Title insurance outsourcing services are required for Mortgage bankers and lenders nationwide. Title Insurance protects lenders or borrowers against losses arising from problems or defects with the ownership or legal title of a property. We at Peoples Processing understand the the complexities involved with Title Insurance.
Peoples Processing Title and Settlement services enables a dramatic reduction in turnaround time and paperwork.
Title Search / Abstracting
One of the key areas Peoples’ provides a service is “Chain of Title”. We work on the primary element in the loan and closing process to create and manage this for our clients. We provide (current owner, 2 owner) HELOC with legal and vesting searches nationwide. The result is a cost effective service that will result in improved profitability, faster turnaround and a higher accuracy
The search includes all names in the “Chain of Title” reports, liens and judgments for all owners (current and past.) The names are run for: general liens (such as judgments and federal tax liens). This is always done for the full statutory period applicable for the state.
Limited / One Owner Search
A search that goes back to the “Full Value Deed (FVD)”.Each deed in the chain (that was recorded) since the “FVD” must be reviewed to verify that the title passes to the current owner of record.
Two Owner Search
A search that goes back to the two “FVD” and each deed in the chain that was recorded (since the “FVD” are reviewed to verify that the title passes to the current owner and two owner of record).
Gap Search / Bring Downs / Date Downs
An additional title search to make sure nothing adverse has been recorded in the real estate records since the time of the original search and the recording of the deed or mortgage. The taxes are updated with present tax findings.
Owner & Encumbrance Reports (O&E’s)
This report provides the basic information on a particular piece of property. It typically reports the owner(s) on title and any encumbrances (including mortgages, lines of credit, and liens).
Legal & Vesting Report
Using a property address or tax parcel number; this report provides a legal description and owner(s) of record including the vesting.
Full Title Examination
Using your underwriting rules and standards, an order will be examined and include full review of the document images. An examined order will be ready for commitment or prelim preparation.
Title Commitment Preparation
Peoples Processing can prepare commitments overnight to have them ready before next day. We have the ability to produce commitments for clients using Title Express, Softpro, Landtech, Gators, Genesis, etc. This includes typing the vesting, conveyance, mortgage, judgments/liens and taxes information into the software as per the “abstract report” and proofing for any mistakes.
Preliminary Title Report
Peoples Processing reviews and validates “Chain of Title documents” such as deeds, “Subordination”, notices, assignments, etc. We also validate name search documents such as “Abstract Judgments” and “State Tax Liens”, and make corrections as required. Any exceptions are reported to the client.
Final Policy Production
The “Final Title Policy” is a key component in a mortgage transaction. It provides security to the lender, owners and allows for the fulfillment of a real estate transaction. Policy production process generates “Short Form, Long Form and Owner Policies” in the client application. Information is extracted from the “Policy Package (Title Prelim Report)” and entered into the client application. Editing is done to the policy by adding exceptions and endorsements as given in the “Policy Package/Prelim report.”
CLOSING DISCLOSURE (CD)
We prepare the closing disclosure (CD) based upon lender’s closing instructions and the requirements of the title insurance commitment. We will provide the preliminary CD statement to the lender and/or investor for approval prior to the physical signing. We use the closing instructions provided by the lender to the Title Company to complete the statement overnight.