ORANGE, Calif., March 30, 2018 /PRNewswire/ -- NextAce today announced two first of their kind solutions for the Title Insurance Industry. Instant Setup allows title insurers, agents, and attorneys of all sizes to setup their underwriting and business rules and begin producing automated title reports in minutes. AutoExam™ delivers completely automated title reports in over 500 counties and for up to 20% of title orders and properties processed.
"After processing more than 9 million title orders, we learned the most common rules, guidelines, and codes used in the products we produce," said Don Cantral, President and CEO of NextAce. "We used this information to automate the setup process and reduce what used to take weeks or months into just minutes."
Leading title closing and production software companies such as SoftPro, ResWare, Impact, iClose, and others have partnered with NextAce to allow customers to integrate NextAce title reports with their systems, further enhancing productivity and reducing costs.
NextAce currently processes title orders for five of the top seven national title underwriters, completing a report every six seconds. David Daley, NextAce VP of Sales said, "This innovation opens the door for title underwriters, agents, and attorneys of all sizes to have access to title automation with plans starting at just 25 orders per month. Before Instant Setup, NextAce automation was only available to the largest underwriters and agents."
NextAce further announced new partnerships with title plant providers TitlePoint (BKFS), Data Trace, SKLD in Colorado, TDI in Texas, and TitleSCAN. Together these companies provide title plant, data, images, and maps in over 500 counties allowing NextAce to produce Title Reports in Minutes in over 500 counties representing over 60% of the U.S. population.
AutoExam leverages information from over 9 million orders that NextAce has processed to determine which transactions require little or no review prior to delivery. When orders contain no ownership or vesting changes since the last transaction as well as no liens, judgments, or tax problems, they are streamlined with up to 20% of the orders qualifying for no review whatsoever. These orders are completed from the entry of an address to delivery of a completed title report in less than five minutes. Up to an additional 30% of orders qualify for a quick review validating only that there are no spelling errors. These orders can be completed in less than 10 minutes from the entry of an address.
"The combination of Instant Setup and AutoExam allows just about every company that produces title reports to take advantage of leading edge technology and significantly reduce the time and costs associated with title production while allowing their senior personnel to focus on the more complicated properties and transactions," according to Cantral. "Cost savings combined with delivery of many title reports within minutes provide significant advantages to title companies and attorneys of all sizes."
Complete information on Instant Setup and AutoExam can be found at www.nextace.com.
With millions of title orders processed since the company's founding in 2003, NextAce is the financial industry's technology leader in providing automated real property intelligence for the title insurance, mortgage lending, foreclosure, real estate, and investment markets. The patented NextAce technology has evolved into a powerful production and workflow platform that connects and automates all major functions of the entire title search and production process, making NextAce the fastest, smartest, and most affordable choice for real property intelligence today. www.nextace.com.
©2018 NextAce Corporation. NextAce is a registered service mark, and AutoExam is a 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.