Nationwide Title Clearing, Inc. has responded to calls for action with regard to title defects by making property reports readily accessible with online ordering. Title defects have become a major cause for concern within the real estate market in recent years, which some feel cause wrongful foreclosures and others feel they contribute to stagnation of what would otherwise be a smooth transition of assets within the secondary market. According to Nationwide Title Clearing, Inc. (NTC) executives, property records hold the key to ensuring a clear title conveyance and reducing the risk of buyback or inability to foreclose.
NTC, a leading research and document-processing provider for the mortgage and financial industry, has taken steps to make the process of securing property reports simple—the company recently launched an updated website, making property reports available online.
While title defects most commonly occur when a person or entity lays claim to a property that is in fact owned by someone else, they can also include several factors that would render title invalid, such as:
- Simple issues with wording in the document that does not comply with real estate standards for the area;
- Failure to include the signature of a party that is necessary to the transaction, such as a spouse;
- Previous liens and other encumbrances have not been removed (the title needs to be free of encumbrances to be marketable);
- Failure to follow recording or filing procedures when recording real estate documents. (1)
For the above reasons, according to NTC CEO John Hillman, addressing title defects well before the property is sold or transferred is key. In an effort to assist the evolving mortgage industry, NTC has made the following property reports available via online ordering:
"NTC has made it a goal to provide a simple, fast, step-by-step process of securing property reports," said Hillman. "Our property report services are based on research conducted from actual land records and are accessible for any residential property nationwide."
NTC obtains data from multiple sources during its process—and most importantly, the counties—and includes automation coupled with human verification—a practice that has given NTC the ability to successfully service most of the largest lenders in the U.S. under the most crucial and now heavily audited compliance regulations.
NTC officials say their process produces accurate results for what the report was intended, even recognizing a report's financial impact if a client is ordering too many fields and additional documents that may not be of use to the end user. NTC attributes its success to having a full understanding of the end result that its clients need, and then customizing a property report with the correct data sets included.
About Nationwide Title Clearing, Inc.:
Based in Palm Harbor, Florida and founded in 1991, NTC is a privately-owned leading research and document-processing service provider to the residential mortgage industry. NTC services mortgage lenders, servicers and investors, including eight of the top 10 residential mortgage servicers in the country. NTC is known for delivering the highest level of accuracy in research services and quality document processing that set the industry standard while protecting homeowners, assisting the mortgage banking industry and preserving the nation's land records. The company's land records and document experts are able to track and fulfill county document requirements in all recording jurisdictions nationwide, which is close to 3,600 different jurisdictions. NTC specializes in providing land records research, property reports, lien release services, assignment services, final document tracking, document retrieval and other custom business solutions. NTC's expansion is tied to their contribution to their industry and their local community, ranking number 26 on the 2013 Fast 50 Awards list of fastest growing companies in Tampa Bay, as well as number 1,900 on the 2013 Inc. 500/5000 list of fastest-growing companies in America, up from number 2,730 in 2012. NTC also won the Inc. Hire Power award for the second consecutive year in 2013 for putting Americans back to work. For more information, visit the company's website at www.nwtc.com.
- LaMance, Ken. "Defective Titles or Title Defects." N.p., n.d. Web. 22 May 2014. legalmatch.com/law-library/article/defective-titles-or-title-defects.html.
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SOURCE Nationwide Title Clearing, Inc.