How do AVR's bridge the gap between servicers/custodial status reports, with true live county data? Most property reports do not index chain of assignments, and don't list the flaws within an assignment body - flaws which can make subsequent assignments invalid in certain states. In this video, industry expert and COO at Nationwide Title Clearing, Michael O'Connell, discusses the importance of an assignment verification report (AVR) and how it can help verify the accuracy of information. Click here to watch this National Mortgage News Ask the Experts video.
An assignment verification report, or AVR for short, is quite simply a true account of what is recorded at the county that identifies the current owner of a lien filed on a property. Any inaccuracies found are listed on the report.
The AVR is the perfect bridge between what is in servicers/custodial reports and what is actually on record at the county. You need reliable reports that identify if there is a gap in the assignment chain at the county and just as importantly, verification that the information within the body of the assignments on record effectively transfer the beneficial rights of the servicer or investor or not.
- An assignment verification report clearly identifies if the current beneficiary is clear or not based on actual land records.
- This should be common sense, but in the past caused a lot of trouble with servicers trying to foreclose.
- Attorneys prepared assignments from deficient collateral files.
- Property reports of the past were flawed or the wrong report was ordered.
- Most property reports do not index the chain of assignments nor flaws within the assignment body itself
- The AVR is the perfect bridge between what is in servicers/custodial reports and what is actually on record at the county
