Matt Zames, who is stepping down as president of Cerberus Capital Management this week, is adding a new title to a real estate tech startup he has advised for years.
Zames said he will chair Doma, which earlier this month agreed to go public through a SPAC merger. Zames was an advisor to Doma before joining the board in 2018 and is also a shareholder.
Doma, formerly known as the States Title, uses machine learning to carve out steps out of the notoriously lengthy process of getting a mortgage. The company says its services save time and money for mortgage lenders while improving the home buyer experience.
"As a former bank director, this is actually groundbreaking for a bank," Zames said in an interview. "To say you can switch from 5 days to instant underwriting, that comes with tremendous savings. And the customer journey is much friendlier."
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Zames, who has not yet decided on his next career move, met Doma CEO Max Simkoff through former US Treasury Secretary Larry Summers, who is also on the company's board of directors.
"The company is fortunate to have this role," Simkoff said in an interview.
Doma has enabled more than 800,000 closings for lenders, including JPMorgan Chase & Co., PennyMac Financial Services Inc., and Homepoint Capital Inc.
The company has a market share of 1% in the title and fiduciary business of USD 23 billion and aims to increase this to 5% by 2023, according to an investor presentation.