Property report demands have expanded beyond the typical title search. Reports and uses have changed and it may be unnecessary to purchase a full report. Watch as Nationwide Title Clearing expert Debbie Lastoria discusses the different types of reports available and how they can help with due diligence. Click here to watch this National Mortgage News Ask the Experts video.
- Property report options have expanded beyond a typical title search.
- It may be unnecessary to purchase a full report with new report options.
- For new loans, order a report to confirm that the mortgage was recorded to verify if the lien position is intact.
- For charge-offs, ordering a report to identifying if the lender still has responsibility is a low-cost alternative.
- For loans in default, verifying the assignment chain to confirm beneficial rights will keep you in compliance without the full search expense.
- Some loans cure prior to first legal action, so a full search is cost prohibitive.
- Create a waterfall process to eliminate the majority of the population and then focus in-depth reports where you need it most.
- Conduct in-depth research on new loans only if the mortgage was not recorded or in wrong lien position.
- Also for aged liens, order a report that locates the document that extinguishes the lien so the lender’s interest in the property can be satisfied.
- Use reports for due diligence prior to purchasing a pool of loans or securitization, the key is knowing your position, assignment chain or collateral issues, including all encumbrances on the properties, including delinquent taxes.
