Spruce Announces Exclusive Automated Underwriting Model

Spruce Announces Exclusive Automated Underwriting Model

Spruce's agreement with American Digital Title Insurance Firm, which is owned by Digital Partners, a Munich Re company, coincides with the introduction of the automated underwriting model.

FREMONT, CA: Spruce, a proptech company that uses technology to power online real estate transactions, has launched the launch of its latest underwriting model, which provides a completely underwritten title pledge in minutes and brings the company one step closer to its goal of creating the one-click checkout for real estate transactions.

The offering runs an automated title search and underwriting model for transactions, saving time and money for Spruce's companies and their customers, thanks to a unique mix of proprietary data science, machine learning, and private and public data sources. Spruce's proprietary approach, which complements existing underwriting requirements, may minimize multiple-day searches to a few minutes, saving clients significant time on each transaction without compromising quality or protection. Furthermore, the model allows for lower operating costs, allowing Spruce to pass along savings to its customers.

The new automated underwriting model benefits include:

Lightning-quick Turn Times: Borrowers benefit from quick turn times, which relieve the stress of waiting days to weeks in a standard phase.

Process Efficiency: A rigorous and structured process decreases the probability of potential lawsuits.

Improved Customer Service: Increased clarity helps Spruce's team of experts to respond even quicker. 

Precision: Predictive modeling capabilities include reliable accuracy, objective flexibility, and time-to-market progress.

"The technological capabilities we've built at Spruce are fundamentally changing the way we process real estate transactions for the better," stated 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."

Spruce's agreement with American Digital Title Insurance Firm, which is owned by Digital Partners, a Munich Re company, coincides with the introduction of the automated underwriting model.

Spruce's latest automated underwriting model is now live in Colorado and Arizona, with more states to follow in 2021. Spruce has driven tens of thousands of transactions for proptech firms, lenders, and real estate investors to date and is rising at a rate of 450 percent per year. Spruce's programs are available in the US.

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