ORANGE, Calif., Oct. 10, 2018 /PRNewswire/ -- NextAce, a leader in title automation solutions and a wholly owned subsidiary of Fidelity National Financial (FNF), today announced the completion of its 10 millionth automated title report. Since its founding in 2003, NextAce has worked to automate the title production process and now represents 20% of real estate transactions in the United States. This is a significant milestone for both the company and the title industry and shows how increased pressure on the industry to deliver faster title reports has driven the widespread adoption of automation solutions like NextAce.
"Tech startups say they are coming for our industry, and they are attracting tens of millions of dollars in funding from venture capital with the message that the title report process is inefficient and obsolete. The argument is that a system built on Artificial Intelligence (AI), machine learning and predictive analytics can replace traditional examination," said NextAce CEO and President Don Cantral. "It sounds persuasive, unless you realize they are actually late to the party - we did what they're proposing years ago, and patented it, but without changing the risk profile. This isn't theory, we've done 10 million reports. We can pre-examine a property in less than 5 minutes, package up all of the data, and tell you which properties need a seasoned Examiner." The NextAce underwriting engine learns from millions of property searches, documents, and Examiner keystrokes, an unmatched data set in the title or fintech industries.
David Floyd, NextAce Chief Data Officer and well-known title industry leader, explains why the title industry needs to define the new model. "Home ownership is the largest source of personal wealth in this country and it is critical to our economy that homes can be bought, sold and leveraged with the unique protections of title insurance. You cannot trade accuracy for speed and accept the increased risk of abandoning the industry's role as a steward of the public land records without homeowners and lenders bearing the brunt of fraud, missed liens and judgements when they surface years into the future. The title industry must hold the line on solid search, examination and curative work while embracing technology to make it more accurate and faster."
"Fidelity National Financial considers NextAce a key component in our initiative to modernize the real estate transaction process. Innovative technologies continue to be a focus of our investment, but not at the sacrifice of the public land record. There is no question that home buyers have higher expectations for speed and convenience in their transactions," said Fidelity National Financial President Mike Nolan. "We are going to keep creating value by using technology the right way. For most consumers, a home is their single largest investment and we're going to deliver a customer-focused experience that they can trust."
The leading provider of smart automation for title search and examination helps agents, attorneys, and underwriters produce "Title reports in Minutes." Since 2003, and over 10 million orders, NextAce has saved customers time and money. Find out how #TitleAutomation completes most of the process in minutes, before any human touch, at http://www.nextace.com
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