ORANGE, CA—NextAce has released NeXtraction, an adaptable data-capture engine and related workflow that instantly turns document images into actionable data and information. The technology effectively gives access to data from recorded documents, loan-origination packages and other documents of any length and at remarkable speeds and is being billed as a major advance in document extraction for the mortgage, real estate and title-insurance markets.

The automated functionality of NeXtraction allows customers to index, extract, catalog, understand and deliver information intelligently from structured, semi-structured or unstructured documents, while also replacing or reducing costly and time-consuming manual or offshore keying initiatives in place today, according to the firm.

According to Don Cantral, CEO of NextAce, “NeXtraction makes possible the true harnessing of data.” He tells GlobeSt.com, “Data extraction for commercial real estate has been generally limited to scraping property flyers of their valuable data to crate proprietary digital databases or the incorporation of some type of business intelligence to mine existing databases to create CRE collateral or spreadsheet analyses. NeXtraction goes beyond these helpful yet baseline 'data-capture' capabilities to get at what has formerly been stuck in what we call 'unstructured' documents.”

Cantral adds that NeXtraction isn't a consumer play. “NeXtraction technology is a behind-the-scenes play, shortening the deal over time, improving quality and reducing costs. The CRE broker will derive these benefits through their commercial lender, title rep and portfolio manager.”

NextAce has been involved in title automation, including title reporting search and examination, on the residential side since 2003, Cantral says. Some of the company's original clients now run all of their commercial business through NextAce as well. “Automation is rolling through all of these markets. Simply stated, all of the technological advancements on character recognition and data extraction will help shape the future function and even the definition of workflows involving imaged documents of all types. This will have a significant impact on the manner in which BPO vendors and data providers of all types and organizations they serve function.”

NextAce Patterned Data Extraction and NeXtraction technologies “bring a well-equipped solution to the handling of loan documents and other key artifacts for stakeholders, such as lenders, servicers, vendor mangers and GSEs,” Cantral adds. “NeXtraction can readily work with the organization's business intelligence layers or applications as well as any extract transform and load software.”

Major strides in technology continue to be made in the real estate industry. As GlobeSt.com reported earlier this week, CoreLogic has introduced a new cloud-based online leasing solution for multifamily housing owners and managers called "Leasing Manager from CoreLogic." The software features a simplified application process designed to keep prospective residents online so they complete the application.