NextAce Marks Major Milestone with One Million Title Orders Processed
ORANGE, Calif. — February 17, 2009 — NextAce, a title automation and business process optimization Inc. 500 company, today announced the completion of its one millionth title order through its automated title system, TitleEDGE. Title companies and underwriters servicing 253 counties in 23 states currently use TitleEDGE and in doing so, NextAce estimates it has saved the title industry over $37 million through staff reductions and decreased production costs.
As major title industry players continue to cut expenses by reducing workforces and closing offices, underwriters who have embraced technology automation processes are weathering the current mortgage crisis and are well positioned to accommodate higher mortgage originations that are expected as a result of President Obama’s economic stimulus package. TitleEDGE makes this possible by enabling the underwriter to handle volume spikes driven by consumer demand for refinances, reverse mortgages, and other real estate products without adding additional resources.
“In these unprecedented economic times, everyone is looking to squeeze every nickel out of every process while also improving quality,” said NextAce CEO Don Cantral. “Processing one million orders demonstrates the acceptance of TitleEDGE in the marketplace, and provides concrete evidence supporting the cost savings and quality delivered through NextAce.”
TitleEDGE utilizes its patent-pending Patterned Data Extraction (PDE) technology to complete an automated search and preliminary examination on a wide variety of title and foreclosure products. This allows the title company to deliver completed title commitments to the lender and consumer in as little as one hour.
Cantral continues, “By increasing our geographic coverage and product depth, most residential title products can now be serviced by NextAce, which has also significantly enhanced the appeal of our solution and increased our order count.”
NextAce Corporation is a privately held technology company that provides business process optimization services primarily to the title insurance, mortgage lender, and real estate industries. Its TitleEDGE process was established to assist title companies in streamlining the production of title reports and commitments and is used by title companies servicing 253 counties in 23 states. www.nextace.com
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©2009 NextAce Corporation. NextAce is a service mark and TitleEDGE a registered trademark 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.