NextAce Gives Title Industry First Automated Resale Capability Through Title EDGE®
|February 8, 2007|
As a pioneer of technology that advances the delivery of title products to the title insurance industry, NextAce(www.nextace.com) announced that it will be the first to make available an automated resale product on March 1, 2007.
NextAce is expanding its automated title software and services offering, Title EDGE®, to deliver full resale and long-form commitments. By automating the resale process, the consumer can benefit from a faster settlement, title insurers can deliver a faster and more consistent product while reducing their associated production costs, and lenders realize process improvement and faster application-to-close turn time.
NextAce has led the title technology charge to service both large and small title insurers with Title EDGE. Founded in 2003, NextAce has processed over 300,000 preliminary title reports and commitments, and is delivering on more than 80 percent of submitted orders. Title EDGE is the nation’s leading automated title examination and report generation product.
“Mortgage refinancing is expected to resurge this year, while the title industry faces continued downward pressure on title insurance rates together with heightened expectations for the speed by which title products are delivered,” said NextAce CEO Don Cantral. “It is under this scenario that the title industry continues to embrace advanced automated processes over manual research and reporting.
“However, when it comes to automating the title commitment process, it is all about the quality and depth of data,” continued Cantral. “By utilizing the same historical data which title companies have relied on for years, Title EDGE provides a consistent title commitment result that meets today’s rigorous lending requirements. We are excited to further the value proposition for automation through the availability of our resale and long-form commitment product, which will begin production throughout California and the Dallas, Texas markets beginning in March. Operations representing three of the top four national title insurers are a part of our pre-production team utilizing our resale and long-form automation solution.”
A competitively unique technology solution, Title EDGE uses patent-pending data extraction technologies to identify and retrieve the required data elements from the recorded documents. In addition, the resale and long-form commitment product analyzes starters or prior files for a given property automatically extracting various easement, CCR, and other related matters, for inclusion in the delivered commitment. The product also has the ability to utilize starters from adjacent properties.
Title companies representing over 50 percent of California’s market share utilize Title EDGE in their production process. Moreover, major title insurers in key markets across the country utilize Title EDGE to produce their title commitments and have embedded the technology into their production systems and processes.