Digital closing platform Qualia announced Wednesday the release of “Qualia Scale,” a software program that allows proptech companies to attach title & escrow to their core offerings.
It’s the second proptech offering created by Qualia. The first, Partner API, is used to unify title companies, real estate agents, lenders, and homebuyers throughout a single real estate and mortgage transaction. Partner API is now part of the Qualia Scale “bundle,” which also includes banking and reconciliation programs, a team of title and escrow experts, and Qualia’s digital closing platform.
“PropTech companies are increasingly turning their attention to the closing process and attaching title to their service offerings,” said Nate Baker, Qualia CEO. “There are a variety of ways to do this. Some companies choose to build their own title and escrow operations from the ground up while others want to access a network of existing title and escrow operations. No matter what model a company decides on, they can now leverage Qualia’s flexible infrastructure to create their own unique, standardized, on-brand closing experience for their consumers.”
Per Qualia’s recent Homebuyer Sentiment Index (HSI), 62% future homebuyers want want digital closing experiences, but only 13% of recent homebuyers have reported receiving digital closings.
Refinances spiked in 2020, but with the COVID-19 pandemic keeping most people at home, a need arose for digital, easy-to-use and reliable tools that can result in consistent digital experiences for service partners and their clients.
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Qualia announced in December that it had acquired a rival in the title and escrow software space: Adeptive Software, the creator of ResWare production software for title and escrow professionals (the sale price was not disclosed). It also announced a valuation of more than $1 billion following a $65 million Series D funding round.
In November, Qualia launched a “physical document service” that enables mortgage lenders to automate the management of paper trailing documents from title partners through its own platform. It also launched “Qualia Post,” a post-closing solution that integrates with a lender’s LOS to automate the retrieval of closing and post-closing documents from title companies.
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