Among the latest investors in Flueid, a verification of title technology company is a venture capital fund created by Rocket Cos. founder Dan Gilbert.
The company has just added $8.3 million in capital in what Crunchbase called a venture round. The lead investor is LiveOak Ventures.
Besides the Gilbert-founded Detroit Venture Partners, the other participants are
Over eight rounds, Flueid has raised a total of $57.4 million, Crunchbase said.
A property's title is normally checked by the originator or servicer days into the process, Peter Bowman, Flueid's CEO, said in a press release.
"Improving understanding and visibility into title risks earlier in the process is critical, as it will foster greater integration and connectivity between mortgage originators and title providers and deliver a more streamlined experience," Bowman said in a press release. "With this funding and the collaboration of our investment partners, we're confident
LiveOak Ventures specializes in investing in Texas-based companies; Flueid is headquartered in Austin.
"The centerpiece of our investment strategy is to back founders and teams that are exceptionally strong in their respective domains and disrupting large industries with their novel solutions," said Krishna Srinivasan, co-founder of LiveOak Ventures. "Our investment in Flueid exemplifies this strategy and, in particular, continues our rich tradition of backing technology leaders in the real estate industry."
Detroit Venture Partners allows its portfolio companies to leverage its relationship with the more than 90 companies within the Rock Family of Companies, including Rocket, its website said.
"We believe Flueid's vision for VOT will be transformational within the mortgage space," said Jared Stasik, partner at Detroit Venture Partners. "They've been able to do something no one else has — use innovative technology to fuel a fast and efficient title process and make insights from that process available to anyone."
In August, Flueid launched a product aimed at the home purchase business. Besides claiming to optimize the title search and exam process, it made title insights available to real estate salespeople as early as when the listing agreement was entered into.
"For purchases, our goal with VOT is to arm both title providers and real estate agents with a tool to provide consumers with a better, more certain home purchase experience," Bowman said in the August release. "Now, title providers not only have the data-driven advantages of VOT for their workflow, but they can demonstrate to real estate agents the value of understanding and proactively tackling title issues upfront."
Another recent technology development in this area
"Loan set-up and processing operations are burdened by highly manual, repetitive real estate document reviews," said Narayan Bharadwaj, senior vice president of automation. "Powered by our Intelligent Data Extractor, we unlock data from documents and use that data to automate complex and manual mortgage operations."
Once the information is gathered from the document, it is compared with what is in the loan origination system or other source data.
The Indecomm bot afterwards prioritizes the data and creates conditions in the LOS for the user to act on.
Meanwhile, Snapdocs is introducing new artificial intelligence-powered functionality it claims will be taking on those manual, error-prone processes.
That includes CD Balancing, which compares the closing disclosures for differences in fees and puts the correct amount in the lender's system of record.
Other additions include funding quality control, post-closing quality control and trailing document management.
"Mortgage closings are expensive, error prone, and time-intensive due to
Sachdev cited a survey of over 2,000 mortgage borrowers whose loans closed between January 2022 and this past June that claimed 60% of respondents experienced frustration during their closing.
"Lending and settlement teams are at the center of this challenge, burdened with manual coordination and stare-and-compare tasks," Sachdev said. "We are on a mission to automate these critical interactions to make the closing stress-free for mortgage professionals and a celebratory experience for borrowers." Snapdocs is also introducing a new brand identity by updating its logo, to reflect this latest initiative.
"Our new visual identity embodies our focus on connecting the mortgage industry and simplifying the closing experience for both borrowers and the teams serving them," said Kat Benenati, vice president of product and marketing. "We continue to embrace the color orange — symbolizing optimism, warmth, and confidence — while our updated logo represents our innovative, integrated solutions that encourage seamless collaboration for all mortgage participants."
