Flueid, a developer of software solutions for digitizing every stage of the real estate transaction, has been awarded a patent related to its Flueid Decision platform, which the company says is used by title insurance underwriters and lenders to centralize and automate title clearance decisions in less than a minute.
U.S. Patent 11,095,756, granted Aug. 17, is “another milestone in the company’s vision of commercializing a digital solution for every market segment along the real estate journey,” the company said in a statement.
Founded in 2017 and self-funded by Title365 veterans Peter Bowman and Peter Richter, Flueid Software Corp. announced a Series A funding round led by Aquiline Technology Growth (ATG) in February. Last month, Flueid disclosed that it had acquired the core proprietary technology and related assets of Vodii, a developer of software tools for the title and escrow industry.
Originally branded as Insurful when it launched last year, Flueid Decision “is designed to compress the closing timeline by expediting and digitally enhancing the title search processes using traditional and nontraditional data sources, proprietary logic, and insights,” the company said. The platform is multi-tenant and agnostic, meaning “it’s not owned or managed by any one underwriter, title agent, lender, servicer or service provider and is not focused on any one component of the real estate lifecycle.”
To validate the Flueid Decision platform’s data security controls and best practices, the company sought and obtained SOC 2 Type 1 compliance in March 2021 and Type 2 compliance in June 2021 (here’s a primer on what these mean).
“We built Flueid from the ground up with security and data handling at our core, putting thought into the architecture and design to ensure it would support the control framework that allows the customer to control their own data,” Richter said in a statement announcing the patent award. “Our agnostic, multi-tenant platform allows for a unique, future-proof environment for each client. We then transfer ownership and management to each client to ensure their data, and their client’s data, are both physically and logistically separated from other clients or outside access.”
The Austin, Texas-based company’s other offerings include Flueid Pro, a marketplace aimed at automating title and escrow closing practices, and Flueid Built, a suite of services designed to help title companies scale their offerings and control their workflow.
Flueid’s website touts “strategic alliances” with companies including Blend, Boston National, and JFC Lending. Blend announced an agreement in March to acquire Title365 from Mr. Cooper Group for $422 million. This week Blend said that the Title365 acquisition closed in the second quarter and that “integration work is well underway.”
Last week, First American Title Insurance Co. announced that it was making an automated title decision engine, Clear2Go, available to title agents, enabling them to offer same-day title decisions on some mortgage refinancings and home equity loans.
Rival title insurer Doma offers “instant underwriting” of title insurance for mortgage refinancing, and streamlined remote and digital closing and escrow services for all types of mortgages.