Fidelity National Title Group Announces Strategic Partnership With NextAce to Produce Title Reports in As Little as One Hour
May 10, 2006
JACKSONVILLE, Fla., /PRNewswire-FirstCall/ -- Fidelity National Title Group, Inc. (NYSE: FNT), today announced a strategic partnership with automated title software and service provider NextAce(SM) to significantly improve delivery speed of title reports.
With NextAce's Title EDGE(SM) "software as a service" (SaaS) offering, FNT's five leading title insurance underwriters -- Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title -- will be able to reduce the time to deliver a title report from approximately 48 hours to as little as one hour.
"By automating the title process, Title EDGE offers a powerful technology solution that will significantly enhance our ability to create new levels of speed and efficiency in the title process," said Randy Quirk, FNT's Chief Executive Officer.
Title insurance protects lenders and anyone purchasing or refinancing property against any known or unknown title defects. Lenders need quick, efficient searches of property titles provided through a preliminary title report or commitment to reach loan decisions. Through software automation and smart market partnerships with lenders, escrow companies and title branches, NextAce is able to reduce the production time and cost associated with preliminary title reports and commitments by eliminating hours of manual labor and reducing overhead costs for every order processed through Title EDGE. As a result, the closing process becomes faster, simpler and more cost-efficient.
"We are honored to be a strategic partner with the industry's largest title insurance company," said NextAce CEO Don Cantral. "With Title EDGE, Fidelity National Title Group and its customers are assured improved order turn times, lower costs and greater accuracy. Fidelity National Title Group's adoption of this software service is a strong indicator of the significant impact automation is having on the title industry."
Source: Fidelity National Title Group, Inc.