SAN FRANCISCO, Dec. 9, 2020 — States Title, one of the leading forces for disruptive change in the real estate industry, has expanded its revolutionary title and escrow solutions to key Eastern region states including New Jersey and Pennsylvania. By adding these two states to its nationwide predictive title offering, States Title is now able to service 60 percent of the booming U.S. refinance market, a 50 percent year-over-year increase in market reach.
“The historically low interest rates of 2020 have motivated millions of homeowners to refinance their mortgages, driving exceptionally high demand. This puts lenders under enormous pressure to provide their customers with top service levels at triple the normal volume,” said Kirk Wells, States Title’s Senior Vice President of Strategic & Enterprise Accounts. “We experienced huge demand from our regional and national lender customers in New Jersey and Pennsylvania. Now, by bringing the power of machine intelligence to help close more loans, faster in both states, we are able to more holistically serve their needs.”
The pandemic has accelerated digital transformation in the real estate industry, and consumers and lenders alike are demanding a faster, simpler, high quality mortgage closing experience without delays and frustrations. After validating its solution in high-volume states – including Arizona, California, and Nevada – States Title’s lending customers requested help reducing their growing loan backlogs in more locations. Responding to their call, the company has expanded along the East Coast in 2020, starting in May with Florida – the nation’s third largest refinance market – followed by Georgia, and now New Jersey and Pennsylvania. Additional state expansion is expected in early 2021.