Report: NextAce Saves Title Industry $100 Million
|March 13, 2012|
NextAce Corp., a provider of automated real estate data, issued a report that indicated its patented title production and workflow platform has saved the title industry more than $100 million in labor and production costs.
“Combined with resale and foreclosure transactions, the nation's refinance cycle has maintained title insurance activity during the housing downturn,” said NextAce Chief Executive Officer Don Cantral. “Our automated title search and production process has increasingly gained acceptance and momentum nationwide as the pressure on title companies to expedite reports has remained intense. On average, we process an order somewhere in the country every 10 seconds."
NextAce’s platform connects and automates all major functions of the title search and production process and the company charts daily industry savings on its home page. The figure is based on an average savings produced from up to 1.5 hours of labor and overhead reductions associated with every title order processed by NextAce.
“NextAce drastically improves our firm’s title order turn times and product delivery,” said Southwest Title Group’s Natalie Bombardier, the manager of a combined production facility for the Fidelity family of companies. “As a high volume shop, we have come to rely on NextAce as an integral part of our processes. We can see a day when this will become a no-touch product.”
NextAce’s patented technology connects and automates all major functions of the entire title production process. Today, NextAce delivers a national footprint for automated title production and does so from virtually any data source. Property search and title-related products, including the recently introduced SearchQ Property Ownership and Debt Report service, are available in more than 1,600 counties through automation and a national abstractor network supports the remainder of the country.
The company has processed more than 2.5 million title orders since the company’s founding in 2003.