NextAce Reaches 500,000 Orders Processed
ANAHEIM HILLS, Calif. — October 10, 2007 — Title automation and business process optimization (BPO) company, NextAce (www.nextace.com), today announced it has reached a major milestone when it processed the company’s five-hundred thousandth automated title order on it’s TitleEDGE® platform. The company estimates that this milestone represents nearly $22 million in savings to its customers since production began in 2005.
NextAce CEO Don Cantral stated, “Reaching this milestone is a great accomplishment for our company, and a testament to our customers.” He continued, “Since the announcement of our first 50,000 title orders processed in August of 2005, it has taken us just 26 months to reach half a million. This volume of orders demonstrates the acceptance by the title market of the value we provide in the form of speed, quality and consistency.”
Randy Quirk, Co-President of Fidelity National Financial said, “Using TitleEDGE allows many of our operations to reduce local production costs and significantly improve delivery times to customers, giving Fidelity a competitive advantage over title companies that have not embraced these types of automation enabled solutions.”
TitleEDGE utilizes technology to complete an automated search and preliminary examination on a wide variety of title and foreclosure products in an average of five minutes. These results including the chain of title, general or name index, taxes, maps, and other items are then reviewed by a qualified title professional and delivered to title company customers in as little as 15 minutes. After a review by the title company, the completed title product can be delivered to their customers in as little as one hour.
First implemented in California, TitleEDGE is now utilized by four of the top five national underwriters with services provided in 136 counties in nine states including Arizona, California, Florida, Hawaii, Nevada, New York, Ohio, Texas, and Washington. TitleEDGE services include Resale and Refinance Preliminary Title Reports and Commitments, Legal & Vesting (L&V) reports, Owners & Encumbrance (O&E) reports, and Limited Coverage Policies (LCP), as well as Real Estate Owned (REO) and Mortgage Default (Foreclosure) products.
NextAce Corporation is a privately held technology company that provides business process optimization services primarily to the title insurance and mortgage lender industries. Its TitleEDGE process was established in 2003 to assist title companies in streamlining the production title reports and commitments and is used by title companies servicing 136 counties in nine states. Additional information on NextAce can be found at www.nextace.com.