Title and closing software provider SoftPro has released a new integration with Doma Title Insurance, Inc., the firm announced Wednesday.
Through the integration, Doma agents who are customers of SoftPro can now issue closing protection letters, as well as commitment and policy jackets within their title insurance software. SoftPro says that this eliminates the need to leave the platform and the reentering of data. Users are also able to update existing CPLs, request a void of an existing CPL, update an existing policy jacket, automatically retrieve policy jacket numbers, and request a void of an existing policy jacket.
“We are excited to extend this improved SoftPro user experience to our title agent and attorney customers, which will boost their efficiency and make working with Doma as seamless as possible,” Emilio Fernandez, the president of Doma, said in a statement. “Ultimately, these improvements will help achieve Doma’s mission of creating a vastly more simple, efficient, and affordable closing experience for these customers as well as mortgage lenders, other real estate professionals, and perhaps most importantly, homebuyers and homeowners.”
These services are enabled through the SoftPro 360 vendor portal, which connect SoftPro customers nationwide to a network of vendors like Conestoga Title.
During the second quarter of 2022, the Doma earned $124 million in revenue, down from the $130 million recorded a year ago, but up 10% from the previous quarter. The firm’s GAAP net loss for the quarter was $58.65 million up from $23.3 million a year ago, and the all-important Adjusted EBITDA metric came in at a loss of $43.39 million, up from the $11.9 million reported in Q2 2021, but down from the $45 million recorded a quarter ago. According to the American Land Title Association’s Q1 Market Share Analysis, Doma was the ninth largest title underwriter in the country, commanding 1.7% of the market.
A week ago, SoftPro announced its integration with Conestoga Title Insurance Company.