Results That Matter

NextAce has helped leading Title businesses process millions of orders faster and more accurately than their competitors

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“Using TitleEdge allows the Northern California Regional Title Group to produce up to 11,000 orders per month with just four people performing the search and locate functions,
instead of ten.”

Jim King | VP/Manager
FNTG/Northern California Regional Title Group

“NextAce has enabled us to bring about automation thus resulting in staff optimization. It’s a great tool which reduces opportunity for human error and speedier processing.”

Jyoti S. Khandelwal | Team Lead
Title Insurance Services, Altisource

“Changing from a manual process to automation saved hours of staff resources looking up codes and typing. And, with documents automatically posted to our production system, NextAce keeps our operation in audit compliance”

Joe Toolis | Vice President
CPU Title/Fidelity National Title in Illinois

“Being able to tap into markets utilizing a system that provides both accurate and quick results has enabled us to expand our market share at the same time reducing our costs giving us
higher margins of return.”

Gary S. Ferguson | VP/Advisory Title Officer
Chicago Title Insurance Company

“Without technology work is like a Rock. With NextAce
technology the work will ROCK!”

Sandra Canizales | Vice President/ Manager of Strategic Operation Initiatives, Old Republic

“Working with NextAce’s accurate automated platform has generated growth and profitability.”

Mark Ramsey | Director
Origination Title and Close, Servicelink

In the News

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10 Million Reports

NextAce still growing as it reaches milestone order

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Title Report 10-24-18

Looking back at 15 years of NextAce

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ALTA 10-12-18

NextAce Processes 10 millionth Automated Title Report

NextAce still growing as it reaches milestone order

Industry News
Wednesday, October 24, 2018

After processing its 10 millionth order and celebrating 15 years in business, NextAce President and CEO Don Cantral told The Title Report the best is yet to come for the company.

Cantral sat recently to discuss the company’s evolution from its beginnings as an idea on the back of a napkin in 2003. When the company started, he said, it was handling 200 orders a day. Today, NextAce processes about 6,000 title search orders a day.

“We originally built the platform to process refinance orders. Today about 70 percent of orders are purchase sales, and of the last 30 percent, about half of that is commercial,” he said. “That’s changed as the market has changed. It’s completely different than we expected.”

The growth has been exponential. Seven years after launching, NextAce recorded its 1 millionth transaction. As it marks the 15th anniversary this year, NextAce is handling 2 million transactions a year.

To build the company, Cantral first had to persuade the industry of the need and advantages of automation in title search. That’s a process that took time, he said, spinning a story of map searches to illustrate his point.

“It’s acceptance. When MapQuest began it was everywhere. You’d go find your route, go to the printer and take it with you. But then I was able to get that on my phone instead, and now Google Maps and Apple Maps are ubiquitous. It takes a long time to embrace change,” he said.

Automation was allowing companies to gain efficiencies by not requiring as much staff to handle tasks manually in searches, which Cantral said was well-received at the top executive level. But managers in the production areas of companies were concerned over the future of their staffs.

As the financial crisis forced companies to look for efficiencies where they could, including moving search work to third parties, the dynamic around automation changed.

“Going offshore changed those dynamics, because they weren’t looking at people in their office who would be repurposed,” Cantral said.

The crisis also allowed NextAce to show its strength in handling transactions for foreclosures or real-estate owned properties which burgeoned at the time.

Doing so, however, required more than just software to make NextAce stand out.

“I thought the only thing we’d need would be tech programmers, but the title companies wanted the searches to be perfect, as you’d expect them to, so we got 50 examiners in to look over the technology and make sure it was,” he said. “So we kept hiring SMEs (subject-matter experts). While we no longer staff them to review the technology, we still have SMEs today. We call them customer advocates – not for software support, but for use support.”

The breakthrough occurred as NextAce began to examine the way in which it customized its technology for customers.

“What’s changed is we used to only deal with the largest of customers because the integrations were so expensive and time-consuming,” Cantral said. “If you had a smaller company, we couldn’t afford to do it – the cost for us and for the company just didn’t make it worthwhile.”

But NextAce examined more than 2 million orders and tracked almost a billion changes made in the settings and customization for technology and came to a startling conclusion.

“We noticed that there were 300 settings that were specific and unique for one company or another, but the rest were almost universally shared,” Cantral said. “Now we’ve created standard forms and customers are able to get setup and start running orders in about 15 minutes. There are thousands of agents out there and we can help them compete. Today our smallest customer opens 50 orders a month– at the beginning of the year, our target was 1,000 or more.”

The result is the ability for companies large and small to pick up efficiencies from automation with NextAce’s service. The return on investment varies, but Cantral said companies who take advantage of those efficiencies can see a difference on their bottom lines.

“You can gain from the efficiencies our report provides. Our studies show big companies can save up to 50 percent,” he said. “But it’s on you to take advantage of those efficiencies – if you don’t change any of your operations then you won’t realize the advantages of automation.”

Fifteen years after founding NextAce, Cantral said his company is continuing to change as well. He sees a move to the cloud in the company’s future, moving away from its own infrastructure. “Our software as a service model allows us to expose a lot more information to our customers, and our new website includes greatly expanded online tools,” he said.

And although a slowdown in the housing market has been forecast, the diversity of business NextAce has gained will help the company continue to grow moving forward, he said.

“When the market changes, if it changes, we’ll be ready. We can do sales and refinances, home equities and foreclosures, and they’re not all going to be down at the same time. How it all comes together, even when volumes are down, is that other areas help support the market,” he said.

“Our objective is to automate as many orders as possible, which will immediately impact the easier orders so you can use your labor staff more efficiently on complex orders.”

NextAce processes 10 millionth automated title report

News Provided By
NextAce
Oct 11, 2018, 15:27 ET

ORANGE, Calif., Oct. 10, 2018 /PRNewswire/ — NextAce, the leader in title automation solutions and a wholly owned subsidiary of Fidelity National Financial (NYSE: FNF), announced today the completion of its 10 millionth automated title report. Since its founding in 2003, NextAce has worked to automate the title production process and now represents 20% of real estate transactions in the United States. This is a milestone for both the company and the title industry and shows how increased pressure on the industry to deliver faster title reports has driven the widespread adoption of automation solutions like NextAce.

Some say that the title report process is inefficient and obsolete and argue that a system could be built with Artificial Intelligence (AI), machine learning, and predictive analytics to replace the traditional examination process. “It sounds like a persuasive argument, unless you realize we have been doing what they are proposing for years, have even patented it, and all without changing the risk profile,” said NextAce CEO and President Don Cantral.

What others talk about as theory, NextAce has done over 10 million times since 2003. With NextAce, a pre-examination of a property and a determination if that property needs an additional examiner review can be identified all in less than 5 minutes. The NextAce underwriting engine learns from millions of property searches, documents, and examiner keystrokes, creating an unmatched data set in the title or fin-tech industries.

Home ownership is the largest source of personal wealth in this country and it is critical to our economy that homes can be bought, sold, and leveraged with the unique protections of title insurance. “You cannot trade accuracy for speed and accept the increased risk of abandoning the industry’s role as a steward of the public land records without homeowners and lenders bearing the brunt of fraud, missed liens, and judgements when they surface years into the future,” said David Floyd, NextAce Chief Data Officer. “The title industry must hold the line on solid search, examination, and curative work while embracing technology to make it faster and more accurate.”

Fidelity National Financial started investing in NextAce in 2005, and has since acquired the company as a key component in their initiative to modernize the real estate transaction process. Innovative technologies continue to be a focus of FNF’s investments, but never at the sacrifice of the public land records. “There is no question that home buyers, real estate agents, and lenders have higher expectations for speed and convenience in their transactions,” said Mike Nolan, President, Fidelity National Financial. “We are committed to meeting these expectations by using technology the right way to deliver an improved customer experience everyone can trust.”

About NextAce: The leading provider of smart automation for title search and examination helps agents, attorneys, and underwriters produce “Title reports in Minutes.” Since 2003, and over 10 million orders, NextAce has saved customers time and money. Find out how #TitleAutomation completes most of the process in minutes, before any human touch, at www.nextace.com.

©2018 NextAce Corporation. NextAce is a registered service mark of NextAce Corporation in the United States and other countries.

NextAce Processes 10 millionth Automated Title Report

October 12, 2018

NextAce recently completed its 10 millionth automated title report. Since its founding in 2003, NextAce has worked to automate the title production process and now represents 20 percent of real estate transactions in the United States. This is a milestone for both the company and the title industry and shows how increased pressure on the industry to deliver faster title reports has driven the widespread adoption of automation solutions like NextAce.

Some say that the title report process is inefficient and obsolete and argue that a system could be built with artificial intelligence (AI), machine learning and predictive analytics to replace the traditional examination process.

“It sounds like a persuasive argument, unless you realize we have been doing what they are proposing for years, have even patented it, and all without changing the risk profile,” said NextAce CEO and President Don Cantral.

NextAce provides a pre-examination of a property and a determination if that property needs an additional examiner review can be identified in less than five minutes. The NextAce underwriting engine learns from millions of property searches, documents and examiner keystrokes.

“You cannot trade accuracy for speed and accept the increased risk of abandoning the industry’s role as a steward of the public land records without homeowners and lenders bearing the brunt of fraud, missed liens, and judgements when they surface years into the future,” said David Floyd, NextAce chief data officer. “The title industry must hold the line on solid search, examination and curative work while embracing technology to make it faster and more accurate.”

Fidelity National Financial started investing in NextAce in 2005. Fidelity has since acquired the company as a key component in its initiative to modernize the real estate transaction process.

“There is no question that homebuyers, real estate agents and lenders have higher expectations for speed and convenience in their transactions,” said Mike Nolan, president of Fidelity National Financial. “We are committed to meeting these expectations by using technology the right way to deliver an improved customer experience everyone can trust.”

Case Studies from Our Customers

SAVINGS

This production facility didn’t realize how inefficient their process was until changing from a manual process resulted in substantial savings, as 80-90% of the the work was done before the examiners even touched an order.

SCALABILITY

Automation allowed this team to maintain timely completion during spikes in order volume, while producing 11,000 orders a month with four examiners.

EFFICIENCY

This team went from using title plants, manual searches, and county websites to automation with NextAce and saw an increased production volume of nearly 70% in one month.

EASE OF USE

Adoption was simple for this team because of the easy, intuitive interface. They found that working with all of the components of the search package with finished product easily visible made workflows more efficient.

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