How Outsourcing Mortgage Title Services Can Help Lenders in More Ways than One
As regulatory changes keep happening, keeping your vital mortgage services in sync with the changes is an uphill task. However, outsourcing mortgage loan processing, mortgage underwriting, mortgage closing, etc. can help you be in step with the changes at all times. Continue reading below to check how outsourcing mortgage title services to a third-party mortgage service company can effectively bring about cost and time savings.
Examination of Title
Quick and Efficient Filing of Documents
Protection against fraud is a major benefit provided when the title is examined and it helps ensure that defects and disputes do not cause problems and loss for the lender. However, this process is known to be time consuming and instead of a lender being bogged down in it, an outsourcing provider dealing with mortgage title services can handle it quickly and efficiently.
Ordering Title Insurance
Vital when a property is under mortgage, title insurance protects the lender and often this is separate from other policies that provide protection to the buyer. As this is handled separately lenders often are saddled with it at the end in a rushed fashion resulting in errors. Ensuring that you as lender have an adequate insurance policy means you are protected against damages that might arise in case of faulty liens. This is something that a mortgage service provider situated offshore can perform on behalf of the lender within a short time period resulting in a reduced workload.
Searching and Ordering Title
Taking into account the requirements of the lender, a top of the line mortgage service provider can search and order titles within a specific city or area. This two-step process starts with a title search and if already completed the title can be ordered. Using a service provider means a lender can drastically cut the time and money spent on hiring loan officers, and going through the long drawn out procedure to get a title report.
Drawing up the Commitment Report
Creation of the commitment report can be handled without any problem by the mortgage service provider. The report includes details about title insurance, and the conditions which lead up to the title commitment phase during which defects and anomalies are dealt with and in turn results in a closing process that is smooth for the lender and also the buyer.
Engaging a provider who can handle a variety of mortgage title services at the drop of a hat gives a lender added flexibility to deal with changes in rules and regulations. By maintaining a laser sharp focus on improving their business the lender can gain a competitive edge in a cut throat marketplace and reap profits over a long period.
We at Expert Mortgage Assistance have over a decade’s worth of experience providing mortgage title services to leading US-based lenders. Our services are directed towards providing lenders with the best coverage in terms of insurance which in turn helps minimize chances of losses in future. Contact us if you want to outsource mortgage title services to best meet the needs of your company and scale your processes up.