Flueid, a developer of software solutions to digitize every step of the real estate transaction, has obtained a patent related to its Flueid Decision platform, which the company says is used by title insurance underwriters and lenders to centralize and automate title authorization decisions in less than a minute.
US Patent 11,095,756, granted Aug. 17, is “another milestone in the company’s vision to commercialize a digital solution for every market segment along the real estate journey,” the company said in a statement.
Founded in 2017 and self-funded by Title365 veterans Peter Bowman and Peter Richter, Flueid Software Corp. announced a Series A funding round led by Aquiline Technology Growth (ATG) in February. Last month, Flueid revealed that it acquired the proprietary core technology and related assets from Vodii, a developer of software tools for the securities and escrow industry.
Originally dubbed Insurful when it launched last year, Flueid Decision “is designed to compress the closing schedule by accelerating and digitally enhancing the title search processes using traditional and non-traditional data sources, from proprietary logic and information, ”the company said. The platform is multi-tenant and agnostic, which means “it is not owned or operated by any underwriter, title agent, lender, service agent or service provider and is not focused on any part of the real estate lifecycle ”.
To validate the data security controls and best practices of the Flueid Decision platform, the company researched and achieved SOC 2 Type 1 compliance in March 2021 and Type 2 compliance in June 2021 (here is an overview of what it means).
“We built Flueid from the ground up with security and data management at the core, thinking about the architecture and design to ensure that it would support the control framework that allows the customer to control their own data, “Richter said in a statement announcing the patent grant. “Our multi-tenant agnostic platform enables a unique and scalable environment for each client. We then transfer ownership and management to each customer to ensure that their data, and their customers’ data, is both physically and logistically separate from other customers or from outside access.
Other offerings from the Austin, Texas-based company include Flueid Pro, a marketplace to automate securities closing and escrow practices, and Flueid Built, a suite of services designed to help securities companies. to develop their offers and control their work flow.
Flueid’s website touts “strategic alliances” with companies such as Blend, Boston National and JFC Lending. Blend announced an agreement in March to acquire Title365 from Mr. Cooper Group for $ 422 million. This week, Blend said the Title365 acquisition closed in the second quarter and “the integration work is well underway.”
Last week, First American Title Insurance Co. announced that it is making an automated title decision engine, Clear2Go, available to title agents, allowing them to offer same-day title decisions on certain mortgage refinances. and home equity loans.
Rival title insurer Doma offers “instant purchase” of title insurance for mortgage refinancing, as well as streamlined remote and digital closing and escrow services for all types of mortgages.
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