Bringing Trust to Real Estate Transactions with Pat Kinsel, Founder and CEO of Proof
Apr 2, 2024
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Pat Kinsel, Founder and CEO of Proof, discusses rebranding from Notarize, fraud risks in real estate transactions, AI's impact, and the importance of security. He highlights identity verification and the challenges in ensuring trust. The conversation also touches on systemic bias fears and task automation challenges in the industry. Listen to learn how Proof is revolutionizing digital transactions for real estate.
Proof rebranded to focus on trust and security beyond notarization.
Proof addresses fraud risks in real estate transactions using biometrics and secure procedures.
Deep dives
Proof rebranding from Notarize to Prove
Proof, formerly known as Notarize, made a significant rebranding move to position itself as more than just an online notary service. The rebrand involved maintaining the consumer brand as Notarize for online notary services while introducing Proof as the business product. This strategic shift aimed to reflect the company's broader focus on providing trust and security beyond notarization, offering identity verification, secure records, and meeting compliance obligations for critical transactions.
Addressing Fraud and Identity Verification in Real Estate Transactions
Proof highlighted the critical need to combat fraud and enhance trust in real estate transactions, especially concerning seller-side fraud. The company emphasized the increasing risks associated with synthetic identities, fraudulent documents, and sophisticated AI technology used to exploit vulnerabilities in the transaction process. By focusing on leveraging technology like biometrics, identity verification, and secure signing procedures, Proof aimed to mitigate risks and enhance trust in real estate transactions.
Challenges in Digitizing the Purchase Mortgage Market
Despite technological advancements, the digitization of the purchase mortgage market continues to pose challenges. Pat Kinsell expressed concerns about the slow progress in transforming traditional mortgage processes into digital transactions. The resistance to change, lack of education, and complex branch-based operations hinder the seamless adoption of digital closings and streamlined mortgage processes within the market.
Predicting the Evolution of Mortgage Lenders and Tech Advances in Real Estate
Pat Kinsell shared insights on the shift towards non-bank lenders dominating the mortgage market in the future, replacing traditional banking institutions. He highlighted the potential for technology to revolutionize mortgage lending, leading to a more digital-first approach in real estate transactions. This transformation reflects a significant change in the industry's landscape, emphasizing the need for lenders to adapt to new technologies and evolving consumer preferences.
Pat Kinsel is back for his second appearance on Tech Nest. Pat is the Founder and CEO of Proof, an intelligent platform that combines auditable verification with cryptographic evidence to securely execute legally binding agreements. We waste no time getting into why Proof rebranded from being known as Notarize and how the new brand more accurately reflects the full vision of the company.
Some of the big problems we discuss include the types of fraud in real estate transactions, including wire fraud, synthetic identity fraud, and deed fraud. Pat also explores the risks associated with AI in increasing fraud and the need for robust security measures. He explains how Proof verifies identity and documents and emphasizes the importance of bringing security frameworks into the consumer world. The conversation sheds light on the challenges and solutions in ensuring trust and security in digital transactions. In this conversation, Pat Kinsel discusses the government's fear of systemic algorithmic bias and the challenges of task automation.
The future of real estate transaction depends on trust of identity. Listen in to learn more about Proof and the problems their solving for.
More about Pat and Proof Achieve trust in every transaction. With Proof, lock in certainty that your customer actually signed on the dotted line. Proof is an intelligent platform that combines auditable verification with cryptographic evidence to securely execute legally binding agreements.
Pat is Founder and CEO of Proof. After creating Notarize, the world’s leading notarization platform, Pat raised the standard of trust again with the launch of Proof. Before Proof, Pat was a Venture Partner at Polaris Partners, the first investor into Drizly, and sold his prior startup, Spindle, to Twitter.