A tech company recently announced its 1 millionth automated title order. Obviously the process cut out the traditional human being to review documents. I wonder if anyone has looked into the quality of these title commitments delivered within one hour… I wonder if anyone actually read those deeds putting people in title… I wonder what the claims will be.
The techblog boasts:
“In these unprecedented economic times, everyone is looking to squeeze every nickel out of every process while also improving quality,” said NextAce CEO Don Cantral. “Processing 1 million orders demonstrates the acceptance of TitleEDGE in the marketplace, and provides concrete evidence supporting the cost savings and quality delivered through NextAce.”
TitleEDGE utilizes its patent-pending Patterned Data Extraction (PDE) technology to complete an automated search and preliminary examination on a wide variety of title and foreclosure products. This allows the title company to deliver completed title commitments to the lender and consumer in as little as one hour.
Do the title underwriters really sanction this? Is anyone looking into the future at the ramifications? Will abstractors and title examiners be put out of business in favor of claims attorneys? Only time will tell.
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