NextAce Share of California Title Market Gain Report;
Expansion in Florida and Arizona Underway
NextAce Also Providing Technology Support for REI Data's AutoExamTM Offering
TUSTIN, Calif. - April 25, 2005 - Automated title software and application service provider (ASP), NextAceSM (www.nextace.com), announced today that the Company's Title EDGESM software is now utilized by title companies representing 41 percent of the California title market, marking a 14 percent increase since October 2004. NextAce also announced that the company has signed agreements with data providers, title insurance underwriters and agents in Arizona and Florida to serve major metro areas in both states, in addition to providing the automated technology for REI Data Inc.'s AutoExam, which is also undergoing national expansion efforts.
Title EDGE enables title companies to automate the delivery of preliminary title reports and commitments reducing to less than an hour a process that typically takes 48 hours to five days.
According to NextAce CEO Don Cantral, "California title companies have been quick to adopt this new automated title product system. Growth has been phenomenal with 37 active Title EDGE California counties representing 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. As NextAce moves its automated title capabilities into other markets like Florida and Arizona, we are implementing additional measures and partner agreements to ensure customer satisfaction at every level."
Due to the cyclical and extremely labor-intensive nature of the title insurance industry together with foreign production expenses and delays, and 24x7 requirements, Title EDGE's value proposition is immediately appealing. By taking advantage of today's 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 all levels of customer in as fast 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 title company customers make their selection based on customer service response times.
NextAceSM 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 37 California counties. Additional information on NextAce can be found at www.nextace.com.
Ã????Ã???Ã??Ã?Â© 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.