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Spruce launched its new underwriting model, providing a fully underwritten title commitment in minutes and bringing the company one step closer to its mission of building the one-click checkout for real estate transactions, according to a press release.
Enabled 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. Complementing existing underwriting standards, Spruce's proprietary approach can reduce multiple-day searches to a few minutes, saving clients time on each transaction without sacrificing quality or security, according to the company.
The new automated underwriting model benefits include "lightning-fast turn times," process efficiency, "superior customer service" and accuracy.
"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.