Nationwide Title Clearing Inc. recently made it possible for individuals to access property reports online. The response was in line with the recent calls for action regarding title defects. The issue of title defects has become a worrying problem in the real estate industry in the last few years. The Industry players feel that it is the cause of wrongful foreclosures and stagnation within the secondary market. The availability of property records facilitates clear conveyance of titles and also minimizes the risks associated with buyback and impossible foreclosures.
According to John Hillman, the CEO of Nationwide Title Clearing, the issue of title defects should be addressed way before a property is transferred or sold. These efforts are aimed at helping the evolving mortgage industry to ensure a smooth transition of assets at all times.
Factors that may render a title invalid are not limited to instances when a person or entity claims to own a property belonging to someone else. Other causes include:
Non-compliance with the real estate standards of the area as far as wording is concerned
The absence of a signature of a party that must be appended
Failure to remove former liens and encumbrances
Violation of the filing or recording procedures when recording relevant documents.
The reports that are available through online ordering include:
Tax status reports and Tax Status Plus Report
Assignment verification report services and
Current owner report (owner and encumbrance report)
According to the NTC officials, their process generates accurate results. The system recognizes the financial impact of a report if client orders too many fields and extra documents that may not be useful to the end user. They attribute their success to having a thorough knowledge of the needs of the end user and ability to customize a property report without excluding correct data sets.
Nationwide Title Clearing Inc. is an award winning providers of expert research and document services in the residential mortgage industry. It has been in the industry for 25 years and counting. It offers its services to the majority of the largest mortgage providers, servicing agents, and investors across the country. Its documents are available in more than 3600 county jurisdictions. It is founded on the mission to deliver the highest standards of accuracy in research services and document processing. The primary objective is to ensure the protection of homeowners; the mortgage banking industry operates efficiently, and most importantly, to help preserve the land records of the nation.