Opendoor To Acquire Doma’s Escrow Operations
Opendoor announced plans to acquire the closing and escrow operations of Doma, as it moves to expand into real estate closing infrastructure beyond its core home buying business.
The deal, subject to regulatory approval, includes a partnership with Fannie Mae on the Title Acceptance Program, which allows eligible refinance transactions to bypass traditional title searches and lender’s title insurance. Instead, risk is assessed algorithmically, reducing both costs and closing times for borrowers.
For homeowners, the shift could mean savings of hundreds of dollars per transaction and a faster refinance process. The model replaces a longstanding system where title searches and insurance were required in most cases, despite limited issues being found.
Doma brings underwriting models and data infrastructure for title risk decisioning, while Opendoor contributes national-scale transaction execution, having facilitated over $100 billion in real estate transactions to date.
The move positions Opendoor to play a broader role in the mortgage and refinance process, aiming to streamline closing by combining risk assessment and execution into a single workflow.
The post Opendoor to acquire Doma’s escrow operations appeared first on Coverager - Insurance news and insights.
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