DataTrace Launches TitleIQ Enterprise - An Innovative Nationwide Title Automation Solution

DataTrace Information Services LLC, the nation’s largest provider of data and automation solutions to the title and settlement services industry, announced today the launch of TitleIQ Enterprise™, an expansion of the DataTrace Automation Suite. The industry's premier full title solution, TitleIQ Enterprise unifies multiple search processes – automated, title plant and title production services – into a single digitally connected search and examination solution for expedited nationwide title report production. TitleIQ Enterprise is a companion to and fully integrated with all leading commercial title production systems.

Traditional title search and examination processes are challenged by multiple title data sources, inefficient manual processes anddifficult data transfers between systems. TitleIQ Enterprise solves this industry challenge, delivering more efficient, accurate report and commitment production through a single source platform.

“Today’s market is evolving faster than ever, and to remain successful, title and settlement services companies must employ efficient, innovative technologies coupled with accurate, complete title data and trusted expertise,” said Robert Karraa, president of DataTrace. “By leveraging advanced automation efficiencies in a national single source title solution, TitleIQ Enterprise unlocks new technology automation advantages – surpassing anything on the market today – enabling clients to drive growth.”

TitleIQ Enterprise is powered by the nation’s largest, most complete network of real estate title plants, tax data and recorded property data, including 7 billion land record images. TitleIQ Enterprise delivers an entirely new, automated way to produce title reports through its unique combination of nationwide data sources, unified title search workflows, automation efficiencies, a robust examination workbench and end-to-end integrations with leading title production systems. The result is improved production capacity, increased quality control efficiencies, attainable SLA compliance and greater productivity and profitability.

“Our clients face costly, error-prone manual processes, complex workflows and disconnected systems. The lack of integration between data sources, search processes, examination workflows and closing systems complicates productivity, quality and turn-time,” said Jim Portner, vice president of product and strategy at DataTrace. “As part of our growing DataTrace Automation Suite, TitleIQ Enterprise simplifies and automates the journey toward efficient, automated title report production nationwide with advanced capabilities and workflows.”

Through unified title search and examination production management, TitleIQ Enterprise solves process complexity, improves productivity and expedites report production – enabling title companies to quickly meet fluctuating market conditions and increased demand expectations across all types of transactions and geographies.

TitleIQ Enterprise is now available to the market, find out more at www.DataTraceTitle.com/TitleIQEnterprise.com.

About DataTrace

DataTrace Information Services, LLC provides advanced real estate title search technology, automation and production services that enable settlement services companies to quickly access and search regional title databases through a secure application. The DataTrace system delivers title history information, property tax assessment and payment data, document images and property profiles in 47 states across the United States. With its significant geographical coverage, DataTrace title plant and tax database is the broadest and most comprehensive title information system available and is used by the largest national title insurance underwriters. For additional information, visit www.DataTraceTitle.com.

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Title Search Managers: What are your thoughts? - William Duncan/CA

Please weigh in.

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Re: Title Search Managers: What are your thoughts? - Naomi Backes/NC

This is what I was talking about! I think all attempts to save money by shortcuts will eventually result in failure. This stuff is too nuanced for an automated system. We have survived outsourcing - we will survive this.

I mean, maybe it will stick to a certain extent and work for some people but I don't think it is the solution.

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Re: Title Search Managers: What are your thoughts? - William Duncan/CA

Is that the one?

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Re: Title Search Managers: What are your thoughts? - Melissa Rivera-Espilco/NV

When you control and /or have access to a plethora of title and RE information and own Red Vision, as well as having First Am as your parent company - who also owns Docutech and a variety of other RE related technologies, it's easy to see the direction they're headed in. No doubt lenders want digital closings and these companies are making it happen. Automated technologies will be the norm in a few years and eventually they will all be bundled/integrated to streamline the process.

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Re: Title Search Managers: What are your thoughts? - Naomi Backes/NC

So whoever works for DataTrace where they are pulling the information from in the first place, will have it made in the shade. I expect my other current owner work, esp WestCor and some of the bigger companies, to drop off considerably.

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You can't replace the human brain - Victoria Moate/NJ

As a title officer/underwriter, automation SOUNDS great in theory.

However, how can automation find problems in title? Like estate issues? Or illegal transfer of deeds? Or question possible fraudulently signed documents? Compare signatures, etc?

Of decide what the INTENT was in a transaction?

We ain't there yet folks. And 100% automation will UP the amount of claims, not reduce it.

I have 100s of files that come across my desk annually that have defects in them, and yet someone let them slip through the cracks and insured them without excepting the defects from coverage.

So defects so bad that we had to reject the file and could not insure it. OOPS, prior title has a CLAIM.

And we've even had Underwriters turn blind eyes to their agents' mistakes and insure policies that they know were defective, but would not issue Indemnification Letters an Undertaking on them.

So, don't be too concerned yet.

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Don't be too sure about that... - Scott Perry/PA

IBM has for years had under development an AI with heuristic learning skills named Watson. Back in 2011, Watson competed against two human players in real time on the game show, "Jeopardy." With the ability to answer questions posed in natural language, Watson managed to handily defeat two of the show's greatest human champion players (at that time).

According to IBM, Watson has already been tested successfully for use in healthcare applications and there's talk of it being used for legal research. It's not too far-fetched to conclude that it may one day take the place of human title searchers.

In the famous words of Ken Jennings,

"I, for one, welcome our new computer overlords."

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Re: Don't be too sure about that... - Victoria Moate/NJ

Game strategy is not the same as picking up errors that even prior readers have missed in documents.

What do you do when you have fraudulent deeds with fake buyers and sellers on one property that has now been closed and sold by the same "buyer" and "seller" and recorded within days of each other? Title is going to show that the first transaction paid off a mortgage. Subsequent deeds are going to show the mortgage paid off. Lender is sending a notice saying, "We are in receipt of your payoff and it's being processed"

Did you find the red flag right away? Took a judge and a court to decide.

Computers read garbage in, garbage out. They only know what they know.

I also worked in the dot com sector with many tech companies including IBM. Back in the 1990's when people were questioning if that internet thing was going to stick around or be a fad.

In addition to my core business, I also consult to title production software companies. Most programs still rely on "other people's input".

You have to ask, how is IA going to reduce RISK? Since insurance is all about RISK and RISK Management and RISK control.

I could MAYBE see underwriter title plants where they self-insure. But even that is not 100%. We did several transactions in Iowa years ago, in a State that issues state insured policies using title plants.

Guess what, one of the first deals we took, had a property that had been subdivided. The taxes and the mortgage both listed the wrong property. HUMAN ERROR.

So, IA would have to have "realization" that the property was the wrong one. It took 2 days to clear up the issue with the tax office and they admitted it was their mistake. When the property was divided, they interchanged the L/B with the new property. And then, we had a mortgage the wrong property.

"HAL's head would have exploded LOL to post a reply: login - or - register

Re: Don't be too sure about that... - Carol Clark/NY

So, even in a perfect world where AI can pick up the errors other responders here have raised, what do walking, talking, eating, breathing human beings do in the future who need employment? If those who blanch at paying taxes that will, they cringe, help those less fortunate than ourselves, then how will the rest of us support ourselves? Hunting and gathering? Clothes from furry animals? When does this stop?

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Re: You can't replace the human brain - Naomi Backes/NC

That's what I think. Robots aren't intuitive or abstract. But what if underwriting is willing to insure over it?

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Re: You can't replace the human brain - Victoria Moate/NJ

Then its their 100% RISK if they are willing to accept it.

I will probably be long retired before we see any of this happening. I have one of the top PDF converters. It still makes mistakes on character recognition on a PERFECT, CLEAR document.

But something pulled from the county records? Especially HAND-WRITTEN in CURSIVE? Forget about it.

And as good as voice recognition is, it isn't perfect either. And not all counties/parishes across the USA are the same. And not all court houses have online access. The list goes on and on and on.

But, you have to ask, if an Underwriter is NOT willing to indemnify a policy issued from one of their own agents, to another agent under the same underwriter, now doing title on the same property and we find "issues" then they are not REALLY ready to 100% insure, are they?

I have been hearing about auto-searches, auto-commitments, etc.for the last 10+ years. Don't hold your breath, I don't think its going to happen in the immediate future.

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Re: You can't replace the human brain - Victoria Moate/NJ

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