One of NTC’s roles is to serve as an advisor regarding best-practices in the mortgage industry, ensuring that state and county statutes are complied with and ownership records are kept clean.
Palm Harbor, Fla. (PRWEB) January 09, 2012
The stigma and general confusion surrounding clouded title have presented a challenge to owners and prospective buyers of real estate properties today – a predicament that has been highlighted in a recent report by David Woolley of Harbinger Analytics Group*. This is a situation that Nationwide Title Clearing, Inc. (NTC) is empowering affected parties to understand and resolve.
As the nation’s leading post-closing services provider for the residential mortgage industry, NTC has united with top mortgage lenders, servicers, investors, GSE’s and federal government agencies to reinvent and standardize the assignment process in order to provide clear and accurate land records – for the benefit of property owners and potential buyers. (An assignment of mortgage is a document that evidences the transfer of a mortgage from one party to another.*)
A proper due diligence on the mortgage documentation is now being required by the OCC (Office of the Comptroller of the Currency) and other federal regulators on all procedures concerning mortgage-related paperwork and signing. For several years, NTC had already been developing a unique system for finding and reporting all recorded documents pertaining to a mortgage and identifying any cloud on the assignment chains. The system, called PerfectChain℠ Assignment Verification, helps mortgage servicers maintain compliance with statutes that are designed to protect homeowners and borrowers – thereby allowing the banks to clean up any prior erroneous documents and prepare accurate documents going forward.
John Hillman, CEO of NTC, noted that assignments prepared with incomplete loan documentation will almost certainly result in errors, which is what NTC’s PerfectChain℠ Assignment Verification is designed to disclose and prevent.
“One of NTC’s roles is to serve as an advisor regarding best-practices in the mortgage industry, ensuring that state and county statutes are complied with and ownership records are kept clean,” Hillman says. “You can’t always fix a broken assignment chain. Many times we are just reporting that it is broken so that we don’t further complicate the assignment chain with an erroneous assignment.”
Accordingly, complete assignment chains are now being verified as complete – considered today as an industry best practice.
“We help [homeowners] by ensuring the chain of title is unclouded,” Hillman went onto say. “Our PerfectChain℠ service straightens out the missing links in the chain that can cause problems when homeowners try to do anything related to ownership of a property, such as sell, buy, etc. Assignments help homeowners keep the paperwork straight – and when properly done provide transparency as to who owns the mortgage… even though it’s behind-the-scenes.”
In addition to assignments, the majority of documents NTC prepares are lien releases– also referred to as ‘mortgage satisfactions’ or ‘reconveyances’ – which cancel a mortgage as an open lien, and is the final step in the payoff process. This process also helps ensure accurate land records by removing paid-in-full mortgages from public record. It facilitates home sales, refinancing and full payoff so that land records reflect paid-in-full mortgages.
Essentially, NTC is a service company established to help keep the banks compliant with the statutes that protect homeowners. Because of NTC’s industry-best practices, NTC has become the preferred provider today for many of the top banking institutions and federal agencies.
NTC’s services might directly assist the leading mortgage lenders and federal government agencies, but Hillman says that is not enough. Established several years ago, NTC instituted a service (http://www.expressretrieval.com) whereby homeowners, small title companies and many others can DIRECTLY obtain specific documents from any recording jurisdiction nationwide. NTC also takes the time to address the questions of homeowners who call in with confusions regarding mortgage documents. This happens every day.
“NTC’s commitment to our industry, with our clients and others, has helped establish accurate and thorough processes to improve the validity of all assignments on a go-forward basis,” says Hillman. “Having the accurate true data is the ripple effect that’s helping to correct the document problems that plague the industry and consequently protect the homeowners, going forward.”
About Nationwide Title Clearing, Inc.
Headquartered in Palm Harbor, Fla., Nationwide Title Clearing (NTC) was founded in 1991 and incorporated in 1992; and has since grown to become the nation’s leading post-closing services provider for the residential mortgage industry. In addition to supporting lenders, servicers and investors – including eight of the top 10 residential mortgage servicers in the country – NTC also contracts directly with several federal government agencies. The company’s land records and document experts are able to track and fulfill county document requirements for more than 3,600 recording jurisdictions nationwide, and have considerable experience with state notary laws and valid execution practices. NTC specializes in processing lien releases, assignments, Mortgage Electronic Registration System (MERS®) services, final documents, document retrieval, title searches, title policy retrieval, title policy replacement, capital markets/hedge fund bundled services, imaging and other custom business solutions. For more information about Nationwide Title Clearing, visit the company’s website at http://www.nwtc.com.
- Woolley, David E. and Lisa D. Herzog: White paper published by Harbinger Analytics Group; June 2011. harbingerag.com/Papers/MERS%20Report%20Exhibits%20Combined.pdf
*Mortgage Banking Terms, 10th Edition by the Mortgage Bankers Association