Nationwide Title Clearing Inc. (NTC) has released a new white paper that outlines the 10 hottest issues that mortgage loan servicers must consider when undertaking the lien release, the last step in the mortgage loan servicing process. The new white paper is entitled, “Best Practices for Managing a Lien Release Partner” and is available now on the company’s Web site. NTC put compliance at the very top of its critical issues list.
“In the lien release business, there is only one metric that really matters: Out of Compliance (OOC) Percentage,” said John Hillman, CEO of Nationwide Title Clearing. “Specifically, this is the number of lien releases not filed in a timely, accurate and compliant manner. Servicers should demand metrics and reports that provide true transparency from their partners and insist they focus on accuracy and compliance above all else.”
Of the many tasks the modern mortgage loan servicer must complete in the course of the workday, perhaps lien release management offers the fewest tangible rewards for the effort, the company wrote in “Best Practices for Managing a Lien Release Partner." Unfortunately, lien release management is among the tasks that do not contribute directly to bottom line success but, if improperly handled, can lead to significant costs. In this paper, NTC outlines a set of best practices that can guide the mortgage loan servicer to success.