HOUSTON - (May 10, 2002) Ultima Corp., a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), announces the release and demonstration of TitleSearch® version 5.0 in booth 203 at NASSCON 2002, The National Settlement Services Conference May 12 - 15 in Las Vegas.
In March, Stewart and Ultima announced the unification of TitleSearch® and Landata Title Plant® for Windows into one powerful title plant program. The newest version of this unified program, TitleSearch 5.0, offers automated search analysis.
"TitleSearch 5.0 is a result of nearly two years of research and commitment to automating title plant functions," said Kent Weiand, president, Ultima Corp. "Over time, we automated the search and imaging processes in TitleSearch. The next logical step was to automate the research and/or examination process."
The new automated research process can be conducted completely through the TitleSearch program or can be used as a helpful tool to aid and speed the manual research process. The process provides three main tools to save the researcher time.
- Powerful analysis and automated segmentation of chain of title, based on user-specified business rules.
- Color-coded and scored results provide immediate visual feedback.
- Suggested exceptions and requirements are automatically generated and can optionally be imported directly into the production system.
Powerful Analysis and Segmentation
The program's automated analysis separates conveyances, judgments and general items (plats, commitments, covenants and general restrictions) and:
- automatically checks the chain of title and conveyances, the continuity of title through conveyances and reports any breaks in chain of title;
- verifies and resolves any encumberances, mortgages or deeds of trust and lists any outstanding encumberances; and
- verifies and resolves any judgments.
"We are removing some of the tedious and time-consuming manual aspects from the research process, which is key for title companies to reduce expenses and decrease turnaround time," Weiand said. "This will give researchers more time to use their expertise and judgment where it counts, instead of spending time manually analyzing and separating this data."
In addition, user-defined business rules are applied to the analysis for increased relevancy. With the click of a button, the researcher will see the items organized based on the particular office's own business rules.
Immediate Visual Feedback
The segmented data is reported to the researcher using specific color-codes to show missing links in the chain of title or outstanding mortgages or deeds of trust. A scoring system, similar to credit scoring, will rate how good or bad the chain of title looks, based on the color-coded data.
In addition, an Ownership and Encumberance tab shows last owner of record as well as any outstanding encumberances, providing another quick glance at vital information.
Based on the data reported by the automated search, suggested exceptions and requirements are automatically generated and can optionally be imported directly into the production system.
"TitleSearch 5.0 eliminates another laborious step of the research process by delivering everything electronically back to production environments, resulting in even more time saved," Weiand said.
In addition to the automated search analysis, TitleSearch 5.0 will also offer initial integration with AIM® for Windows®, Landata Systems' production system. (For more information about AIM for Windows, call 1-888-LANDATA [526-3282].)
TitleSearch is a document imaging system designed specifically for title plant applications. TitleSearch includes powerful features to improve efficiency, productivity, accuracy and security for a title plant operation.
For more information about TitleSearch 5.0, please contact Ultima Corp. at 1-888-4ULTIMA (485-8462) or send an e-mail firstname.lastname@example.org.
For information about NASSCON, go to www.condell.com.
Ultima has developed innovative title plant products from its inception. These products included the first commercially available Windows®, Windows 32-bit and Windows MS-SQL based title plant product. Ultima Corporation is headquartered in Hardy, Ark. More information about Ultima can be found at www.ultima.com.
Stewart Information Services Corporation is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 5,900 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records and geographic information systems for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.