Flueid, a developer of software solutions to digitize every phase of the real estate transaction, has patented its Flueid Decision platform, which the company claims is used by title insurers and lenders to centralize and automate title release decisions in less time than one Minute.
US Patent 11,095,756, issued August 17, is “another milestone in the company’s vision to commercialize a digital solution for every market segment along the real estate journey,” the company said in a statement.
Flueid Software Corp. was founded in 2017 and self-funded by Title365 veterans Peter Bowman and Peter Richter, and announced a Series A funding round in February led by Aquiline Technology Growth (ATG). Last month, Flueid announced that it had acquired the core proprietary technology and assets from Vodii, a software tool developer for the title and fiduciary industries.
Flueid Decision, originally branded Insurful when it was launched last year, “is designed to shorten the closing schedule by accelerating and digitally enhancing title search processes using traditional and nontraditional data sources, proprietary logic and insights,” the company said . The platform is multi-tenant and agnostic, which means that “it is not owned or managed by a single underwriter, title agent, lender, service provider, or service provider and does not focus on any component of the real estate lifecycle.”
To validate the data security controls and best practices of the Flueid Decision platform, the company sought and obtained SOC 2 Type 1 compliance in March 2021 and Type 2 compliance in June 2021 (an introduction to what they mean).
“We designed Flueid from the ground up with security and computing at its core, and we thought about architecture and design to make sure it supports the control framework that enables customers to control their own data,” Richter said in a statement to announce the granting of patents. “Our agnostic, multi-tenant platform enables each customer to have a unique, future-proof environment. We then transfer ownership and management to each customer to ensure that their data and that of their customers are physically and logistically separated from other customers or outside access. “
Other offerings from the Austin, Texas-based company include Flueid Pro, a marketplace for automating title and escrow closure practices, and Flueid Built, a suite of services designed to help title companies scale their offerings and control their workflow .
Flueid’s website promotes “strategic alliances” with companies like 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 completed in the second quarter and that “integration work is in full swing.”
Last week, First American Title Insurance Co. announced that it is providing Clear2Go, an automated title decision engine for title agents that enables them to offer title decisions on some mortgage refinancing and home loan deals on the same day.
Competing title insurer Doma offers “instant underwriting” title insurance for mortgage refinancing and optimized remote and digital closing and escrow services for all types of mortgages.
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