Digital closing platform Qualia Announced On Wednesday, the launch of “Qualia Scale”, a software program that allows technical technology companies to attach title and escrow to their main offerings.
It is the second proptech offering created by Qualia. The first, Partner API, is used to unify title companies, realtors, lenders and home buyers into a single real estate and mortgage transaction. Partner API is now part of the Qualia Scale “package,” which also includes bank and reconciliation programs, a team of trust and title experts, and Qualia’s digital closing platform.
“PropTech companies are increasingly turning their attention to the closing process and are giving the title to their service offerings,” said Nate Baker, CEO of Qualia. “There are a variety of ways to do this. Some companies choose to build their own trust and title operations from scratch, while others want to access a network of existing trust and title operations. Regardless of which model a company decides on, they can now leverage Qualia’s flexible infrastructure to create their own unique, standardized, branded closing experience for their consumers. “
According to Qualia’s recent Home Buyer Sentiment Index (HSI), 62% of prospective home buyers want digital closing experiences, but only 13% of recent home buyers have reported receiving digital closings.
Refinances increased in 2020, but with the COVID-19 pandemic keeping most people at home, a need arose for easy-to-use and reliable digital tools that can result in consistent digital experiences for service partners and Your clients.
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Qualia announced in December that it had acquired a rival in the title and custody software space: Expert software, the creator of ResWare production software for custodial and title professionals (sale price not disclosed). It also announced a valuation of more than $ 1 billion following a $ 65 million Series D funding round.
In November, Qualia launched a “physical document service” that allows mortgage lenders to automate the management of the final paper documents of the incumbent partners through its own platform. It also launched “Qualia Post,” a post-closing solution that integrates with a lender’s LOS to automate the recovery of closing and post-closing documents for title companies.