For decades, real estate lagged behind other industries in technological innovation. But now the industry is making up for lost time.
The first wave of technology adoption helped drive consumers’ use of the internet during the home search process to more than 90% today, fundamentally changing how buyers and sellers interact with real estate. Now, the next wave of innovation is changing the closing experience, the part of home buying that takes place after a buyer has been found and the contract is mutual — those 30+ days in escrow when mortgage and title companies do most of their work.
First American Financial Corporation announced the launch of this mobile-first title and escrow company that provides a re-imagined closing experience for buyers, sellers, and their real estate agents.
Developed as a new stand-alone company, Endpoint combines First American’s title and settlement expertise with the innovative approach of an agile startup to provide a digital real estate closing experience from start to finish. First American has invested $30 million to drive the company’s development and growth.
“Our investment in Endpoint reflects our commitment to developing innovative, state-of-the-art technologies that improve the process of transacting real estate,” said Dennis Gilmore, chief executive officer at First American Financial Corporation. “Endpoint represents a continuation of First American’s 130-year history of leading the title and settlement industry in efforts to enhance the customer experience.”
“Consumers today have come to expect an on-demand digital experience across every aspect of their lives,” said Scott Martino, chief executive officer at Endpoint. “That’s why we established Endpoint; working at the intersection of technology, people and process to build a re-imagined closing experience for all parties in the real estate transaction.”
For home buyers and sellers, Endpoint provides a step-by-step, guided interaction, enhancing the closing experience and providing visibility into the progress of the transaction. For real estate agents, Endpoint provides a simplified closing, including frequent updates to keep them informed throughout. Push notifications alert them when buyers and sellers complete tasks in real time, and they can access all of their title and escrow information in one place.
Designed and developed in collaboration with BCG Digital Ventures, the global corporate venture, investment, and incubation arm of the Boston Consulting Group, Endpoint delivers its title and escrow service through a suite of web, iOS and Android apps.
Significant features of Endpoint include:
- All parties have real-time visibility into the closing process with progress tracking, push notifications and secure messaging.
- Documents are completed in the app, with clear guidance as to what information is needed and how much time each task is likely to take.
- Earnest money can be transferred digitally and all parties are notified once the money is received.
- E-signatures can be completed in the platform, while a mobile notary can be scheduled to facilitate a wet signature at no additional cost.
Today, Endpoint operates in Seattle, but expects to expand its operations into California, Arizona, and Texas over the next nine months, with further growth planned through 2021.