Nationwide Title Clearing (NTC), is a firm that specializes in document processing for the residential mortgage companies and individuals that have been registered under it. Recently, NTC noticed an increase in the rate of title defects. The company states that the major cause of this is property records that have errors. With proper records, title defects will be reduced, hence smoothening the transition of assets in the secondary market. Furthermore, it heavily reduces the risk of a buyback.
To tackle this menace, NTC moved to update its website. This way, crucial documents that are important have been made easily accessible. The following four documents are available:
- Tax Status Report
- Assignment Verification Report Services
- Tax Status (Plus) Report
- Current Owner Report
With these documents available, one can check whether they contain any errors that may cause title defects. The following can be checked for:
– Whether all signatures needed during a transaction have been appended on the documents. Signatures such as one from the spouse must be in the documents.
– Whether the wording in the documents comply with the standards of the area that the real estate is based in.
– Whether the standard filling procedures were followed. The records should be of real estate standard.
– Whether any other encumbrance that had previously hindered a transaction has been removed.
The CEO of NTC, John Hillman, explains that one of NTC’s main goal has been to speed up their process that involves securing reports. The data that NTC obtains is from multiple sources, with the main focus being on the counties. This process produces results that are accurate, and that have been tailored to meet the requirements of the client. According to Hillman, this has been the main reason for their success.
About Nationwide Title Clearing Inc.
NTC was founded in 1991, with its main offices being in Palm Harbor, Florida. It is a private company that provides the residential mortgage industry with document processing services, based on world-class research. 80% of renowned mortgage servicers in the country work with NTC. This shows the firm belief that most property owners have in the company. The company has a reputation of accurately processing its documents.
Recently, the company announces its move to establish other offices in Dallas, Texas, something they hadn’t done in all the years they had been in service. According to the company’s CEO, this move has been triggered by the need for them to have a specialized data center, which will back up data. This will ensure continuity even in the case of a breakdown in the main facility. The Dallas establishment is also set to be used to reduce the overflow of work that is currently present in the Florida facility.