For the past 25 years Nationwide Title Clearing has been a leading service provider to the United States real estate market. The company is one of the leading title insurance providers and provides services to eight of the top ten mortgage lenders in the country. The company operates in a challenging environment, which includes significant amounts of paperwork and processes that make their services necessary. This past week, the company announced a new plan that will help to ensure that the mortgage lending and property buying process is as safe as ever before.
One of the biggest risks that property buyers and mortgage lenders face when entering into a new transaction is the risk of there being a title defect. A title insurance defect could be very detrimental to a buyer as it could result in them being legally liable for a liability that has been recorded along with the property. These issues can put the entire property in harms ways, which in the most significant situations could lead to a foreclosure.
One of the main reasons that these issues occur is that there is not a clear and easy to use database of property claims. Since most properties pre-date the age of the internet and electronic bookkeeping, there is always a risk that there is a legitimate claim that has not been properly recorded by any party.
To try and reduce this risk, Nationwide Title Clearing is working to establish as system that will help to ensure that all possible claims are known about prior to a purchase being completed. The new process will use a wider database that includes databases from federal, state, and local offices. The end result will be a reliable report that a property buyer or mortgage lender can rely upon to ensure that they are getting the most accurate information possible.
Nationwide Title Clearing will also stand behind their reports. The company will also provide a level of title insurance, or help to find title insurance, which will cover any items that are not found by the report. This can provide a significant amount of coverage for the property buyers to ensure they are not hit with an unknown liability, even if the liability is missed by the company.
Learn more: www.nwtc.com/