JACKSONVILLE, Fla. — Fidelity National Title Group, Inc. (NYSE: FNT), the nation’s largest title insurance company and a majority-owned, publicly traded subsidiary of Fidelity National Financial, Inc. (NYSE: FNF), today announced a strategic partnership with automated title software and service provider NextAce(SM) to significantly improve delivery speed of title reports.
With NextAce’s Title EDGE(SM) “software as a service” (SaaS) offering, FNT’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, FNT’s Chief Executive Officer.
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. As a result, the closing process becomes faster, simpler and more cost-efficient.
“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.”
About Fidelity National Title Group, Inc.
Fidelity National Title Group, Inc. (NYSE: FNT) is the nation’s largest title insurance company. The Company’s title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title — issue approximately 31 percent of all title insurance policies in the United States. Through its direct operations and agencies, the Company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada. In 2005, FNT also acquired Service Link, a leading provider of title and closing services to major financial institutions and lenders, including six of the top 10 lending institutions in the United States ranked by loan origination volume. More information about Fidelity National Title Group can be found at http://www.fntg.com . FNT is a majority-owned subsidiary of Fidelity National Financial Inc. (NYSE: FNF), number 248 on the Fortune 500 and a provider of products and outsourced services and solutions to a variety of industries. More information about FNF can be found at http://www.fnf.com.