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Spruce Unveils New Automated Underwriting Tool

Proptech provider Spruce has launched its new underwriting model, providing a fully underwritten title commitment in minutes. Spruce’s underwriting tool operates an automated title search and underwriting model for transactions, resulting in cost-savings and a reduction in multiple-day searches.

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

The automated underwriting model is being launched in conjunction with Spruce's partnership with American Digital Title Insurance Company, which is owned by Digital Partners, a Munich Re company. Spruce also recently announced an integration with FlexClose, a warehouse financing service from FirstFunding.

Spruce's new automatic underwriting model was initially launched in Colorado and Arizona, with additional states to follow throughout 2021.

 

 

About Author: Eric Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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