"Closing a home costs too much and takes too long. Not because it has to, but because the industry was never organized to fix it, Opendoor President Lucas Matheson wrote in a LinkedIn post."
"Doma built the technology that makes the risk decision. We close the transaction. This is what it looks like to actually build toward making homeownership more affordable."
"The announcement characterizes lower transaction costs as a bipartisan priority, noting that federal housing policy and private-sector innovation are aligned on expanding options like the Title Acceptance Program."
Opendoor will acquire Doma Holdings' closing and escrow operations, expanding its reach into refinance closings and title automation. The acquisition is subject to regulatory approval and includes a partnership with Doma and Fannie Mae on the Title Acceptance Program. This program allows eligible refinance loans to close without a lender's title insurance policy, utilizing algorithmic risk assessments instead of traditional manual searches. The acquisition will integrate Doma's 85 staff members into Opendoor, enhancing lender relationships and operational experience in high-volume closings.
Read at www.housingwire.com
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