Title defects can cause a wide range of issues within the real estate market from delayed transaction of assets within the secondary market to wrongful foreclosures, which has become an increasingly growing issue over the years and has prompted the Nationwide Title Clearing, Inc. (NTC) to take action.
Title defects occur for a variety of reasons, including inappropriate wording, or wording that is not in compliance with the standards of real estate for that area, or neglecting to adhere to proper filing or recording procedures when recording real estate papers; however, they typically occur when an entity or person asserts their title or right to a property that is owned by someone else. A title defect can also occur when a party that is necessary to the transaction, such as a spouse, fails to include a signature. Encumbrances, such as previous liens, can also render a title invalid.
According to the NTC, the key to ensuring a clear title convergence lies in securing executives’ property records. In doing so, defects can be addressed before the property is transferred or sold, which reduces the risk of inability to foreclose or buyback. Therefore, the NTC has made the following reports readily available for order online:
- Current Owner Report (O&E-Ownership & Encumbrances Report)
- Assignment Verification Report Services
- Tax Status (Plus) Report
- Tax Status Report
In addition, it couples automation with human verification and even recognizes the financial affect of a report when a client orders too many or irrelevant documents, for further accuracy. The NTC’s success has enabled them to service some of the top lenders in the U.S. and under the most extreme compliance regulations.
About the Nationwide Title Clearing, Inc. (NTC)
Nationwide Title Clearing, Inc., a privately held Palm Harbor, Florida company founded in 1991, provides leading research and expert document process services to residential mortgage servicers, mortgage lenders, and investors, in addition to in-depth training on the foundation of residential mortgage finance. They also offer best practice standards training to mortgage services, lenders, and investors in the United States.
Its services include current owner/O and E, lien release and assignments, research services, including final document processing, abstractor services, and document retrieval, reports, including assignment verification, tax status reports, audits and remediation, including collateral file audits and remediation services, and more.