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IN THE NEWS NextAce's Automated Title Search Platform Goes National NextAce Corporation in Southern California is marking its 10th year of providing automated real property intelligence to the industry by making its patented Title EDGE search platform available directly from its website. Now, title insurers and other users across the country can access Title EDGE 24 hours a day, seven days a week to immediately process orders directly from their desktop or mobile device. Results are delivered within minutes and can include a chain of title, voluntary and involuntary liens, maps, taxes, and other criteria based on clients' specific service requests. With the nationwide expansion in place, NextAce is able to leverage much of the same data that previously was only available to larger companies, allowing its automated platform to combine data from major title plants, nontraditional property data, and other sources from throughout the United States. "The availability of Title EDGE through our website expands automated search and examination to title agents, underwriters, lenders, attorneys, and others who may not have had the volume to warrant the technology and time investment required to implement this type of automation," said NextAce CEO Don Cantral. "By accessing the website, they can now leverage our substantial investment and experience gained by processing millions of orders, on a transactional basis." STAT INSIGHT 1,011,811 California mortgage borrowers who have resurfaced with positive home equity since home prices began recovering. Source: RealtyTrac 72 Cantral added, "This opens the door to savings and processing efficiencies for operations of all sizes in many areas throughout the country." NAWRB Announces New Name The National Association of Women REO Brokerages is keeping its acronym— NAWRB—but announced an official name change to National Association of Women in Real Estate Businesses. The Irvine, California-based trade association explained the move is part of an effort to expand opportunities to women beyond REO brokerages. "The decision to change the name of the NAWRB acronym was a product of the evolution of the real estate industry, starting over two years ago with our trademark tag line, 'SHE (Specializing in the Housing Economy) is Changing Real Estate,'" said Desirée Patno, CEO of NAWRB. "The new name embodies all women that work within the housing economy." NAWRB is dedicated to promoting underrepresented women and the businesses they own and manage. The association works to empower women in the housing industry through the use of media platforms, including its own publication, N Magazine, as well as advocacy programs and advisory boards. The group also advocates for federal initiatives to increase the use of women-owned businesses and works with financial institutions to encourage greater visibility of certified women-owned businesses to vendor networks. Report: OneThird of California Homeowners Locked Out of Market The California real estate market is experiencing rising home prices and strong sales activity, but negative equity still remains a significant challenge, according to a report from PropertyRadar. Out of the 6.8 million California homeowners with a mortgage, 26 percent, or 1.8 million, were underwater as of July, the California-based tracking company reported. Another 500,000 are barely above water, with no more than 10 percent equity in their home. When factoring in closing costs for these homeowners, they would still "effectively" be underwater, according to PropertyRadar. This means about one-third, or 2.3 million California homeowners, are still unable to sell due to lack of equity. Even though millions are unable to put their homes up for sale, single-family and condominium home sales in the state saw monthly and yearly increases of 12.1 percent and 12.9 percent, respectively, in July, according to PropertyRadar. "With the exception of the temporary bounce in July 2009 sales from the First-Time Homebuyer Tax Credit, July 2013 sales were the highest since July 2006," noted Madeline Schnapp, director of economic research for PropertyRadar. According to the report, a jump in nondistressed sales led to the month's sharp increase. During the 12 months ending in July, non-distressed sales increased 63.7 percent, while distressed sales decreased by 39.4 percent. Distressed sales accounted for 26.4 percent of sales in July even with the big decline in volume. Meanwhile, median prices surged 29.1 percent year-over-year in July, but fell 1.4 percent from the month before. "Rising prices and rising interest rates have delivered a one-two punch to the California real estate market that I'm surprised hasn't resulted in more damage," said Sean O'Toole, founder and CEO of PropertyRadar. Investors remained active in the California market, with cash sales representing 26.1 percent of July's sales. Property flipping, defined as reselling a property within six months, rose to the highest level since September 2005. PropertyRadar says flipping has been on the rise since January 2012 as the potential for profits has increased with rising prices. Investor purchases in July were up 5 percent compared to the prior month, while investor-third-party transactions inched up 0.8 percent. Stearns Company Sued by Former Employee Alleging TILA Violations TriMavin, an appraisal management company (AMC), and its parent company, Stearns, are facing a lawsuit from a former chief appraiser who says the companies violated federal regulations and terminated her employment in response to her grievances. In her complaint against the two companies, Katherine Scheri—chief appraiser

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