NTC launches new service called AVX - Assignment Verification Xpress
Nationwide Title Clearing (NTC), a post-closing services provider launched a new, shortened version of the company's popular Assignment Verification Report (AVR), called the AVXpress (AVX). The new streamlined report contains everything an AVR contains without the keyed report, without compromising the quality of the research clients are accustomed to receiving from NTC.
“Our research services are the gold standard in the U.S. real estate business, but not every client needs the complete Assignment Verification Report,” NTC CEO John Hillman said in a press release. “This new report is a direct result of our drive to provide exactly the kinds of products and services our client partners need. We expect the AVXpress to be the perfect solution for many of those we serve today.”
AVX involves a thorough search of actual, current land records, according to the press release. The resulting research is then bundled up into an image package containing the subject mortgage and all applicable recorded documents in an assignment chain or that impact the standing of the target mortgage. This image pack can be used to support best signing practices by providing relevant supporting documentation or to assist in the perfecting of collateral files by retrieving recorded documents that are often missing and can cause many downstream issues throughout the life of a loan.
Documents included in an AVX include:
- Copy of the mortgage/deed of trust (full or pertinent pages)
- Each assignment on record for the target mortgage
- Any lost assignment affidavits (LAA) indexed and easily found against that mortgage
- Any corrective assignments recorded in the mortgage chain
- Any recorded rescissions that pertain to any assignments or releases of the subject mortgage that are indexed and easily found against that mortgage
- If the property obviously has been released, pertinent document usually is included
Nationwide Title Clearing uses the new report in the delivery of the Assignment and Release Services its clients rely upon. Through the process of an NTC created assignment or lien release, the company validates the assignment chain and lender of record shown on the most recent assignment in the AVX to support the correct preparation and execution of the document being prepared to be recorded.
Mortgage lenders, servicers and investors rely on NTC to review, remediate and double-check every detail of the collateral on their bulk sales and acquisitions. The company's expert Mortgage Assignment Services bundled with AVRs or AVXs ensure that loan transfers run smoothly. Any population of AVXs can be upgraded to an AVR at any time.