A hot button issue right now in loan servicing transfers is faulty source documents. If there are breaks in the beneficial chain between loan origination and the current sale, you need to know about it. During the initial inspection of a file, problems may not materialize for a number of reasons. Watch industry expert Michael O'Connell of Nationwide Title Clearing explain how a comparison of land records to collateral files can help with due diligence.
Nationwide Title Clearing Blog
It is extremely important to be certain that all of your documents are signed by individuals that have qualified authority - it is also equally as important to keep databases current and managed properly to ensure that every signature on your documents are legitimately authentic. Watch industry expert Myron Finley of Nationwide Title Clearing explain the pitfalls of a badly managed signing authority database in this National Mortgage News Ask the Experts video.
An excellent final document service owns the entire process of tracking, imaging, auditing and delivery. Centralizing the tracking, auditing and collection of outstanding documents reduces errors in the process. Offering stringent controls from the beginning, and continuous monitoring, will allow you to quickly identify problems that cost much more downstream if they are not caught. Watch as industry expert Debbie Lastoria from Nationwide Title Clearing explains the downstream benefits of a 3rd party final document tracking service.