Expands research and remediation capabilities.
Nationwide Title Clearing had an incredible 2017, achieving record delivery quality and growing revenue by 340% year over year. But the company, which provides expert research, audit and document processing for the nation’s largest investors, servicers and lenders, has even bigger plans for 2018.
“The biggest challenge in 2018 will be the continually changing landscape of our industry, but that has also been an asset to the company every year,” said John Hillman, CEO.
“NTC has established itself to be extremely flexible in meeting the changing needs of our clients. We stick to our core services — lien release and research — but remain flexible to change and evolve to meet custom demands of our clients.”
In 2018, that evolution will include expanding its research and remediation capabilities with its new Curative Vault document custody solution. This solution is a complete custody process that goes well beyond storage and inventory to include a collateral review to real-life industry standards, remediation exception reports, perfecting of the collateral file and more.
“Clients won’t need to settle for only file storage or inventory of their collateral anymore,” Hillman said. “NTC’s customized service not only conducts reviews of collateral to real-life industry standards, but also remediates exceptions and works toward perfecting collateral. It’s an all-in-one solution that has appealed to a large segment of our target audience.”
NTC is able to deliver a more robust process by chasing down missing documents, verifying lien position and assignment chains against land records, and where possible, curing the assignment and endorsement exceptions and facilitating any needed documents (allonges, title policies, etc.) to support loan sales and other life-of-loan events.
“Financial services firms are paying too much and only getting a partial document custody process,” said Michael O’Connell, chief operations officer at NTC. “This exposes them to risk because in too many cases the collateral files are incomplete or inaccurate, making it impossible to make good decisions should the loan go into default, become part of a securitized pool or go up for sale.
“Document custody has traditionally been the last line of defense for a quality portfolio, but without the research and remediation components, it simply can’t get the job done,” O’Connell said.
NTC boasts a 99.8% compliance rate, which Hillman attributes to NTC’s unique focus throughout its 25-year history.
“We accomplish our staggering compliance rate by integrating the human touch and attention to detail with malleable, user-friendly technology and a systemic and systematic approach to error correction,” Hillman said.
“Our clients can depend on us to stay ahead of regulatory standards, this is why our reputation for excellence is renowned in our industry.”