According to an online article from nationalmortgagenews.com, Nationwide Title Clearing, Inc. (NTC) has upgraded their services for ordering property reports online. This was in reaction to public dismay with title defects, says the article. The article explains that faulty titles may have caused wrongful foreclosures and a slow-down in the secondary market.
NTC works for the financial and mortgage industry. They process documents and conduct title research. According to a statement from NTC’s executives, property records are one of the most important things to transfer clear titles. When it is done correctly, it reduces foreclosure inability and buyback risk, the article says. NTC has simplified the steps in getting property reports. They updated their website and made online property reports available.
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One of the most common errors in property titles that the article mentions is when someone claims property that ends up belonging to another person. If the language of the document is not within compliance of the area’s real estate standards, the title can be ruled as invalid. It is also important to ensure that all pertinent signatures are obtained for the transaction, says the article.
Title search companies have to be certain that the property title has no encumbrances or liens against it; else it cannot be put on the market. They also have to record and file real estate documents according to proper procedures. If these conditions are not met, then people can get a faulty title, says the article.
John Hillman, CEO of NTC says in the article that before any property is transferred or sold, titles should be researched for defects. It is NTC’s goal to provide online property reports to assist the mortgage industry. Some of the reports available are Current Owner Reports, Tax Status Reports, and Assignment Verification Report Services, the article says.
Hillman says that the company wants to make it easy to get property reports. He also says that NTC’s reports are based on land records and can be pulled for any residential property across America. The company says that they use different sources to obtain their data, including county records and human verification. Because they have been so proficient in the title search industry, NTC has helped some of the biggest American lenders with compliance, the article states.
NTC has the ability to customize reports for clients. This decreases the chances of ordering too much information that the client may not need. By knowing what the clients want, NTC can come up with a document package that is right for them.
Nationwide Title Clearing is headquartered in Palm Harbor, FL and was established in 1991. They do research, audits, and document processing to the mortgage lending sector in America. NTC upgraded its services to include document processing via the Internet.