Already under regulatory pressure to reduce title insurance premiums,
the major United States title insurance underwriters including Fidelity
National Financial, First American Corporation, LandAmerica Financial
Group, and Stewart Information Services Corporation have recently issued
earnings reports that highlight the necessity to further reduce costs
and increase efficiencies. Underwriters that embrace technology
automation processes are expected to better weather the current mortgage
crisis, according to NextAce, a title automation and business process
optimization company (www.nextace.com).
Outside an immediate recovery in the mortgage-related industry, NextAce
CEO Don Cantral believes there are two primary methods for title
companies large and small to recover earnings and reduce costs: 1)
Remove net cost by replacing the tedious and time-consuming manual title
production process with automation that can significantly reduce head
count, both onshore and off; and 2) Reduce exposure to risks.
“Title companies have the ability to further
improve their operations and impact the entire supply chain during today’s
constricted lending environment by broadening their adoption of title
automation,” said Cantral. “By
automating much of the title production process, these companies can
quickly realize faster turnaround times, increased efficiencies, and
decreased exposure due to claims.
“Title automation benefits the consumer as
well,” continued Cantral. “An
example of this might be the individual seeking quick approval on a
refinance that may allow them to avoid foreclosure. And, reduced risk
for the consumer translates into: confidence in knowing that their
property is free from title defects, eliminating time and costs
associated with perfecting the title to their property; identity theft;
or the possibility of missed liens or encumbrances.”
NextAce has processed nearly 750,000 title orders to date through its
automated title system, TitleEDGE. Title companies and underwriters in
155 counties in 11 states currently use TitleEDGE. The company estimates
it has saved its customers as much as $30 million to date.
TitleEDGE automates the search and preliminary examination for a wide
variety of title and foreclosure products, allowing the title company to
deliver completed title commitments to the lender and consumer in as
little as one hour.
ABOUT NEXTACE
NextAce Corporation is a privately held technology company that provides
business process optimization services primarily to the title insurance
and mortgage lender industries. Its TitleEDGE process was established in
2003 to assist title companies in streamlining the production of title
reports and commitments and is used by title companies servicing 155
counties in 11 states. Additional information on NextAce can be found at www.nextace.com.
©2008 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.
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