Fidelity National Title Group has teamed up with automated title software and service provider NextAce to significantly improve delivery speed of title reports, the company said Wednesday.
The title group, which is the nation’s largest title insurance company and a majority-owned, publicly traded subsidiary of Fidelity National Financial, said that with NextAce’s Title EDGE “software as a service” offering, Fidelity’s five leading title insurance underwriters — Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title — will be able to reduce the time to deliver a title report from approximately 48 hours to as little as one hour.
“By automating the title process, Title EDGE offers a powerful technology solution that will significantly enhance our ability to create new levels of speed and efficiency in the title process,” said Randy Quirk, Fidelity’s chief executive officer, in a statement.
Title insurance protects lenders and anyone purchasing or refinancing property against any known or unknown title defects. Lenders need quick, efficient searches of property titles provided through a preliminary title report or commitment to reach loan decisions.
Through software automation and smart market partnerships with lenders, escrow companies and title branches, NextAce is able to reduce the production time and cost associated with preliminary title reports and commitments by eliminating hours of manual labor and reducing overhead costs for every order processed through Title EDGE, the company said.
“We are honored to be a strategic partner with the industry’s largest title insurance company,” said NextAce CEO Don Cantral. “With Title EDGE, Fidelity National Title Group and its customers are assured improved order turn times, lower costs and greater accuracy. Fidelity National Title Group’s adoption of this software service is a strong indicator of the significant impact automation is having on the title industry.”