If own a mortgage company, then you will know the huge challenge that comes with transferring the title from the seller to the buyer. When handling titles, you will have to consider several things like title transfer, acquiring the mortgage policy, caring out the financial analysis or obtaining property insurance. Apart from this complicated process, which requires the effort of several employees, it also needs huge investments in terms of money and time.
This is where outsourcing comes into the picture. A mortgage service provider in India can order and examine titles, develop title insurance and make everything easier for your underwriters. Here are four mortgage title services that your mortgage company can benefit from:
1. Title insurance
Title insurance refers to covering the property, by protecting the seller and the buyer. The borrower and the lending institution require separate title insurance coverage for the property, as the lender’s insurance policy will not protect the interests of the buyer. This is why the buyer will require a separate title insurance to cover up the risks. When the lender holds title insurance, it ensures that the property has a valid lien. Your mortgage service provider in India can order the title on behalf of the lender, thereby saving you time and effort.
2. Title search and ordering
Based on the unique requirements of the lending company or the buyer, your mortgage service provider in India can search and order titles based on the city, area or county. If the title search is already executed by the company, then the service provider can order the title. Outsourcing can free you from the tiresome task of working with loan officers, coordinating with title companies, following-up and finally acquiring a detailed title report.
3. Title examination
Title examination is an important task that is required to clear disputes/defects attached to a property, in order to protect the lender and buyer. It is often referred to as an anti-fraud mechanism required for the lender. Title examination is a thorough and meticulous process that includes examining the liens, judgements, lawsuits, legal claims and taxes. A mortgage service provider can carry out the examination of the title and make sure that the lender does not have to deal with any fraudulent property transactions.
4. Title commitment
After the title search is performed and the title is ordered, a commitment report is obtained. This report will include specifications of the title insurances and the required conditions. During the title commitment phase, the defects and anomalies are cleared. Your mortgage service provider can ensure a seamless and hassle-free closure between the buyer and lender.
Are you interested in outsourcing any of these mortgage services? If yes, we at Outsource2india can help you. Find out more about how our mortgage services can help you enjoy huge savings in terms on cost, effort and time.
Interested to know more?
- 7 Points to Remember While Closing a Mortgage Process
- Outsourcing is Now a Great Option for Mortgage Companies
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