NextAce Automates Foreclosure-Related Title Products
Title automation and business process optimization company, NextAce, has released automated title products for the bourgeoning foreclosure market.
NextAce, Anaheim Hills, Calif., is expanding its automated title software and services offering, Title EDGE, to deliver real estate-owned and mortgage default (foreclosure) products that provide title agents the same speed, depth of research, and cost savings as its existing refinance and purchase product offerings.
The Title EDGE REO and mortgage default products are currently in production in California and Texas, and soon to follow in Arizona, Florida, Hawaii, Nevada, New York, Ohio and Washington.
Title EDGE automation is not a "production shortcut" that only delivers a high-level or cursory examination. It is a technology innovation that automates the existing end-to-end process of a title production department.
This includes automating the search and examination of recorded documents, real property information, general index detail, liens, judgments and probate issues, and all other matters that are considered necessary in the title process. Title EDGE programmatically extracts the exact language, information and detail directly from the documents themselves. Once extracted and compiled, each file is then reviewed by title-trained professionals prior to delivery to ensure the highest level of accuracy. With Title EDGE products, NextAce customers can reduce costs, increase efficiencies and improve turn time by as much as 80%.
In addition, title orders are processed in less than one hour on average, and in some cases as few as 15 minutes, which cannot be accomplished using traditional search and examination methods.
According to July statistics from RealtyTrac, a foreclosure data firm in Irvine, Calif., 179,600 U.S. homes, or one in every 693, is now in some stage of foreclosure. Add that to the recent bust in the housing market, and many title companies are forced to make difficult staffing, overhead, and cost decisions, or lose their ability to compete in the foreclosure market.
"By automating their foreclosure process, title insurers can now deliver a faster and more consistent product while reducing their associated production costs. In addition, their lenders are able to capitalize on these process improvements with faster turn times," said NextAce CEO Don Cantral.
"The interest our customers have shown in these products is tremendous as they continue to choose advanced automated processes over manual research and reporting. They recognize that Title EDGE automation gives them a cost and service advantage in this expanding and lucrative market."
Title EDGE refinance and purchase products are currently utilized by four of the top five underwriters in the U.S. With the release of their new REO and mortgage default products it further solidifies the company's goal of providing a complete offering of automated technology solutions that allow its title company partners to compete at new levels within a dynamically changing industry.
The Title EDGE process was established in 2003 to assist title companies in streamlining the production title reports and commitments and is used by title companies servicing 136 counties in nine states.
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