-Using blockchain technology to bring much needed transparency and simplification to the US real estate market, helping to reduce risk and improve operational efficiency through secure and immutable transactions
-Title customers can save up to 25%* on average on closing costs
LONDON and WAYNE, Pa., Nov. 13, 2024 (GLOBE NEWSWIRE) -- R3, the financial markets digital solutions provider, and Radian (NYSE: RDN), the data-driven, tech-enabled mortgage and real estate services family of companies, have collaborated to modernize and improve the title insurance, closing, and settlement services process. Titlegenius, provided by Radian Settlement Services Inc., utilizes R3's Corda platform to help the real estate market by providing a simple, transparent, and secure way to order title and closing services online.
Titlegenius by Radian is a workflow management tool and system of record that provides real-time status updates to buyers and their agents. By leveraging R3's Corda for secure document storage and data transfer, titlegenius helps simplify and speed the execution of property title transfers, increasing visibility of the transaction life cycle using cutting-edge blockchain technology. Customers can save an average of 25%* on closing costs compared to other providers.
Corda is R3's open, permissioned technology platform, powering the tokenization of assets and currencies. The Corda platform delivers token issuance, collateral mobility, and settlement across markets, with the largest number of in-production solutions. Importantly, Corda transfers information and assets in a controlled environment to support privacy, security, sovereignty, and compliance. Corda helps speed and simplify the title insurance, closing, and settlement services process by putting the entire transaction management on blockchain, providing a secure, transparent record of ownership and transfer, accessible via titlegenius's secure portal.
Kate Karimson, Chief Commercial Officer at R3 said, "We are excited to announce this collaboration with Radian. Titlegenius illustrates the advantages of moving title data onto an open, permissioned ledger. This integration on Corda brings better transparency, data control, and smart contract execution, offering time and cost savings to Radian customers. With the most live, in-production use cases of any DLT platform, Corda's peer-to-peer structure continues to lead in privacy, security, and scalability for regulated markets."
Steven Stipetich, Radian's Senior Vice President of Title said, "The title transfer process is notoriously slow and complex, and we are excited to collaborate with R3 to make this process simpler and more efficient for our clients. There are many valuable use cases for DLT in the property space like bulk refinancing - already supported by the titlegenius platform. We look forward to continued collaboration with R3 in our mission to transform residential real estate transactions through cutting-edge technology."
* Potential savings may vary. Florida: Radian Instant Rebate is consistent with the Butler Rebate as permitted in the Florida Supreme Court decision Chicago Title Insurance Co. v. Butler, 770 So. 2d 1210, 1221, 2000 Fla. LEXIS 2034, *32. All other states: National averages of competitor standard rates for purchase transactions as of September 2024. Annual Premium for basic policy; coverage and discounts may vary and may not be available in all states and situations. Savings estimates are based on total costs including closing costs and fees, not on premiums alone.
Media Enquiries
Eterna Partners for R3
Rashi Iyer - Radian
About R3
R3 is the leader in digital currency, digital assets and interoperability solutions. R3 supports Central Banks, Corporates and FMIs by providing them with solutions to progress financial markets digitization.
Corda is an open, permissioned DLT platform powering the tokenization of assets and currencies connecting global markets. Corda enables tokenization with control, security and privacy, providing asset mobility in a permissioned, trusted environment.
R3 is committed to progressing financial markets and to enabling an open, trusted and advanced digital economy.
For further information, please visit www.r3.com.
About the Radian family of companies
Radian Group Inc.. Title insurance is provided and underwritten by Radian Title Insurance Inc. Title Services offered through mytitlegenius.com are provided by Radian Title Insurance Inc. and Radian Settlement Services Inc.
