Title services are provided by nationally recognized title companies or your existing local title provider. We deliver unsurpassed service and turnaround times on our title products. With our best-in-class providers, we can offer title products that have turn-around times that are unmatched in the industry. Title products are available for every county in the United States.
Using the FirstClose Advanced Manual Processing software modules, we can incorporate your favorite title and escrow companies into the system very quickly and easily. When all mortgage settlement services are packaged into one platform and include local title and escrow companies, local appraisers, and local closing agents, efficiency and communication is greatly enhanced.
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Title & EscrowWe offer top of the line title and escrow services from several leading industry partners. For your convenience and flexibility, all of our title and escrow companies are available as choices in the FirstClose Dashboard. In addition to nationwide title and escrow companies like First American, LPS, American Title, SouthCoast Title, FirstClose provides lenders with the ability to add local title and escrow companies to the FirstClose system in seconds.
Orders:
We provide three general methods to place your orders with our preferred title and escrow partners. You can fax, email, or preferably use the FirstClose online system. Once you have placed your order with us, you will receive a confirmation that your order has been received.
Status:
Checking the status is just a click away with FirstClose. You can also communicate with our preferred title and escrow partners via online notes that send automatic e-mail notifications to all parties involved in the transaction. All parties are notified in real time and can reply to key requests and requirements at a moment's notice.
Processing:
• Once you have received the title product, your team will begin the curative process on your file. Our national average for a curative “Clear to Close” is within 2-3 business days.
• Upon receiving your order, our title and escrow partners will schedule the signing with the borrower. Once they have received your closing documents, they will prepare the final HUD for your approval, then close the loan with their national settlement groups.
• The signed documents will be returned to our title and escrow partners to be warehoused for quality control. These signed documents will then be scanned and uploaded by our partners to the FirstClose online system for your review.
Disbursements:
After any appropriate recission periods, we will disburse the loan and overnight all packages back to the lender. Our partners will then record the mortgage and provide the lender with final policy.
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Title OnlyFinal Performance packages must include:
• Original Mortgage/Deed of Trust and all riders/affidavits, if applicable as soon as all the documents are signed by the borrower… A signed HUD settlement statement, payoff letters for all loans/liens/judgments being paid off, and lender closings instructions. If a Deed is being executed to transfer property, please make sure that the required transfer form, exemption form, or exemption code is provided. Every state is different.
• If a non-identity affidavit is being used to clear a judgment/lien, then we must be provided proof that the debtor is not the borrower; otherwise said judgment/lien will remain as an exception on the final title policy.
• Note: VERY IMPORTANT! To ensure payment amount is accurate, please be sure to request final invoice when you are ready to disburse your funds and that the recording package has been approved.
• Once the check for title and recording fees is received, the mortgage will be sent to the proper county for recording.
As soon as the recorded Security documents are returned to us, the file is prepared for final policy. Thereafter, the Mortgage and Final Title Policy is sent to lender. -
Property Reports
Our Property Ownership Reports (also known as Title Reports, Owners & Encumbrances (O&E), and Abstracts) will give you access to over 4 billion recorded documents and a network of abstractors. We can cover your needs nationwide with same day turn-time on over 90% of the U.S. population. The reports are compiled by going back to the last warranty deed or transfer for value and then through the most recent public records. All matters which arise subsequent to the date of the warranty deed are reported.
Property Report Data Elements Include:
• Grantor / Grantee
• Owner Vesting
• Keyed Recording Information
• Keyed Legal Description
• Open Mortgages
• Liens & Judgments
• Property Tax Status
• Assessed Land and Improvement Values
• Tax Parcel Number
• Involuntary Liens such as:
• Federal Tax Liens
• State Tax Liens
• Child Support Lines
• Mechanics Liens
• Bankruptcy Notices
Expanded Data Elements Include:
• Lien Position
• Pre-Foreclosure Data
• Sales Value
• Property Characteristics
• And More…
