PALM HARBOR, Fla.--(BUSINESS WIRE)--Nationwide Title Clearing (NTC), the leading post-closing services provider for the nation’s largest financial institutions, investors and servicers, has released a fourth video in its series of Executive Showcase mini-lectures. The videos released in the series are available on the company’s website and showcase the firm’s leaders as they share insight with their own teams and the industry. In this video Michael O’Connell, NTC’s Chief Operating Officer, talks about how the firm’s audit department is saving its clients money.
“When companies buy portfolios of loans, they often fail to examine the paperwork at the county level. This is one of the most important parts of the due diligence process,” O’Connell said. “If the documentation is not complete it will cloud the title. In the 25 years that NTC has been doing document research in counties across the country we have uncovered some real horror stories. These errors affect the chain of title, can impact whether the borrowers will perform or not and ultimately determine the value of the loans.”
In the video, O’Connell points out that assignment and lien release problems are common and won’t be detected with a standard property report, most of which are created by automated systems that search existing databases and may find evidence of certain documents but do not reveal the actual document details. O’Connell talks about NTC’s role in finding missing documents, rebuilding collateral files and working in tandem with the nation’s audit firms as they classify the loans in a portfolio.
“We can vastly improve the quality of a loan by completing the collateral file and repairing the chain of title,” O’Connell explains. “Our experienced research team gives us the confidence to carry the risk because we know no one is as thorough as NTC. One of the major reasons for our success is that we care so much about the quality of the products we produce. I'm going for perfection and we're getting very close. The documents we’re sending to the counties today are running at between 99.97% and 99.98% compliant.”
For more information about the series or to view this video, visit http://info.nwtc.com/videos-nationwide-title-clearing
Nationwide Title Clearing, Inc. (NTC) is a privately-owned leading research and document-processing service provider to the residential mortgage industry. NTC services the nation’s top mortgage lenders, servicers, investors and custodians, resulting in an expansion that is also tied to its contribution to its industry and its local community. NTC has won the Tampa Bay Times Top 100 Workplace Designation five times in its history. For more information, visit the company’s website at www.nwtc.com.