In a prepared statement, the West Palm Beach-based company disclosed it assigned a team of title planning, escrow closing, accounting and legal personnel to review a number of transaction-management software programs as part of a plan to upgrade the company's existing software system.
The decision to upgrade its systems comes as the company has become one of the largest title companies in Florida and is rapidly expanding in Colorado, Texas, Virginia and Arizona. It now closes about 15,000 real estate transactions each year.
By licensing the SmartClose technology, Universal Land Title is trying to create a more efficient system of closing on real estate deals for mortgage companies, real estate agents, homebuilders, attorneys and the buyers and sellers. Initially, the company will install the system in its five offices in Central Florida, then in its remaining Florida offices and later nationwide.
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