Lenders using Upfront Title can quickly identify issues, speeding up the approval process and minimizing manual work. The solution offers title insurance rates that save borrowers 40% to 70%. The partnership between Blend and Doma aims to enhance the digital lending experience by leveraging technology to reduce complications in mortgage closing. Doma's initial launch with Mr. Cooper demonstrated an overall loan cycle time reduction of three days and significant savings in title fees. The collaboration emphasizes the importance of software-driven solutions in creating value for customers and streamlining workflows.
By surfacing title decisions early, lenders can identify potential issues sooner by speeding up approvals, reducing fallouts, and minimizing manual work. The Upfront Title configuration allows lenders to apply title insurance rates that save borrowers 40% to 70% compared to traditional rates.
This strategic investment enables us to think even bigger about how we can use technology to remove the friction and frustration from closing a mortgage. We remain incredibly excited to rapidly scale the delivery of Upfront Title through Blend's powerful platform.
By leaning into our platform's scale and partnering with best-in-class technology providers like Doma, we're able to streamline complex workflows like title and empower our lender partners to move faster, lower costs, and deliver a more transparent and modern experience to their borrowers.
In an initial launch of the Upfront Title solution for Mr. Cooper, a Blend customer, Doma was able to drive an overall loan cycle time reduction of three days, while also saving borrower customers several hundred dollars per closed loan on title fees.
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