Spruce Growth Fueled by New Strategic Hires
Data Science, Title Solutions, Sales Hires to Expand Tech-Forward Offerings, Further Propel 450% Revenue Growth
NEW YORK, Aug. 10, 2021 /PRNewswire/ -- Spruce, the proptech company powering online real estate transactions, today announced the appointment of three senior-level hires across its data science, title, and sales functions. Following the recent news of Spruce's $60M Series C funding round, announced in June 2021, these industry leaders will further propel Spruce's already rapid growth trajectory and strengthen its client-focused service offerings.
Doing business in 48 U.S. states, Spruce's industry advancements to date include up to 40% faster closing times, with Spruce's automated underwriting model further reducing title search and closing processes from the industry average of two weeks to as little as 48 hours or less. In addition, Spruce enables up to 20% savings on closing costs, and can fund transactions outside of restrictive Federal hours. Clients include five of the top six venture-backed mortgage lenders, two of the top three iBuyers, four of the top five equity investment companies, and several scale-focused SFR investors, accounting for billions of dollars in purchase and refinance transactions per month nationwide. Spruce is also the only title solution to offer its open API directly on its website, enabling a completely centralized end-to-end process.
Doubling its headcount in 2020, Spruce is projected to once again double headcount in 2021, with nearly 300 full-time employees to date. In addition to new top talent across the organization, recent senior-level hires include:
Brittany Murphy, Head of Data Science: Reporting to CEO and co-founder Patrick Burns, Murphy will oversee the company's dynamic risk optimization models and underwriting algorithms, further driving Spruce's automated offerings. Previously, Murphy led the research team for HouseCanary, a real estate data and analytics company, and was a lead data scientist at Allstate Insurance.
Debra Hochman, Head of Title Solutions: Reporting to EVP of National Real Estate Operations, Lisa Robertson, Hochman will lead a cross-functional business team to deliver even more seamless title solutions nationwide. Previously, Hochman spent 20 years at First American Title before holding positions at AmTrust Title and TitleWave Real Estate Solutions.
Susan King, Enterprise Account Executive: Reporting to Jason Chiang, VP of Revenue, King will utilize her deep experience in both mortgage lending and title to lead Spruce's expansion activities in the Western U.S. Previously, King was VP Regional Manager Correspondent Lending at Texas Capital Bank. She also held positions at Fidelity National Title and Stonegate Mortgage, among others.
"Our team offers the best of deep industry expertise paired with a future-forward, tech-focused mindset," said Patrick Burns, CEO and co-founder of Spruce. "These key hires will play critical roles in ensuring we continue to bring our innovative clients the utmost transparency, flexibility, and simplicity–enabling them to meet their ambitious growth goals."
Spruce's offerings include nationwide title insurance, closing, escrow, and recording services through proprietary technology and centralized teams, adding transparency and speed to an otherwise opaque and time-consuming process. Combining machine learning technology with a team of experts, Spruce's scalable model serves forward-thinking lenders, real estate investors, and proptech companies.
ABOUT SPRUCE
Spruce is digitizing real estate transactions for forward-thinking real estate companies and mortgage lenders. By leveraging proprietary technology and best-in-class operations, Spruce provides a seamless, affordable solution. Spruce was founded by Andrew Weisgall and Patrick Burns in 2016, and is headquartered in New York with hubs across the U.S. Learn more about how Spruce can bring your business digital: www.spruce.co.
CONTACT
Hadley Stecker
Director of Communications
[email protected]
978.473.1754
SOURCE Spruce
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