NextAcesm Announces 27 Percent Title Industry Representation in California Market:
National Expansion Underway
Title EDGEsm Gives Title Industry Partners Ability to Capitalize on Current Infrastructure Investments While Extending Value Well Into the Future
BOSTON - October 6, 2004 - California-based NextAce (www.nextace.com) today announced at the American Land Title Association Annual Convention in Boston that its Title EDGE automation system is now utilized by 27 percent of the California title market, with expansion into major metropolitan markets in Florida, Illinois, and Texas underway. NextAce delivered its first preliminary title report via Title EDGE in February 2004.
NextAce's Title EDGE automation system utilizes a patent-pending optical title search process and automated production environment to deliver preliminary title reports to the title company in as fast as 15 minutes - reducing in time a manual process that typically takes 48 hours to five days.
According to NextAce President Mike Armstrong, "The 15 active Title EDGE California counties represent six of the top 25 counties in the country based on U.S. Census figures, with Los Angeles County ranked number one in real estate transactions nationwide." NextAce is currently in preproduction for Title EDGE in 25 additional California counties, as well as over two dozen other counties throughout the United States with expected implementations in most of these areas by the end of 2004.
Due to the very cyclical and extremely labor-intensive nature of the title insurance industry together with offshore production expenses and delays, and 24x7 requirements, Title EDGE's value proposition is immediately appealing. By taking advantage of these market dynamics and combining a technology solution with a fundamental approach to partnering versus competing with title companies, mortgage lenders, and data providers, NextAce has created a new business model that significantly reduces cost and improves delivery of title products to the customer in as fast as one hour.
"By working with NextAce, REI Data is able to enhance its product offering, AutoExamtm, to deliver a comprehensive title examination solution to title agents," said Max Harris, president of REI Data, Inc., a subsidiary of Stewart Information Services Corp.
"There is an increasing requirement for better production, faster delivery of product, and better electronic connectivity between the lender, the escrow company, and the title branch," said Armstrong. "Title EDGE addresses these requirements through a revolutionary new process specifically designed for the title insurance industry. Moreover, Title EDGE delivers a scalable environment and cost structure that moves directly in proportion to the market, while also ensuring security and 100 percent uptime. This process also dramatically reduces a title company's personnel costs that tend to parallel market peaks and valleys."
Title companies utilizing Title EDGE have a significant competitive advantage over those continuing to use current methods for producing title reports and commitments. Since many title company customers make their selection based on customer service response times, Title EDGE has the potential to significantly increase the market share for NextAce title company customers and their and mortgage lender clients.
According to Carmine Ruggiero, North American Title Company vice president and applications manager for the company's Southern California region, "We are excited about the opportunity and the competitive edge this technology presents. Title EDGE is an excellent counterpart to our company's unrelenting commitment to the customer. It will help us capture and gain market share, and extends our business reach over the Internet."
Providing a mortgage lender perspective, President and Chief Operating Officer of New Century Financial Corporation Brad A. Morrice notes the value of automated technology processes for his organization. "Title EDGE helps us and our broker community make a quality decision quicker, providing us with a competitive advantage."
NextAce is demonstrating Title EDGE at the American Land Title Association's Annual Convention in Boston this week (Oct. 6 - 9 / www.alta.org). NextAce is also bringing industry leaders together for a panel discussion on technology's ability to create savings and enhance title productivity during an ALTA Expo Session on Friday, Oct. 8, from 10:45 a.m. to Noon in Room St. George B.
As an application service provider, NextAce offers Title EDGE through subscriber-based agreements. For more information, call 1.714.566.9000, or visit www.nextace.com.
NextAce is a privately held technology company that provides software and services primarily to the title insurance and mortgage lender industries. Its Title EDGE process was established in 2003 to assist title companies in streamlining the production of preliminary title reports and commitments. Additional information on NextAce can be found at www.nextace.com.