Compasss title firm runs into trouble in Washington
Summary
The state of Washington is set to revoke the license of Modus, a title and escrow service software company owned by Compass, effective April 1. This could be a major setback for Compass, which announced new virtual real estate tools in April 2020 as a way to adapt to the changes COVID-19 made on the industry. Modus was the third software acquisition Compass made in the past two years, joining CRM platform Contactually and the team behind artificial intelligence/machine learning company Detectica in its portfolio. In January, Compass acquired Lila Delman Real Estate, a Newport, Rhode Island-based brokerage that has been around since 1964 specializing in the grand mansions that dot the state’s seashore. “We look forward to working with [the Office of the Insurance Commissioner] to quickly clarify any misconceptions around our business practices,” read the statement.