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NTC Makes Property Reports Available Online

Jun 10, 2014

Nationwide Title Clearing, Inc. (NTC) is now making property reports available through an online system in order to help the industry deal with an increasing number of title defects. “Title defects have become a major cause for concern within the real estate market,” said Nationwide Title Clearing CEO John Hillman. “Whether title defects cause wrongful foreclosures, as some claim, or stagnation of what would otherwise be a smooth transition of assets within the secondary market, these problems cost both the industry and homeowners money and time.” The key to reducing the risk of buyback or inability to foreclose lies in accurate property records, Hillman said. Ensuring that the records are accurate requires easy access to property reports. NTC has now created a simple, fast, step-by-step process of securing these reports. While title defects most commonly occur when a person or entity lays claim to a property that is in fact owned by someone else, they can also include several factors that would render title invalid, such as: ►Simple issues with wording in the document that do not comply with real estate standards for the area; ►Failure to include the signature of a party that is necessary to the transaction, such as a spouse; ►Previous liens and other encumbrances that have not been removed (the title needs to be free of encumbrances to be marketable); ►Failure to follow recording or filing procedures when recording real estate documents. For the above reasons, according to NTC CEO John Hillman, addressing title defects well before the property is sold or transferred is key. In an effort to assist the evolving mortgage industry, NTC has made the following property reports available via online ordering: ►Assignment Verification Report Services ►Current Owner Report (O&E—Ownership & Encumbrance Report) ►Tax Status Report ►Tax Status (Plus) Report NTC obtains data from multiple sources during its process—and most importantly, the counties—and includes automation coupled with human verification—a practice that has given NTC the ability to successfully service most of the largest lenders in the U.S. under the most crucial and now heavily audited compliance regulations. NTC officials say their process produces accurate results for what the report was intended, even recognizing a report’s financial impact if a client is ordering too many fields and additional documents that may not be of use to the end user. NTC attributes its success to having a full understanding of the end result that its clients need, and then customizing a property report with the correct data sets included. “Our property report services are based on research conducted from actual land records and are accessible for any residential property nationwide,” Hillman said.
Jun 10, 2014