In a move that confirmed the firm’s supremacy in the mortgage and financial sector, Nationwide Title Clearing, Inc. (NTC) was the first company to address title defects concerns in the industry. After upgrading its website in 2014, the company reduced the numerous hurdles that used to mar the property reports acquisition process during mortgage transactions. This move came at a time when a debate was gathering momentum among the industry’s stakeholders on how title defects were causing unnecessary delays in transfer of ownership of assets. With readily accessible property reports, NTC’s clients can have a clear picture of the ownership status of a property as well as know whether anyone lays claims to a property before engaging in a mortgage transaction.
What Causes Title Defects
A title can be rendered defective for several reasons. The most common reason is due to unsettled claims by other people, especially about loans and debts that the property owner could have taken using the property as collateral. Title defects can also arise as a result of compliance issues, particularly when a mandatory signatory fails to sign the transaction documents or the documents’ wording falls short of the set standards. Other reasons are procedural; like in a situation where due process is not followed when recording or filing documents. With all these reasons, having property reports beforehand is of paramount importance since it helps property buyers to address title defects early enough.
Word from the CEO
According to NTC’s president, John Hillman, the provision of online property reports was in line with the company’s commitment and dedication to helping its clients secure properties in a speedy process. Hillman assured customers that the reports provided on their website are authentic since they are obtained from reliable County land records. To add onto that, he communicated that the records are passed through a thorough verification process that involves automated systems and human authentication to confirm the accuracy of the data provided. The CEO also added that NTC was aiming at customizing the reports to suit particular property needs for its clients to ensure that they do not end up acquiring many documents that could be irrelevant to their particular needs.
Nationwide Title Clearance, Inc. is a Florida-based institution that conducts research and processes documents on behalf of residential mortgage market players. The company’s main clients include mortgage investors, lenders, and servicers. Since its creation in 1991, the company has bagged numerous accolades, including the Hire Power award in 2012 and 2013.