NEXTACE ACHIEVES RECORD DAY OF TITLE PRODUCTION
VALUED AT MORE THAN $841 MILLION, AN ESTIMATED 8 PERCENT
OF ALL TRANSACTIONS NATIONWIDE
ANAHEIM HILLS, Calif. — January 23, 2008 — NextAceSM (www.nextace.com), a title automation and business process optimization (BPO) company, today announced that it achieved its highest title production transaction volume on Tuesday through its automated title system, TitleEDGE. By an estimated industry comparison, the NextAce volume represented one out of every 12 title orders processed the same day nationwide, for a loan transaction value of over $841 million. This milestone occurs in the midst of continued concern for the U.S. economy and a housing market that has California homeowners faced with an average 15 percent drop in home values.
In reaching this milestone, NextAce CEO Don Cantral stated, “In a down housing market, I’m appreciative of the fact that our title company customers continue to see the value in the resale, refinance and foreclosure products we provide to them. Our accomplishments yesterday are a telling barometer to how consumers may be reacting to the news from the Federal Reserve Bank about lowering interest rates, and the continued discussions of economic stimulus by President Bush and the U.S. Congress.”
In the face of increased scrutiny and pressure from state regulators and insurance commissioners, title companies continue to search for ways to lower costs, increase efficiencies, and reduce turn-times for their customers. Many underwriters have identified the TitleEDGE automation process as an improved method for achieving these goals while remaining competitive.
TitleEDGE utilizes technology to complete an automated search and preliminary examination for a wide variety of title and foreclosure products, allowing the title company to deliver completed title commitments to the lender and consumer in as little as one hour.
First implemented in California in 2005, TitleEDGE is 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 of 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.
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