NextAce Brings New Title Search Technology to Arizona's Real Estate Market
Booming Real Estate Market & Established Digital Title Data Sources Make
Maricopa County a Strategic Market for NextAce's Title EDGE
TUSTIN, Calif. - February 1, 2005 - Title search software and application service provider (ASP), NextAce Corporation (www.nextace.com), today announced the immediate availability of its optical title search software and services offering, Title EDGE, in Arizona's Maricopa County. According to the Arizona Real Estate Center at Arizona State University, the Maricopa County housing market in 2004 realized a 32 percent increase with total housing sales of 162,100 from the previous annual record of 122,995 in 2003. Title EDGE, which is used by title companies servicing 35 California counties, will enable the Maricopa County title and real estate sectors to streamline and increase the production of preliminary title reports and commitments while reducing operational costs.
Title companies in metro Phoenix that adopt Title EDGE will gain several market and competitive advantages, including: production savings of up to 70 percent; a technology solution that integrates well with and complements the title company's existing data provider and processes; and the quickest delivery of title commitments in the industry.
Director of the Arizona Real Estate Center at Arizona State University Jay Butler lends his perspective and explains why title and mortgage professionals should consider embracing this production model shift in title research and processing: "The housing market in Maricopa County is projected to slow down and stabilize in 2005. With this in mind, real estate and title organizations should consider evaluating and implementing innovative technologies which can immediately produce a higher volume of title reports and commitments and in turn speed up sales transactions and reduce overhead."
Due to the very cyclical and extremely labor-intensive nature of the title insurance industry, Title EDGE's value proposition is immediately appealing to counties like Maricopa that have the digital title data infrastructure already established to take advantage of Title EDGE's complementary title search capabilities. Through the combination of these market dynamics and a technology solution with a fundamental approach to partnering versus competing with title companies, mortgage lenders, and data providers, title and mortgage organizations in Maricopa County and nationwide can rapidly improve bottom-line results by using a title search business model that significantly reduces costs and improves delivery of title products to the customer in as fast as one hour.
Kevin Beach, vice president of integration services for NextAce, also explains. "In Maricopa County's highly competitive mortgage lending market, it is imperative that the lender receives a quick and efficient search of the property's title through a title commitment. To this end, Title EDGE allows the lender in conjunction with a title company's underwriting guidelines to receive the commitment in as little as one hour."
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 mortgage professionals base their title selection on service-level response times, Title EDGE has the potential to significantly increase the market share for NextAce title company customers and their mortgage lender clients.
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 and is used by title companies servicing 35 California counties. Additional information on NextAce can be found at www.nextace.com.
Copyright (c) 2005 NextAce. NextAce and Title EDGE are service marks of NextAce Corporation in the United States and other countries. All other brand and product names are trademarks or registered trademarks of their respective companies.