States Title Awarded Machine Intelligence Patent - First-of-its-Kind Solution will Remove 80% of Friction, Cost, Expense from Title & Escrow
States Title has been awarded a Machine Intelligence Patent for its groundbreaking title and escrow solution. Used by large national lenders the States Title solution has enabled 80 percent of loan files to become clear-to-close within minutes, helping lenders increase their profit margins on loan origination by an average of 35 percent.
SAN FRANCISCO, June 20, 2019 /PRNewswire-PRWeb/ -- States Title Holding, Inc., one of the top ten largest real estate settlement service companies in the United States, was issued a patent for "Machine Learning Using Multiple Data Types" by the US Patent Office on April 9, 2019.
The patent for invention number 10,255,550 defines and protects the revolutionary solution States Title has created (and now uses every day) to apply machine intelligence and predictive analytics to the most complex and frustrating steps in completing the title and escrow process. Through this groundbreaking solution, States Title is able to complete a quicker, dramatically more efficient closing process, than title companies that solely offer digitization or automation--all while maintaining or increasing the quality of service.
States Title is currently the only company that provides a native machine intelligence solution for title and escrow. Via proprietary data sources and data-cleaning methodologies, State's Title's predictive analytics algorithms can instantly determine a property's ease of closing and identify and reject false positives-- eliminating the need for curation in the title process altogether.
Automation, the primary method utilized by other at-scale title and escrow providers to streamline the closing process, reduces the need for humans to micromanage much of the title and escrow processes. This incumbent technology succeeds in reducing overall workflow-related time and activities by about 20 percent.
States Title's machine intelligence technology will replace approximately 80 percent of the manual workflow-related time and activities. Over the past year, by using States Title's unique method of machine intelligence, large national lenders have had 80 percent of loan files become clear-to-close within minutes, helping them increase their profit margins on loan origination by an average of 35 percent.
This patent signifies an irreversible and long-overdue advancement in the title and escrow industry. Rather than merely improving an aged system, States Title is reinventing how the entire settlement process is done.
"Machine Intelligence transforms everyone's lives. The title company of the future will be an amazing place to work. Even with all the transformative technology, we'll be building to change the nature of the work we do, our people will still be the most valuable asset. The title professional of the future will be able to focus intensely on building and maintaining great customer relationships because machine intelligence will eliminate nearly all the paperwork that plagues today's day-in-the-life."
- Max Simkoff, Chief Executive Officer, States Title Holding, Inc.
About States Title Holding, Inc. and States Title
States Title Holding, Inc. is a top ten title and escrow company based in San Francisco. The States Title family of companies – States Title, North American Title Company and North American Title Insurance Company – is able to impact 90% of all real estate transactions in the US.
States Title is the mortgage originator-focused division of States Title Holding, Inc., States Title is intelligently transforming closings by using machine intelligence to make residential real estate simple and efficient. Allowing lenders to close more loans, faster, and at a lower cost, while maintaining best in class quality and service. Currently used by national lenders to support title and escrow services across nearly 50% of the country, States Title is rapidly expanding coverage for their groundbreaking predictive title lender solution and expects to have 90% of the country online by the end of this year. To learn more visit http://www.statestitle.com.
SOURCE States Title
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