consectetur.

1.8M+

Wallet Installs

58.3M

Marketplace Volume

2.4B

Created Assets

120+

Partners Worldwide
Recognition

Industry Recognition

CB Insights Fintech 250

Spruce was selected for the third consecutive year
‍
Read More

HousingWire Rising Stars

Congratulations to Spruce’s Tess Bettenay, who has been named a 2021 HousingWire Rising Star.
Read More

HousingWire Tech 100

We’re proud to announce that Spruce was included in HousingWire's 2021 Tech100 awards
Read More
reviews

Customer Stories

Anthony Sherman,  CEO

Anthony Sherman,  CEO

“Spruce’s tech-forward solution has helped to ensure that the title and closing process is truly seamless.”

Vibhu Grover, President

Vibhu Grover, President

“We found a partner in Spruce that can help streamline this process via tech, but also give our customers the 1:1 attention that makes them feel comfortable and confident.”

Sanjay K.

Borrower

“[Spruce’s] automation was very helpful in streamlining the tasks and moving things along.”

Khoi M.

Borrower

“[Spruce was] extremely convenient compared to the traditional process of hauling physical paperwork to the bank.”

Panfeng C.

Borrower

"I clicked some buttons and uploaded necessary documents to the [Spruce] website and the rest was all nicely taken care of."

Sanjay K.

Borrower

“Things moved very fast and efficiently. The automation was very helpful in streamlining the tasks and moving things along. The staff was knowledgeable and efficient.”

Anthony Sherman

CEO, Simplist

“At Simplist, we’re committed to ensuring that the mortgage procurement process is delightful from start to finish. Our focus on technological ingenuity, efficiency and customer experience requires the right partners—Spruce’s tech-forward solution has helped to ensure that the title and closing process is truly seamless."

Vibhu Grover

President, US Wide

“We found a partner in Spruce that can help streamline this process via tech, but also give our customers the 1:1 attention that makes them feel comfortable and confident. Their collaborative approach has helped US Wide grow our business several times over, making us more scalable and poised for further growth in 2021 and beyond.”
‍

Sanjay K.

Borrower

“Things moved very fast and efficiently. The automation was very helpful in streamlining the tasks and moving things along. The staff was knowledgeable and efficient.”

Khoi M.

Borrower

“Quick and easy process. Extremely convenient compared to the traditional process of hauling physical paperwork to the bank. Team was knowledgeable and easy to work with.”

who we help
resources
company
LEGAL
we're hiring

Interested in joining the Spruce team?

Open Roles

©2021 Spruce All Right Reserved   •   150 West 22nd Street, 12th FL NY, NY 10011  •  888-665-7535

Title agency and escrow services are provided by licensed entities in the applicable jurisdictions. Those entities include Spruce Land Services LLC, Spruce Land Services Southwest LLC, Spruce Title Company, Spruce Land Services of Alabama, LLC, Spruce Land Services of Louisiana, LLC, and Spruce Land Services West LLC. For more information on applicable jurisdictions and license numbers click on "Licenses" above
‍
* Days to close compared to industry average by The M Report
§ Average cost savings compared to industry average by My Mortgage Insider
♥ Based on one client’s integration and enabled workflow changes

1. Except in Colorado and Florida

who we help
RESOURCES
COMPANY
we're hiring

Interested in joining the Spruce team?

Open Roles

© 2021 Spruce All Right Reserved   •  150 W 22nd Street, 12th FL NY, NY 10011  •   888-665-7535

Disclaimer
Title agency and escrow services are provided by licensed entities in the applicable jurisdictions. Those entities include Spruce Land Services LLC, Spruce Land Services Southwest LLC, Spruce Title Company, Spruce Land Services of Alabama, LLC, Spruce Land Services of Louisiana, LLC, and Spruce Land Services West LLC. For more information on applicable jurisdictions and license numbers click on "Licenses" above
‍
* The numbers/figures used in the product imagery are for illustrative purposes only.

1. Except in Colorado and Florida