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NTC Launches Collateral File Audit and Remediation Service
Jun 15, 2015
Nationwide Title Clearing (NTC) has launched a new marketing campaign made possible by a recent survey of clients that highlighted NTC's best qualities as a vendor

Nationwide Title Clearing Inc. (NTC) has announced that it is now offering a complete collateral file audit and remediation service that can be tailored to specific portfolios, investors and objectives. Collateral files are audited by a team of professionals who cure any exceptions through NTC's document research and retrieval methods to bring the files up to a transferable standard, after which final results are reported.

The principal benefits of this service, according to NTC, are complete file management under one servicer, from shipping, storage, remediation, assignments, property reports, exception management, and reporting; reduction of money wasted from buybacks and/or reintegration into servicing departments; increased certainty about representations and warranties from buyers; and increased value of the assets presented for sale. NTC reports that interest in the collateral file audit and remediation service is high, as for most clients it represents an investment with an immediate payback.

"The value of a mortgage-based loan portfolio is directly impacted by the completeness and accuracy-or lack thereof-of the collateral files of the loans of which it is comprised," said NTC CEO John Hillman. "In some portfolios we have audited, we have found errors in 40 percent to 60 percent of the loans. Remediating the exceptions in these loans increases the value of the entire portfolio, and enables the owner of the portfolio to make more money with each sale."

NTC's collateral file audit and remediation service includes:

►File intake, inventory, imaging and indexing.
Complete collateral file creation (combined servicing and collateral file supplied).
Audit of the collateral fully customizable to the client's specifications, by product, inventory or intended disposition.
Curative and remedial actions on any exceptions, missing collateral documents (mortgages, deeds, assignments, title policies), missing intervening assignments, complex assignment chain issues, title policies, lost note affidavit creation, lost affidavit creation and recordation.
File management, including paid-in-full release services, assignment services, and optional default research/assignment services.
A variety of property reports that can be customized to indicate lien position, broken assignment chains, current beneficiary, or current owner.

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