Title curative is described as a set of procedures used to “cure” defects in chains of title, that can involve correcting instruments that are erroneous or ambiguous. This is required when the title search reports show that mortgage documents are not properly assigned or released.
Liens and other issues on titles can result in a slow down or even derailment of purchases and refinances. Title issues are common obstacles that delay loan modifications and result in penalties for servicers. Studies show that 15 to 20% of all loan modifications require title curative work.
There are a host of Title curative issues that can affect servicers and Title agents with respect to both commercial as well as residential mortgage. Some of the most repetitively found Title curative issues include:
It is necessary that the deed or lease should describe the property according to all jurisdiction requirements.
The registered documents must contain all the elements required by the state or county of record.
Any lien before release necessitates verification. In the case of mortgages, only a part of the property can be released following a takedown schedule or with consecutive partial releases.
Any testamentary documents must provide the testator’s sufficient intent to transfer the title to the new owner.
Unique ownership with specific circumstances must be adequately conveyed. For instance, the death of a person holding an estate should appear in the documentation.
Divorce decree will transfer titles via family court for proper filing and recording.
Title agents and servicers may not always have the bandwidth to check thoroughly for title issues. They require solid title support services and title examination services. To avoid delays in the mortgage process due to title defects, it’s best to partner with reliable title curative partners to better meet deadlines for closings.
Title curative partners help title agents and servicers to ensure the file is ready-to-close as quickly as possible. Here are the top 5 benefits of partnering with trusted Title curative partners:
Title curative is a specialized area. It helps to partner with companies that has knowledgeable staff and unparalleled industry expertise. Such companies will review and complete even the most challenging commitment requirements.
Their curative teams have title experts with years of experience in the mortgage and title industry. They also have excellent communication and problem-solving skills.
In different cases, title curative issues bound to differ. It is possible that some issues require a creative approach to clear complex matters easily. Expert curative teams use critical thinking to decrease turn times and issue clear to close certificates.
However, skills and competencies like these come only after years of experience in the industry. It’s best to join hands with title curative partners with a robust and competent team of specialists to handle title curative needs efficiently.
Most often, files used in the title curative require multiple follow-ups. It makes business sense to have an intelligent review of the pipeline with proper report generation. Title curative experts have specialists who perform these reviews to identify trends of common issues, then develop a standard resolution option.
With comprehensive reporting, partners offer title agents access to relevant details to identify gaps and correct issues.
Typically, title issues need human intervention and effort to resolve them. It is necessary to analyse the initial issue correctly and then follow it up regularly for resolution. Taking effective measures will guarantee the files get reviewed promptly.
Expert title curative partners provide title support services in the form of reports and tools to significantly aid in achieving these objectives.
Trust is a very important aspect when it comes to closing deals as soon as possible. Reliable title curative partners help rectify all defective issues on titles regardless of the amount of intensity.
They have experts to scale rapidly and meet volume demands as per month-end volume increases.
PrivoCorp’s Title curative specialists are well-trained to manage any chinks in the title armour caused by missing mortgage documents.
With proven processes, title domain expertise and innovative use of technology, PrivoCorp experts help title agents streamline operations. They also assist agents in obtaining unreleased mortgage liens, security deeds, deeds of trust, or missing mortgage assignments. PrivoCorp offers end-to-end Title support services to Title Agents, Underwriters, Attorneys, Lenders and Vendor management companies.
