The industry has embraced the company’s final doc service for a number of reasons.
(Palm Harbor, FL) December 13, 2017 – Nationwide Title Clearing (NTC), the leading post-closing services provider for the nation’s largest financial institutions, investors and servicers, announced today that an analysis of company performance over the past 12 months indicates that its Financial Document Processing has emerged as one of the firm’s most successful offerings. This is due, in part, to the industry’s need to comply with the Consumer Financial Protection Bureau’s new TILA/RESPA Integrated Disclosure (TRID) rule.
“Lenders are paying more attention to final document processing because it’s their very last opportunity to ensure a quality loan,” said Michael O’Connell, Chief Operations Officer at NTC. “We have found this year that loan originators are seeking that peace of mind that comes from knowing the entire process is under control, risk is mitigated, and costs are lowered while improving process quality. It’s more valuable to them than ever before.”
O’Connell said that NTC has worked to provide a seamless, digital process for final document processing that reduces error rates significantly and can be viewed and tracked by clients on a proprietary system called TrackingLINK.
Here’s how it works. NTC’s client provides instructions to their closing agents/title companies/correspondent lenders or attorneys to forward all original mortgages, deeds of trust, title policies and assignments (as applicable) to NTC after origination and recording for all new loans. NTC receives regular daily/weekly data download from the client on all new loans originated. This data download starts an automatic alert system for each file based on the average recording timeframe for each individual state/county.
Upon receipt of the original mortgages/deeds of trust and title policies, NTC performs a variety of tasks including, imaging, audits, data validation, file creation, investor stacking, and other services as selected by the client. Documents received are forwarded to the appropriate investor as instructed by the client. Any documents not received automatically within the pre-set time frame will trigger a series of follow-up actions with the appropriate title company/closing agent or attorney. If documents are not provided, NTC will research and obtain the documents themselves from the appropriate counties, to satisfy client/investor requirements.
NTC’s offering provides a number of benefits that are not available elsewhere:
- Supports and/or replaces the upfront intake process (1) Doc ID (2) Scanning (3) Review (4) Shipment
- Document Follow-up (1) Doc Chasing (2) Doc Retrieval
- Eliminates Volume Influx Challenges
- Complete System Integration * Through NTC’s process loan data is automatically validated.
- In-house Technology Support/Maintenance/Integration
- Custom Audit Screens in accordance with Investor/Custodial/Internal Guidelines
- Indexed Images Hosted by NTC and/or Forwarded to Client
For more information about NTC’s Final Document Processing Services, please visit the company’s website.