Nationwide Title Clearing Blog

Online Whole Loan Trading is on the Rise

Posted by Kristen Rumberger on Tue, May 08,2018 @ 09:05 AM

As whole loans trade more freely, the need for accurate assignment services increases


PALM HARBOR, Fla.--()-- Despite the fact that mortgage origination volume fell 20% in the fourth quarter, according to a story published in MortgageOrb citing an ATTOM Data Solutions report, technology used to trade whole loans is gaining traction. Resitrader reported that whole loans listed on its online exchange exceeded $10 billion in bid volume in February, the highest monthly volume since the platform was launched in 2015, according to the publication. With more loans trading more easily, the need to ensure that accurate mortgage assignments are hitting the public record has never been greater.

Overall, we’re pleased to see technology speeding the sales of whole loans, but we also recognize that speed can be counterproductive if the assignment chains are not maintained carefully as these assets change hands,” said Michael O’Connell, Chief Operations Officer at NTC. “Furthermore, without an Assignment Verification Report that the buyer can trust, it is difficult to know if there are title issues that need to be addressed should a problem arise in the future. Technology is a great aid to our industry, but it does not reduce the need to have well-trained experts handling certain critical functions, such as mortgage assignments and document research. It makes this even more important.”

Nationwide Title Clearing (NTC), is the leading post-closing services provider for the nation’s largest financial institutions, investors and servicers, and the undisputed leader in the mortgage assignment business. The company provides a comprehensive Assignment Verification Report that sends NTC’s research department into action to perform a thorough search of current land records, then to review the findings before sending back a thorough report on the subject mortgage, including all applicable recorded documents in the assignment chain as well as the determined current Lender of Record based on a forensic review. The report will also specify if there are issues with the assignment chain or if the subject mortgage was released or foreclosed upon.

More specifically, the product includes:

  • Subject Mortgage Information including, as applicable, the loan amount, original beneficiary, original trustee, mortgagor/ mortgagee vesting, loan date, recorded date and book, page and/or instrument number.
  • Information and an image of All Recorded Assignments including the assignor, the assignee, the recorded date and Book, page and/or instrument number.
  • An image of any Lost Assignment Affidavits (LAA) indexed to the Subject Mortgage.
  • Information regarding and an image of any Corrective or Gap assignments and/or related Rescissions that pertain to the Subject Mortgage.
  • Whether the Subject Mortgage has been released or foreclosed upon along with an image of the pertinent document.

“NTC’s Assignment Services are designed to provide confidence in the preparation and recordation process, whether the loan is in default or is included in a bulk servicing transfer,” said John Hillman, NTC’s CEO. “Buyers deserve to make purchase decisions with confidence, but that can only happen when they know exactly what they are buying. Our research products provide the information they need.”

A shorter version of NTC’s Assignment Verification report, called the Assignment Verification XPress (AVX), is also available on a faster turn time and for a lower price. It contains everything an AVR does without the keyed report. Either report can be ordered in bulk, for monthly processes and/or online for residential properties nationwide with no order minimum. For more information about NTC’s Assignment Services, contact the company today.

Tags: Nationwide Title Clearing, Inc, Press Release, Assignments, loan, Assignment Verification Report, Servicing, Mortgage Services Guide, Mortgage Recording Services, mortgage assignments, Mortgage Documents,

Subscribe by Email

Recent Posts