NextAce Achieves 50K Orders in California;
Title Offerings Underway in Arizona and Florida
ANAHEIM HILLS, Calif. - August 16, 2005 - Automated title software and application service provider, NextAceSM (www.nextace.com), announced today that it has processed over 50,000 orders for its California-based title insurance company customers via its Title EDGESM process. Title EDGE is now utilized by title companies representing over 40 percent of the $3 billion California title market. Since first launching Title EDGE in California, NextAce is in early production with data providers, title insurance underwriters and agents in Arizona's Maricopa County and 16 counties in Florida.
The Title EDGE automation process delivers completed preliminary title reports and commitments to the title company on average in less than 15 minutes, giving them the ability to deliver their product to their customer in as little as an hour, reducing a process that typically takes 48 hours to five days.
According to NextAce CEO Don Cantral, "The California title insurance market has been an early and successful adopter of NextAce's automated system. Our order growth increases monthly as more and more title companies realize the speed with which they can deliver a preliminary title report, commitment, legal and vesting, or other title product. As NextAce strategically moves into other viable title markets such as Arizona and Florida, we will continue to proactively develop and offer a range of automated title products."
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 offering and model that significantly reduces costs and improves delivery of title products to all levels of customer in as fast as one hour.
Large and small title companies alike utilizing Title EDGE have a significant competitive advantage with mortgage lenders over those continuing to use current manual methods for producing title reports and commitments, since many title insurance customers make their selection based on customer service response times and associated costs.
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, Maricopa County in Arizona, and 16 counties in Florida. Additional information on NextAce can be found at www.nextace.com.