States Title Uses Machine Intelligence to Eliminate Human Review of Closing Documents

States Title’s new ‘Instant Closing Disclosure’ product applies data science to return a completed settlement statement, with zero effort from the lender, in just one minute

SAN FRANCISCO, Calif. – September 17, 2020 – States Title, the only title company that uses patented machine intelligence technology to make closing a mortgage more efficient and affordable, today announced the release of its new Instant Closing Disclosure product. Instant Closing Disclosure is already helping lenders like Homepoint, one of the nation’s leading mortgage lenders and servicers, save significant time in completing the loan closing process. Rather than relying on escrow employees to manually review closing disclosure documents and “stare and compare” to verify data and fees, the product uses data science to automatically deliver an accurate closing disclosure – almost instantaneously.

Similar to States Title’s Instant Underwriting product, which delivers title commitments in minutes, Instant Closing Disclosure enables lenders to get settlement statements back from escrow officers in as little as one minute, versus hours or days. According to States Title, the company is eliminating the manual, error-prone work done by the closing agent, as fees are automatically reconciled from the lender’s closing disclosure into its title production system, with no file re-formatting needed. This allows the settlement statement to be returned quickly, speeding the overall time to close.  This latest innovation, leveraging the power of machine intelligence, is part of the States Title’s mission to create an instant mortgage closing experience for lenders and consumers. 

“The conventional closing process costs too much, takes too long, and is too confusing. Especially now, when millions of homeowners are looking to refinance their mortgages and loan volume is extraordinarily high, States Title can help lenders close loans more quickly at a lower cost,” said Max Simkoff, CEO of States Title. “We remain laser focused on our vision of creating an instant closing experience, and this new product brings us another step closer. Instant Closing Disclosure eliminates manual processes and reduces touch points, while ensuring high standards of accuracy, improving the experience for both lenders and consumers.” 

“At Homepoint, our goal is to provide customers with a mortgage experience that is simple, straightforward, data-driven, and can be completed quickly – in accordance with their expectations,” said Willie Newman, President & CEO of Homepoint. “Instant Closing Disclosure, along with Instant Underwriting and States Title’s service model, are helping to make that a reality in a space that’s been long overdue for innovation.”

Key features of the new Instant Closing Disclosure include: 

  • Document Parsing: the technology automatically extracts and interprets unstructured information from closing disclosure documents (this step is optional if the lender would prefer to exchange fee level data via an integration).
  • Natural Language Comprehension: the algorithm adapts to all variations of wording used by all lender customers to describe the 30+ different types of possible fees, reads them with the expertise of a human title professional, and corrects any typographic errors 
  • Fee Reconciliation: automatically reconciles fees after data is extracted and interpreted, eliminating human error. 
  • Discrepancy Identification: the service runs an automatic quality check on the closing disclosure and notifies the lender of potential issues.
  • Closing Disclosure Generation: automatically sends the settlement statement or structured fees back to the lender.
  • Agnostic Integration: Instant Closing Disclosure is an agnostic solution that lets the lender work within their preferred platform. It directly integrates into the lender’s workflow without any changes. 

States Title’s clients include some of the U.S.’s largest mortgage lenders, including Homepoint and Sierra Pacific Mortgage. States Title has previously developed data science-based technology solutions for title insurance underwriting, creating predictive title insurance based on an assigned risk score to indicate how safe a property is from liens or liabilities, helping to achieve faster title processing and more efficient underwriting. The company has achieved 100x growth between 2018, when it insured $13 million of real estate transactions, and 2019 when it insured more than $1.3 billion.

About States Title Holding, Inc.  

States Title enables an instant real estate closing experience. The company uses machine intelligence and its patented technology solution to transform residential real estate, making closings instant and affordable. States Title and its family of brands – North American Title Company (NATC) and North American Title Insurance Company (NATIC) – offers solutions for lenders, real estate agents, title agents, and homeowners that make closings vastly more simple and efficient, reducing cost and increasing customer satisfaction. States Title’s clients include some of the largest bank and non-bank lenders in the U.S., and the company, which closed or issued insurance policies for nearly half a million transactions in 2019, is rapidly growing. To learn more visit