Bulk sales and acquisitions are better with more information about the loans.
(Palm Harbor, FL) November 6, 2017 – Nationwide Title Clearing (NTC), the leading post-closing services provider for the nation’s largest financial institutions, investors and servicers, reported today that more mortgage lenders, servicers and investors are calling on the company for assignment services in support of bulk loan sales or acquisitions. NTC’s Assignment Services provides an important double-check of every detail of these transactions.
“We’re seeing more activity in this part of our business, which suggests that both buyers and sellers are doing more due diligence during the bulk sales process,” said Michael O’Connell, Chief Operations Officer at NTC. “No one wants to acquire problem loans, but checking every document in the file for each loan in the pool goes well beyond the scope of the companies buying and selling these portfolios. Our expert Mortgage Assignment Services, bundled with our Assignment Verification Reports (AVRs), ensure that every loan transfer runs smoothly.”
For each loan, NTC’s Assignment Services department performs a thorough search of land records, reviews the findings and then provides a thorough report on the subject mortgage, including all applicable recorded documents in the assignment chain and the current beneficiary (if clear). The report will also specify whether the mortgage was released or foreclosed upon. Any problems found with the assignment(s) in the chain are noted on this report.
Specifically, NTC’s Assignment Verification Report includes:
Mortgage information (loan amount, original beneficiary, original trustee, mortgagor/ mortgagee vesting, mortgage date, recorded date and recording info.
- Each assignment on record for the target mortgage (including assignee, assignor, recorded date, recording info).
- 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.
- Whether the mortgage has been released, along with the pertinent document.
- Whether a foreclosure has extinguished the target mortgage.
- A designation of the assignment chain as either CLEAR or NOT CLEAR.
A shorter version of this report, called the Assignment Verification XPress (AVX), is also available on a faster turn time and for a lower price. It contains everything an AVR does without the keyed report. Either report can be ordered online for residential properties nationwide with no order minimum.
Nationwide Title Clearing, Inc. (NTC) is a privately-owned leading research and document-processing service provider to the residential mortgage industry. NTC services the nation’s top mortgage lenders, servicers, investors and custodians, resulting in an expansion that is also tied to its contribution to its industry and its local community. NTC has won the Tampa Bay Times Top 100 Workplace Designation five times in its history and been listed among the top 200 companies in Tampa Bay twice. For more information, visit the company’s website at www.nwtc.com.