NextAce’s Title Automation Offering Eases Financial Pain Felt by
Title Industry & Today’s Scrambling Consumers
ANAHEIM HILLS, Calif. — May 5, 2008 — Already under regulatory pressure to reduce title insurance premiums, the major United States title insurance underwriters including Fidelity National Financial, First American Corporation, LandAmerica Financial Group, and Stewart Information Services Corporation have recently issued earnings reports that highlight the necessity to further reduce costs and increase efficiencies. Underwriters that embrace technology automation processes are expected to better weather the current mortgage crisis, according to NextAce, a title automation and business process optimization company (www.nextace.com).
Outside an immediate recovery in the mortgage-related industry, NextAce CEO Don Cantral believes there are two primary methods for title companies large and small to recover earnings and reduce costs: 1) Remove net cost by replacing the tedious and time-consuming manual title production process with automation that can significantly reduce head count, both onshore and off; and 2) Reduce exposure to risks.
“Title companies have the ability to further improve their operations and impact the entire supply chain during today’s constricted lending environment by broadening their adoption of title automation,” said Cantral. “By automating much of the title production process, these companies can quickly realize faster turnaround times, increased efficiencies, and decreased exposure due to claims.
“Title automation benefits the consumer as well,” continued Cantral. “An example of this might be the individual seeking quick approval on a refinance that may allow them to avoid foreclosure. And, reduced risk for the consumer translates into: confidence in knowing that their property is free from title defects, eliminating time and costs associated with perfecting the title to their property; identity theft; or the possibility of missed liens or encumbrances.”
NextAce has processed nearly 750,000 title orders to date through its automated title system, TitleEDGE. Title companies and underwriters in 155 counties in 11 states currently use TitleEDGE. The company estimates it has saved its customers as much as $30 million to date.
TitleEDGE automates the 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.
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 155 counties in 11 states. Additional information on NextAce can be found at www.nextace.com.