The title clearing platform set up by Nationwide Title Clearing, Inc. (NTC), is making a big impact in the mortgage industry as most of the customers and mortgage firms are queuing for its accurate title reports. The online title clearing service cum title report was launched in 2014 to assist both buyers and sellers, and banks to avoid any unforeseen issues found with the title. It should be noted that title issues are considered to be one of the major issues in real estate sector for a long time.
A clear title of the property is very important to ensure the smooth processing and servicing of the mortgage and necessary to avoid any legal disputes including wrongful foreclosures. The executives of NTC confirms that the title defects are arising due to someone else claiming the property that belongs to a different person. NTC has confirmed that even simple documentation errors or procedural errors may lead to title defects and some of them are simple issues of wording in documents which are not coming under real estate standards in the area, signature of all the involved parties are not included, previous liens or other issues are not removed, failed to follow the recording procedures during documentation etc.
According to John Hillman, CEO of NTC, it is important to address the title defects well in advance so that the buyer or the seller won’t face any issues later. To enable a speedy resolution of title defects, NTC made some of the important documents available online. It includes Assignment Verification Report, Current Owner Report, Tax Status Report and Tax Status (Plus) Report. Hillman said that the firm’s reports are based the research of actual documents, and users can get these reports nationwide.
What makes NTC unique is that it verifies the information available from different sources including counties to other departments. The process that is followed by NTC is assuring accurate results to all the customers and are completely reliable. It should be noted that NTC uses both human verification and automated verification to ensure the accuracy of the results and documents they provide. This dual process is also coupled with quick delivery of service, and hence all the major financial institutions in the country are using its services.
Nationwide Title Clearing, Inc. is the leading research and document-processing firm that has expertise in audit, document processing services, and expert research for mortgage lenders, investors, servicers, etc. The company was founded in 1991, and it is based in Palm Harbor, FL.