Qualia, a real estate software startup that among other things has developed digital closing technology, announced this week it has launched a new cloud-based platform for title companies.
The new platform is called Qualia for Enterprise and the company described it in a statement as the “only cloud-based real estate platform purpose-built for large and growing title & escrow operations.” The platform’s purpose is to streamline the closing process, and it includes communication tools, a title production platform and the ability to integrate with the technology that title companies’ vendors might be using.
Qualia CEO Nate Baker further explained in a statement that the new platform is “a system of record that provides title and escrow companies the cloud-based infrastructure they need [to] operate and manage thousands of transactions each year.”
“In order to stay competitive in today’s real estate industry, it’s important to adopt technologies that enable an organization to operate securely, at scale, and efficiently with a broad ecosystem of partners,” Baker added in the statement.
Though Qualia had previously been working with enterprise clients, a company spokesperson told Inman that the platform includes new features such as concierge support. It was also “specifically designed for enterprise-level companies managing thousands of transactions per customer.”
In addition to Qualia for Enterprise, the company also announced Qualia Post this week. The new product “automates the post-closing process for lenders all within a secure portal.” It also integrates with lenders’ existing technology.
The company says that lenders using it can reduce the amount of work they spend on post-closing operations for transactions by 25 percent.
Qualia was founded in 2015 and has described itself as trying to provide an Amazon-like experience for real estate closings. Baker has specifically said in the past that the status quo is “broken” and indicated that his company is striving to modernize the process.
The firm began offering all-digital closings last year. At the same time, it also launched a tracking feature that shows consumers where they are in the escrow process, as well as tools that let real estate agents invite their clients to use Qualia software.
At the time those tools launched, Baker said that they were a response to research showing that “forty percent of consumers cite the closing as the worst part of buying a home.”
In November, Qualia also announced that it had raised $55 million in its latest funding round. Since 2015, the company has raised a total of $95 million across several rounds of fundraising.
Digital closings like the ones offered by Qualia represent a growing frontier in the real estate technology landscape right now. In additional to Qualia’s work in the area, Notarize also offers all-digital closing services. Notarize said last year that it has closed $1 billion using its online technology, and announced this week the latest in a string of partnerships with other real estate companies.
In Qualia’s case, the company has also been building partnerships — it teamed up with Iowa Title Guaranty in November — and said in a statement this week that over the past five years it has become “the fastest growing title and escrow software provider.”
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