The home-buying process can feel like an obstacle course — finding the perfect place, putting together an offer and, the biggest hurdle of all, securing a mortgage.
San Francisco-based real-estate technology company Doma is helping prospective homeowners clear that hurdle more quickly with the support of AI. Its machine learning models accelerate properties through the title search, underwriting and closing processes, helping complete home transactions up to 15 percent faster.
“There’s a lot of paperwork involved in this process,” said Brian Holligan, director of data science at Doma. “The better we are at using machine learning to identify different document types and extract relevant information, the faster and more seamless the process can be.”
Doma uses machine learning to identify different types of real estate documents and extract insights from those files. It’s also developing natural language understanding models to help everyone involved in a real estate transaction — from loan officers to real estate agents to homebuyers — rapidly interpret the numerous requests and inquiries that typically occur during the process.
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