full XXXX Good Dave. and fourth call. everyone, our year earnings you, quarter joining you afternoon, thank for and Thank
for was XXXX a Doma. transformational year
narrowed divested successfully reduction and our our demand Upfront and customers. of and operations title support the to conditions, focus new significant strategy called pilot streamlined to noncore address better affordable including insurance we more to launch executed our ever-growing strengths market offerings, market invaluable actions, product agency continue navigate tech-driven core challenging Title. We business cost an our we the innovative As local our on for
was get transformation start we to by incredible by made built at work possible you hard us This Doma. of are we for the each have where today. want contribution team to your thanking and here I that
fourth our to results. quarter Turning
We key will discuss X the themes today. call on
an adjusted provide path EBITDA reaching update our First, on to I profitability. will
implementation our provide I an strategy Title on on we Second, have the detail the update including Upfront launch the will for early the of encouraging successes and of business, enjoyed. pilot our narrowed more
core another strength our Third, the I to a underwriter talk about quarter few want continued performance minutes strong difficult platform, despite of which of demonstrated take to market conditions.
something in discuss affordable long-term in groundswell of options recent need will for are to our success. is and the upside we specifically more insurance in public I last could ways how Fourth, as a by believe to the union housing positioned support solutions, for deliver title we that uniquely exhibited state driven week's address, address innovative political more
between the new executed our underwriter we We investments future opportunities, significant customer reduction Regarding funding XXXX actions still strategy. it particularly to to costs struck our our as cost still while division. levels successfully a reducing theme, enterprise support in our first relates enhancing and our balance while at service growth fine
improvement environment, in and by goal adjusted EBITDA shy our just we degradation P&L. the we encouraged the our of QX, made of EBITDA profitability continued ambitious fell significant While of due to we rate primarily in reaching the interest are adjusted
continuing for improvement an operations loss this for EBITDA EBITDA million operations QX of in was from $X $X million QX, adjusted in our continuing year. loss Our of adjusted
As a narrowly operations made and EBITDA continuing $XX our from loss more this target we quarter million, 'XX way missing stark our come for we've long the of despite progress fourth quarter. a are we've reminder, proud of
as seasonal housing low a risks previously EBITDA Looking to have for discussed, combined QX presents first within encouraged we which, structure continued is and market achieving cost to uncertainty, and half significant striking in first ahead, goal. the profitability year. are typically distance the us macroeconomic the in adjusted But with we of quarter enabled get our of overall, the which our by improvement point
will Now operational margins cost efforts our our structure, believe our growing forward revenue realization our implementation of on that we encouraged goals, navigate we and our to customers support We change. our reduced by these are from getting of improvements. the we significantly key our through are expanding extremely external we be have achieving and focus strategy and as going new are the through
in second of earnings our This which launched theme update brings me our Upfront the year. of key quarter program, first the to this we call, Title pilot an on
on our couple discussed quarterly earnings go-forward last As title for affordable growing to business we more tech-enabled providing and and market insurance calls, around centered is solutions. chorus our strategy the of solutions technology
and relief. our many are can in are through down affordability largest costs ultimately market licensing instant while to our for directly critical technology we underwriting homeowners and a we Americans. continuing meet independent market bring of in confident underwriting to remains the participants patented channel, agents By demands the mortgage critical need for upstream, serve Housing issue that country, who
fourth sale X.X% According to were reality household, the metros, median posted for share from single-family even home National the an price the REALTORS' the the of Association surge in in continued most quarter major existing XXXX XXXX on typical homes of and jumped in XX.X% of were lowest that gains. the record. some home data, prior. in an for The by to a year majority sale for household. cite They U.S. to According affordable not national double-digit markets prices XXXX U.S. homes just affordable typical U.S. that for Redfin, analysis the unfortunate is of for
exploring cool, to elevated with supply, costs, remain innovative have who new the and created with many rates especially low closing combined help families. first-time which, still challenges applaud industry interest have homebuyers. low-income, options are We affordability for they for begun participants While to
to of we faster It clear far this we need Title, competitive our of well our pilot and We critical a relief. narrowed a Upfront better, us homeowners. to call, is positions more deliver strong much Americans streamlined lower by our title to that us homeowners. affordable will on product, we QX Through issue launch and groundbreaking which a believe advantage American discussed suite offering have solutions to solution believe strategy address for desperately that cost more the
the our will rate core us as used in enable an and determine provide product eligibility instant Title underwriting itself. all title underwriting platforms a Upfront loan quoting to insurance communication or decision coverage reminder, within, As well for to as with,
Specifically, systems we for software utilized prequalification demand have automated borrower one, process and government-sponsored designed the systems the utilized mortgages; core decisions large mortgage enterprises. to by underwriting lenders and the to number product seamlessly with, by integrate number issue two,
provide instant offering the rates at deciding customers new these a the GSEs homeowner product obtain mortgage software as whether for title of certainty price point Title loan generally below the By to platforms will industry to or Upfront to of standard directly, far to enable their platforms underwrite our insurance. customers we not well title lender as the as well as current
revenue higher-margin technology our licensing help this will shift towards us of time, over more configuration software Additionally, revenue. of our
QX program. country our technology of we partnership a call, the Title initial On announced mortgage one the launch our platforms with pilot Upfront an largest in via to products
'XX, an in delighted QX to earlier launched today successfully program pilot early-stage schedule. that announce are of We this of configuration ahead
and early lenders could can alike. consumers helping validate which and encouraging bring transformational seeing the that We benefits are deliver to they new and already results, savings are meaningful a configuration, to both future
year, our that a in additional the technology these track, geographic on we on pilot first product to and are early are of enhanced half success the partnership Upfront a both year basis expand believe Title by we a configuration second of on lenders half also platforms. to We based would more offering and program mortgage in be if in and position successful we demonstrating results, this the
to While we by of results, the expect half encouraged this very first from are do material the pilot early year. be we not program the revenue in
just be to to that partner's we proposition to platforms expand major strong about platform and lender market are mortgage will technology And the has a their lender this be largest in country the technology scale partnering platform customer as to launch one excited with ability this we base, customer and innovative with lender thrilled this value are impressive our that other customers. We our within of offer product an presence. built given national the both so initial believe and partner
services insurance by which performed may will to division underwriting or will Upfront enable the the For internally product, our escrow believe closing provide policy, external title while Title efficiently. product and either scale provided the we partners, us Doma's be
strategy accelerate cost to go-to-market to quarters deliver we over to can so homeowners. expand meaningful the that reach is our and next intent savings Our work our few
As our remain business a on part our part to of technology continue a insurance license business. with distribution title our of strategy, and basis, go-forward and customers in importance our of agent will be parallel core the and underwriting our of independent critical
conditions. This and difficult brings despite update to an call, is its our platform the performance which theme me strong core market earnings third of underwriting our provide key on to continued
the profit and Our quarter. and XX%, fourth increased third gross compared quarter underwriting division fees retained respectively to premiums and adjusted X%
fourth our favorable reduction see in most costs quarter, cost and underwriter improvement expect the business, And the strength portion momentum the to positive recent underwriting in profit the benefiting of resulting During gross reserve in development. by by from aided the was lower also we performance actions. driven positive business our continued homebuilder from
significant to our which launch tech in our success. division, have been to continue underwriting instrumental initiatives We
major in policy and with APIs production numerous title like systems launched CPL, production. jackets we example, For title areas
portal, systems, lastly, launched also Academy, CE, a our CLE to to with allowing of agent agents credits agents button. their click electronically launched licensing new revamped And online offering the our We pay remittances to requirements. satisfy Doma education make our we
benefit innovative We efficiency of improve our Doma. team them believe will a saving agent-focused partnership production through them while with our our their by independent time also expense, enabling title continued rollout to technology and
saw added XXXX. customer independent number customers to critical Doma, community of onboarding and independent pleased the having continue remains in agent We during by community we to agents. relationships Our growth service, meaningful are agent new new XXX we our of growing importance
which positive partnership Lennar, we results with largest Lastly, from homebuilder. the nation's saw is our
shortage homes to demand remain continue to chronic in for housing, With title needs. Lennar their partner order servicing the with and increasing we excited supply of
of through The wrapping Before would political touch call. key title outcomes fourth last of support theme are few like in earnings last being And address innovative emerged believe grown we to state the and affordable specifically that weeks. out the driven our week's has public one positioned even for just housing opportunity more significantly, insurance to more well we I of coming up, the specific address. on union solutions extremely
his As the he on may a last have Joe homeownership, struggling announced housing millions seen the you to President for title costs. address in focus plan costs lower to of specifically week, afford Americans his of insurance who are mentioned reducing dream American and Biden
separate requirement requirement on for only title lenders' the lien loans the confidence have lender's for Housing announcement where or property not Agency certain will this address, pilot" risk free title a Director, prior clarified further low-risk they a policy to refinanced is President's does FHFA's to acceptance or AOL the that approved insurance waive already. is of a applies requirement since title that impacts legal property refinance "title on insurance the to the for Federal pilot refinances. a or immediately the title In any announced certain it and opinion pilot Sandra the ahead impact lenders' only where there the has title Thompson, that Finance a certain clear borrower's and encumbrance. borrower waive The transactions of
one Doma of the proven only space our in pilot FHFA. We believe has the capabilities participate who technology to is program the and underwriting by in players that announced
majority the transactions able traditional over the proven is to used. underwriting and profile the conforming Our process regardless search characteristics patented has been out XX,XXX other bulk loans, been or nearly technology, of of exam automate borrower title of that geography, have manual refinance for which
several instant technology but by licensed only announced the the for tech choose this pilot, would they that Our rates it significantly a of completely as the similar seamless traditional to front offering majority who participate and program. fulfillment if they a process. with originators, might FHFA's lower the proven costs from refinances purchase that a also we as not that to for best our support and while consistently also enable because using can integration And claims provide exhibiting title should lenders, close this GSEs lender has we end, decide operates configuration automated reduce time mortgage any all provide in to days
that external we've evaluate the we a will reporting with relationship helping outcomes. first correct seen have is if of to in more that Fannie launch homeownership the Further, this equitable Fannie the drive initiatives added to in Mae be pilot, stating affordable execute and and benefit Mae
It's to dismayed by homeownership well benefit low-income we've homeowners. some American assume the minority reported following important not pilot week's dream and/or put commentary note of program will as both that that been announcements as of the that last at risk the
not pilot Specifically, FHFA borrowers. that week confirmed introduce new in program the will any to their risk statement last
that their transactions some announcement qualify those will income of implying and/or trade the seen credit non-low week, score high reports assumed, by wealthy announced be be language the will that homeowners these have program industry for that on organizations that only Additionally, last borrowers. in based we and FHFA's
several Our the from by moderate GSEs. median our the who utilized was the income that used to their safely shown are of own income, of XX% of refinances has data underwrite transactions. were of individuals technology the area these by again, And XXX% lower majority conforming past over years definition below completed
So FHFA implement whatever ensure configuration to likely low for need it desperately significant there confidence and and a impact GSEs who we multiple to have relief. on that the decide that of they homeowners pilot, paths announced moderate-income the will have are
This the we've borrowers the and the the announcements by actions likely reduce urgency GSEs helping further we to to example title country the compared for great a kinds a in exploring should to Overall, innovative and the that make affordability traditional of We a lasting and on of safe the could share and approach our we housing that think helping made impact desire appropriate qualify administration, is on manner. taken what costs of week of and by more assess this for and universe a last to wide underwrite risk, quantifying in heard over opportunity. sense time solutions. by excited to non-technology-based margin majority challenges forward look closing that about that we're innovation this based refinance a it's a alleviate
been celebrate done the In the incredible closing, that I'd team. moment like entire a work to Doma to take by has
of continually to thanks we plan and direct a cost our believe XXXX challenging have runway Our your environment. targeted result success amount ability for a is of We savings of a initiatives efforts the reasonable and navigate go-to-market XXXX. ahead us, of to all
relieve would to housing face. they better obvious support. your I to us and to help like for consumers also It's thank need continued investors analysts the challenges options that affordability our
most. especially an We but are it for friction from title passionate need not process also only the about providing and removing frustration lower-cost for solutions all, those antiquated who to
turn the now Mike? I'll our Mike over to CFO. time Smith,
