Underwriting and Business Requirements

“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

Automated Examination

Underwriting Guidelines – Customer specific underwriting guidelines are incorporated into every step of the process using thousands of customized rules, including:

  • Processing guidelines and requirements by customer, product type, state, county, and city
  • County-specific interpretation guidelines for every type of document
  • Definitions by data provider
  • Templates by product type and customer
  • Codebooks by product type, state, and county
  • Approval and workflow routing by conditions of title encountered during automated examination

Leveraging Prior Data – Unlike all other methods of examination, automation is able to leverage prior experience with the property, document, and person. Millions of reports have been processed on the TitleEdge platform. The information from these reports is combined and validated against current title chains, abstractor search packages, and recently recorded documents to deliver a streamlined process and ensure that prior experience and information is utilized correctly and accurately.

Traditionally, prior files have been an excellent starting point allowing examiners to focus on events and documents that were subsequent to the starter date. TitleEdge starts with this method and then combines the results with a re-examination of the prior file using current underwriting guidelines to better ensure accuracy of both historical and current information.

​Quality – An automated process allows the underlying selection and extraction rules to be updated whenever a change is made to the title product requirements, rules, or guidelines. This improves the quality of the product and ensures that every product adheres to the customer’s most current rules. Changes are made once and instantly apply to all current and future reports processed on the system.

The system tracks all changes made and includes information related to each change, such as the date of the change, the before and after results, and who made the change. This is important because it removes all questions related to who, how, and what changes are made providing a perfect audit trail and tool for training and supporting title examiners. Further, the system employs many tools such as an automatic in-line spell checker that constantly checks everything as it is typed or validated to ensure that misspelled words are easily identified and corrected.

The automated examination selects all of the appropriate codes and conditions based on the documents identified and retrieved and the conditions of title associated with each order. It uses your underwriting guidelines and standard ALTA and state specific templates and codebooks to complete every title product. Data elements are extracted from all relevant document images and information sources to complete the variables for each of the codes.

TitleEdge does an excellent job with the process. By combining OCR and PDE extraction with all of the available data sources we are able to complete up to 50% of orders processed with very little human interaction. In some cases the report is completely automatic requiring no review at all (Instant Title). In others, the conditions of title, taxes, and prior experience with the property require just a cursory review to insure there are no (Quick Title). For the rest of the orders, the Title Editor provides the examiner with an expedited review process and identifies all known conditions of title that require further review.

Underwriting Guidelines – Customer specific underwriting guidelines are incorporated into every step of the process using thousands of customized rules, including:

  • Processing guidelines and requirements by customer, product type, state, county, and city
  • County-specific interpretation guidelines for every type of document
  • Definitions by data provider
  • Templates by product type and customer
  • Codebooks by product type, state, and county
  • Approval and workflow routing by conditions of title encountered during automated examination

 

Grow your business and profit margin with NextAce

Start processing orders in minutes