NextAce Provides Automated Title Products in Over 500 Counties
April 5, 2018
NextAce unveiled new solutions that produce automated title reports in minutes in over 500 U.S. counties.
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 percent of title orders and properties processed.
"After processing more than nine 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.”
Title closing and production software companies such as SoftPro, ResWare, Impact and iClose 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.
“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,” said David Daley, vice president of sales for NextAce. “Before Instant Setup, NextAce automation was only available to the largest underwriters and agents."
NextAce also 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 counties representing over 60 percent of the U.S. population.
AutoExam leverages information from over nine million orders that NextAce has processed to determine which transactions require little or no review prior to delivery. According to NextAce, 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 percent 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 percent 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, NextAce reports.
“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.”
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