States Title Awarded Machine Intelligence Patent
June 25, 2019
States Title Holding Inc. received a patent for "Machine Learning Using Multiple Data Types" on April 9 from the U.S. Patent Office.
The patent for invention number 10,255,550 defines and protects the solution States Title has created to apply machine intelligence and predictive analytics to the most complex and frustrating steps in completing the title and escrow process. Through this solution, States Title says it can complete a quicker, dramatically more efficient closing process, than title companies that solely offer digitization or automation.
Via proprietary data sources and data-cleaning methodologies, States Title claims its predictive analytics algorithms can instantly determine a property's ease of closing and identify and reject false positives—eliminating the need for curation in the title process altogether.
States Title, which acquired North American Title Insurance Co. in December 2018, claims its machine intelligence technology will replace approximately 80 percent of the manual workflow-related time and activities. Over the past year, by using States Title's unique method of machine intelligence, large national lenders have had 80 percent of loan files become clear-to-close within minutes, helping them increase their profit margins on loan origination by an average of 35 percent.
"Machine Intelligence transforms everyone's lives,” said Max Simkoff, CEO of States Title Holding. “The title company of the future will be an amazing place to work. Even with all the transformative technology, we'll be building to change the nature of the work we do, our people will still be the most valuable asset. The title professional of the future will be able to focus intensely on building and maintaining great customer relationships because machine intelligence will eliminate nearly all the paperwork that plagues today's day-in-the-life."
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